Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2020 until the NRA reaches 70 in 2033. Thereafter, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20). We assume the NRA will increase 1 month every 2 years. Also, increase the earliest eligibility age (EEA) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2022 through 2029. Keep EEA at 64 thereafter.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2019 | 273 | 273 |
2020 | 260 | 260 |
2021 | 245 | 245 |
2022 | 229 | 230 |
2023 | 213 | 214 |
2024 | 197 | 198 |
2025 | 180 | 182 |
2026 | 163 | 166 |
2027 | 147 | 151 |
2028 | 130 | 136 |
2029 | 114 | 122 |
2030 | 97 | 108 |
2031 | 80 | 93 |
2032 | 63 | 80 |
2033 | 46 | 66 |
2034 | 28 | 52 |
2035 | 10 | 38 |
2036 | -9 | 24 |
2037 | -28 | 10 |
2038 | -47 | -4 |
2039 | -67 | -18 |
2040 | -87 | -33 |
2041 | -108 | -47 |
2042 | -129 | -61 |
2043 | -150 | -75 |
2044 | -171 | -90 |
2045 | -192 | -104 |
2046 | -213 | -117 |
2047 | -234 | -131 |
2048 | -255 | -144 |
2049 | -276 | -157 |
2050 | -297 | -170 |
2051 | -318 | -182 |
2052 | -338 | -194 |
2053 | -359 | -206 |
2054 | -380 | -218 |
2055 | -401 | -230 |
2056 | -422 | -241 |
2057 | -444 | -252 |
2058 | -465 | -264 |
2059 | -487 | -275 |
2060 | -509 | -287 |
2061 | -531 | -299 |
2062 | -554 | -311 |
2063 | -577 | -323 |
2064 | -601 | -336 |
2065 | -625 | -349 |
2066 | -649 | -362 |
2067 | -674 | -376 |
2068 | -699 | -389 |
2069 | -724 | -403 |
2070 | -749 | -417 |
2071 | -776 | -432 |
2072 | -802 | -446 |
2073 | -830 | -461 |
2074 | -857 | -476 |
2075 | -885 | -492 |
2076 | -914 | -507 |
2077 | -944 | -524 |
2078 | -975 | -540 |
2079 | -1007 | -557 |
2080 | -1039 | -574 |
2081 | -1072 | -592 |
2082 | -1106 | -609 |
2083 | -1139 | -626 |
2084 | -1173 | -644 |
2085 | -1207 | -662 |
2086 | -1242 | -679 |
2087 | -1275 | -696 |
2088 | -1309 | -713 |
2089 | -1342 | -730 |
2090 | -1375 | -745 |
2091 | -1407 | -761 |
2092 | -1439 | -777 |
2093 | -1471 | -792 |
2094 | -1503 | -808 |
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