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 |
2021 | 253 | 253 |
2022 | 231 | 231 |
2023 | 214 | 214 |
2024 | 196 | 196 |
2025 | 178 | 178 |
2026 | 159 | 160 |
2027 | 141 | 142 |
2028 | 122 | 123 |
2029 | 104 | 105 |
2030 | 85 | 86 |
2031 | 66 | 67 |
2032 | 46 | 48 |
2033 | 27 | 29 |
2034 | 7 | 9 |
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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