Detailed Single Year Tables
Description of Proposed Provision:
C1.1: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 1 month every 2 years until the NRA reaches 68.
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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.30 | 13.04 | -1.27 | 211 | -0.01 | -0.00 | 0.01 | ||
| 2024 | 14.43 | 12.95 | -1.48 | 195 | -0.01 | -0.00 | 0.01 | ||
| 2025 | 14.64 | 12.97 | -1.67 | 177 | -0.02 | -0.00 | 0.02 | ||
| 2026 | 14.86 | 13.08 | -1.78 | 160 | -0.03 | -0.00 | 0.03 | ||
| 2027 | 15.07 | 13.10 | -1.97 | 143 | -0.04 | -0.00 | 0.03 | ||
| 2028 | 15.28 | 13.14 | -2.14 | 127 | -0.04 | -0.00 | 0.04 | ||
| 2029 | 15.48 | 13.17 | -2.30 | 110 | -0.05 | -0.00 | 0.05 | ||
| 2030 | 15.66 | 13.20 | -2.46 | 93 | -0.06 | -0.00 | 0.06 | ||
| 2031 | 15.84 | 13.23 | -2.61 | 76 | -0.07 | -0.00 | 0.07 | ||
| 2032 | 15.99 | 13.24 | -2.75 | 59 | -0.08 | -0.00 | 0.08 | ||
| 2033 | 16.11 | 13.25 | -2.86 | 42 | -0.09 | -0.00 | 0.09 | ||
| 2034 | 16.22 | 13.26 | -2.96 | 24 | -0.10 | -0.00 | 0.10 | ||
| 2035 | 16.30 | 13.27 | -3.03 | 7 | -0.12 | -0.00 | 0.11 | ||
| 2036 | 16.36 | 13.28 | -3.09 | ---- | -0.13 | -0.00 | 0.13 | ||
| 2037 | 16.43 | 13.28 | -3.14 | ---- | -0.15 | -0.01 | 0.15 | ||
| 2038 | 16.47 | 13.29 | -3.18 | ---- | -0.17 | -0.01 | 0.16 | ||
| 2039 | 16.50 | 13.29 | -3.21 | ---- | -0.19 | -0.01 | 0.18 | ||
| 2040 | 16.51 | 13.29 | -3.22 | ---- | -0.21 | -0.01 | 0.20 | ||
| 2041 | 16.52 | 13.29 | -3.23 | ---- | -0.22 | -0.01 | 0.21 | ||
| 2042 | 16.52 | 13.29 | -3.23 | ---- | -0.24 | -0.01 | 0.23 | ||
| 2043 | 16.52 | 13.29 | -3.23 | ---- | -0.26 | -0.01 | 0.25 | ||
| 2044 | 16.52 | 13.29 | -3.22 | ---- | -0.29 | -0.01 | 0.27 | ||
| 2045 | 16.51 | 13.29 | -3.21 | ---- | -0.31 | -0.01 | 0.30 | ||
| 2046 | 16.50 | 13.30 | -3.20 | ---- | -0.34 | -0.01 | 0.33 | ||
| 2047 | 16.49 | 13.30 | -3.20 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2048 | 16.49 | 13.30 | -3.19 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2049 | 16.49 | 13.30 | -3.19 | ---- | -0.42 | -0.02 | 0.41 | ||
| 2050 | 16.50 | 13.30 | -3.20 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2051 | 16.51 | 13.30 | -3.21 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2052 | 16.51 | 13.30 | -3.21 | ---- | -0.50 | -0.02 | 0.48 | ||
| 2053 | 16.53 | 13.30 | -3.23 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2054 | 16.56 | 13.31 | -3.25 | ---- | -0.54 | -0.03 | 0.51 | ||
| 2055 | 16.59 | 13.31 | -3.28 | ---- | -0.56 | -0.03 | 0.53 | ||
| 2056 | 16.63 | 13.31 | -3.32 | ---- | -0.57 | -0.03 | 0.55 | ||
| 2057 | 16.67 | 13.32 | -3.36 | ---- | -0.59 | -0.03 | 0.56 | ||
| 2058 | 16.72 | 13.32 | -3.40 | ---- | -0.60 | -0.03 | 0.57 | ||
| 2059 | 16.77 | 13.32 | -3.45 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2060 | 16.82 | 13.33 | -3.49 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2061 | 16.87 | 13.33 | -3.54 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2062 | 16.92 | 13.34 | -3.58 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2063 | 16.97 | 13.34 | -3.62 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2064 | 17.01 | 13.34 | -3.66 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2065 | 17.05 | 13.35 | -3.71 | ---- | -0.68 | -0.03 | 0.64 | ||
| 2066 | 17.10 | 13.35 | -3.75 | ---- | -0.68 | -0.03 | 0.64 | ||
| 2067 | 17.15 | 13.36 | -3.79 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2068 | 17.20 | 13.36 | -3.84 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2069 | 17.25 | 13.36 | -3.88 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2070 | 17.30 | 13.37 | -3.93 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2071 | 17.34 | 13.37 | -3.97 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2072 | 17.39 | 13.37 | -4.02 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2073 | 17.44 | 13.38 | -4.06 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2074 | 17.48 | 13.38 | -4.10 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2075 | 17.52 | 13.38 | -4.14 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2076 | 17.56 | 13.39 | -4.17 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2077 | 17.58 | 13.39 | -4.19 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2078 | 17.59 | 13.39 | -4.20 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2079 | 17.59 | 13.39 | -4.20 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2080 | 17.58 | 13.39 | -4.18 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2081 | 17.55 | 13.39 | -4.16 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2082 | 17.52 | 13.39 | -4.13 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2083 | 17.48 | 13.39 | -4.10 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2084 | 17.44 | 13.38 | -4.06 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2085 | 17.40 | 13.38 | -4.02 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2086 | 17.35 | 13.38 | -3.97 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2087 | 17.29 | 13.37 | -3.92 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2088 | 17.23 | 13.37 | -3.86 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2089 | 17.17 | 13.37 | -3.80 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2090 | 17.11 | 13.36 | -3.75 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2091 | 17.06 | 13.36 | -3.70 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2092 | 17.01 | 13.36 | -3.66 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2093 | 16.98 | 13.35 | -3.62 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2094 | 16.95 | 13.35 | -3.60 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2095 | 16.94 | 13.35 | -3.59 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2096 | 16.94 | 13.35 | -3.58 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2097 | 16.94 | 13.35 | -3.59 | ---- | -0.71 | -0.04 | 0.67 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 16.75% | 13.76% | -2.99% | 2035 | -0.45% | -0.02% | 0.43% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.