Detailed Single Year Tables
Description of Proposed Provision:
C1.4: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year until it reaches 69 for individuals attaining age 62 in 2034. Thereafter, increase the NRA 1 month every 2 years.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.42 | 12.91 | -1.50 | 214 | -0.01 | 0.00 | 0.01 | ||
| 2024 | 14.61 | 12.94 | -1.66 | 196 | -0.03 | 0.00 | 0.03 | ||
| 2025 | 14.81 | 12.96 | -1.85 | 179 | -0.05 | 0.00 | 0.05 | ||
| 2026 | 15.04 | 13.08 | -1.96 | 161 | -0.06 | -0.00 | 0.06 | ||
| 2027 | 15.28 | 13.10 | -2.18 | 143 | -0.08 | -0.00 | 0.08 | ||
| 2028 | 15.52 | 13.14 | -2.39 | 125 | -0.10 | -0.00 | 0.10 | ||
| 2029 | 15.75 | 13.17 | -2.58 | 107 | -0.12 | -0.00 | 0.12 | ||
| 2030 | 15.97 | 13.19 | -2.78 | 88 | -0.14 | -0.00 | 0.14 | ||
| 2031 | 16.09 | 13.20 | -2.89 | 70 | -0.20 | -0.00 | 0.19 | ||
| 2032 | 16.18 | 13.21 | -2.97 | 52 | -0.26 | -0.01 | 0.25 | ||
| 2033 | 16.24 | 13.22 | -3.02 | 34 | -0.32 | -0.01 | 0.31 | ||
| 2034 | 16.28 | 13.23 | -3.05 | 15 | -0.38 | -0.01 | 0.37 | ||
| 2035 | 16.29 | 13.23 | -3.06 | ---- | -0.45 | -0.01 | 0.43 | ||
| 2036 | 16.28 | 13.23 | -3.05 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2037 | 16.28 | 13.24 | -3.04 | ---- | -0.58 | -0.02 | 0.56 | ||
| 2038 | 16.26 | 13.24 | -3.03 | ---- | -0.65 | -0.02 | 0.63 | ||
| 2039 | 16.24 | 13.24 | -3.00 | ---- | -0.71 | -0.03 | 0.69 | ||
| 2040 | 16.21 | 13.24 | -2.97 | ---- | -0.77 | -0.03 | 0.74 | ||
| 2041 | 16.19 | 13.24 | -2.95 | ---- | -0.83 | -0.03 | 0.80 | ||
| 2042 | 16.15 | 13.24 | -2.91 | ---- | -0.89 | -0.04 | 0.85 | ||
| 2043 | 16.10 | 13.24 | -2.86 | ---- | -0.94 | -0.04 | 0.90 | ||
| 2044 | 16.05 | 13.24 | -2.81 | ---- | -1.00 | -0.04 | 0.96 | ||
| 2045 | 16.00 | 13.24 | -2.76 | ---- | -1.05 | -0.04 | 1.01 | ||
| 2046 | 15.95 | 13.23 | -2.72 | ---- | -1.11 | -0.05 | 1.06 | ||
| 2047 | 15.92 | 13.23 | -2.68 | ---- | -1.16 | -0.05 | 1.11 | ||
| 2048 | 15.89 | 13.23 | -2.65 | ---- | -1.21 | -0.05 | 1.16 | ||
| 2049 | 15.85 | 13.23 | -2.62 | ---- | -1.26 | -0.05 | 1.21 | ||
| 2050 | 15.82 | 13.23 | -2.59 | ---- | -1.32 | -0.06 | 1.26 | ||
| 2051 | 15.80 | 13.23 | -2.56 | ---- | -1.37 | -0.06 | 1.30 | ||
| 2052 | 15.77 | 13.23 | -2.54 | ---- | -1.41 | -0.06 | 1.35 | ||
| 2053 | 15.76 | 13.23 | -2.52 | ---- | -1.46 | -0.07 | 1.40 | ||
| 2054 | 15.74 | 13.23 | -2.51 | ---- | -1.51 | -0.07 | 1.44 | ||
| 2055 | 15.73 | 13.24 | -2.50 | ---- | -1.56 | -0.07 | 1.49 | ||
| 2056 | 15.73 | 13.24 | -2.49 | ---- | -1.61 | -0.07 | 1.54 | ||
| 2057 | 15.73 | 13.24 | -2.49 | ---- | -1.66 | -0.08 | 1.58 | ||
| 2058 | 15.74 | 13.24 | -2.50 | ---- | -1.70 | -0.08 | 1.62 | ||
