Proposed Provision: C2.3. After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, 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) by the same amount as the NRA starting for those age 62 in 2022 so as to maintain a 5 year difference between the two ages. Include a "hardship exemption" with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2021253253
2022231231
2023214214
2024196196
2025178178
2026159160
2027141142
2028122123
2029104105
20308586
20316667
20324648
20332729
203479
2035-13-10
2036-33-30
2037-54-51
2038-76-71
2039-97-93
2040-119-114
2041-142-136
2042-165-158
2043-188-180
2044-211-203
2045-235-225
2046-258-248
2047-282-271
2048-306-294
2049-330-317
2050-354-340
2051-378-363
2052-403-386
2053-427-409
2054-452-433
2055-477-456
2056-502-480
2057-527-503
2058-552-526
2059-578-550
2060-604-574
2061-630-599
2062-657-623
2063-684-648
2064-712-674
2065-740-699
2066-768-725
2067-796-752
2068-825-778
2069-855-805
2070-884-832
2071-914-860
2072-945-887
2073-976-916
2074-1007-944
2075-1039-973
2076-1071-1003
2077-1105-1033
2078-1139-1065
2079-1175-1097
2080-1211-1129
2081-1248-1163
2082-1286-1196
2083-1324-1231
2084-1363-1266
2085-1403-1302
2086-1443-1338
2087-1483-1374
2088-1524-1410
2089-1564-1447
2090-1604-1483
2091-1643-1519
2092-1681-1554
2093-1718-1588
2094-1754-1621
2095-1789-1653
2096-1825-1685
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