| 2059 | 15.76 | 13.24 | -2.51 | ---- | -1.73 | -0.08 | 1.65 | ||
| 2060 | 15.78 | 13.25 | -2.53 | ---- | -1.77 | -0.08 | 1.68 | ||
| 2061 | 15.80 | 13.25 | -2.56 | ---- | -1.80 | -0.08 | 1.71 | ||
| 2062 | 15.83 | 13.25 | -2.58 | ---- | -1.82 | -0.09 | 1.74 | ||
| 2063 | 15.86 | 13.25 | -2.60 | ---- | -1.85 | -0.09 | 1.76 | ||
| 2064 | 15.88 | 13.26 | -2.63 | ---- | -1.87 | -0.09 | 1.78 | ||
| 2065 | 15.92 | 13.26 | -2.65 | ---- | -1.89 | -0.09 | 1.80 | ||
| 2066 | 15.96 | 13.26 | -2.69 | ---- | -1.90 | -0.09 | 1.81 | ||
| 2067 | 15.99 | 13.27 | -2.73 | ---- | -1.91 | -0.09 | 1.82 | ||
| 2068 | 16.03 | 13.27 | -2.76 | ---- | -1.93 | -0.09 | 1.84 | ||
| 2069 | 16.06 | 13.27 | -2.79 | ---- | -1.95 | -0.09 | 1.86 | ||
| 2070 | 16.09 | 13.28 | -2.81 | ---- | -1.98 | -0.09 | 1.88 | ||
| 2071 | 16.11 | 13.28 | -2.83 | ---- | -2.01 | -0.09 | 1.92 | ||
| 2072 | 16.13 | 13.28 | -2.85 | ---- | -2.04 | -0.10 | 1.95 | ||
| 2073 | 16.16 | 13.28 | -2.87 | ---- | -2.07 | -0.10 | 1.97 | ||
| 2074 | 16.18 | 13.29 | -2.89 | ---- | -2.09 | -0.10 | 2.00 | ||
| 2075 | 16.20 | 13.29 | -2.91 | ---- | -2.11 | -0.10 | 2.01 | ||
| 2076 | 16.22 | 13.29 | -2.93 | ---- | -2.13 | -0.10 | 2.03 | ||
| 2077 | 16.22 | 13.29 | -2.93 | ---- | -2.15 | -0.10 | 2.04 | ||
| 2078 | 16.22 | 13.29 | -2.92 | ---- | -2.16 | -0.10 | 2.06 | ||
| 2079 | 16.20 | 13.29 | -2.91 | ---- | -2.17 | -0.10 | 2.07 | ||
| 2080 | 16.17 | 13.29 | -2.88 | ---- | -2.18 | -0.10 | 2.08 | ||
| 2081 | 16.13 | 13.29 | -2.84 | ---- | -2.20 | -0.11 | 2.09 | ||
| 2082 | 16.09 | 13.29 | -2.80 | ---- | -2.21 | -0.11 | 2.10 | ||
| 2083 | 16.03 | 13.28 | -2.75 | ---- | -2.22 | -0.11 | 2.11 | ||
| 2084 | 15.97 | 13.28 | -2.69 | ---- | -2.22 | -0.11 | 2.12 | ||
| 2085 | 15.91 | 13.28 | -2.64 | ---- | -2.23 | -0.11 | 2.12 | ||
| 2086 | 15.83 | 13.27 | -2.56 | ---- | -2.24 | -0.11 | 2.14 | ||
| 2087 | 15.75 | 13.27 | -2.48 | ---- | -2.26 | -0.11 | 2.15 | ||
| 2088 | 15.67 | 13.26 | -2.41 | ---- | -2.27 | -0.11 | 2.16 | ||
| 2089 | 15.60 | 13.26 | -2.34 | ---- | -2.27 | -0.11 | 2.16 | ||
| 2090 | 15.54 | 13.25 | -2.28 | ---- | -2.28 | -0.11 | 2.17 | ||
| 2091 | 15.46 | 13.25 | -2.21 | ---- | -2.30 | -0.11 | 2.19 | ||
| 2092 | 15.40 | 13.25 | -2.15 | ---- | -2.34 | -0.11 | 2.23 | ||
| 2093 | 15.34 | 13.25 | -2.09 | ---- | -2.38 | -0.11 | 2.26 | ||
| 2094 | 15.28 | 13.24 | -2.04 | ---- | -2.42 | -0.11 | 2.31 | ||
| 2095 | 15.23 | 13.24 | -1.99 | ---- | -2.47 | -0.12 | 2.35 | ||
| 2096 | 15.16 | 13.24 | -1.92 | ---- | -2.54 | -0.12 | 2.42 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 15.98% | 13.72% | -2.26% | 2034 | -1.34% | -0.06% | 1.28% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.