Detailed Single Year Tables
Description of Proposed Provision:
C2.6: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 in 2023-2024 to 68 and 63, respectively, and then by 3 months per year in 2025-2028 to 69 and 64, respectively.
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 | 14.25 | 13.04 | -1.21 | 211 | -0.06 | 0.00 | 0.06 | ||
| 2024 | 14.32 | 12.96 | -1.36 | 196 | -0.12 | 0.01 | 0.13 | ||
| 2025 | 14.47 | 12.98 | -1.49 | 181 | -0.19 | 0.01 | 0.20 | ||
| 2026 | 14.63 | 13.09 | -1.54 | 165 | -0.26 | 0.01 | 0.27 | ||
| 2027 | 14.78 | 13.11 | -1.66 | 150 | -0.33 | 0.01 | 0.34 | ||
| 2028 | 14.93 | 13.15 | -1.77 | 135 | -0.40 | 0.01 | 0.41 | ||
| 2029 | 15.05 | 13.19 | -1.86 | 121 | -0.48 | 0.01 | 0.49 | ||
| 2030 | 15.16 | 13.21 | -1.95 | 107 | -0.56 | 0.01 | 0.57 | ||
| 2031 | 15.29 | 13.24 | -2.05 | 92 | -0.62 | 0.01 | 0.62 | ||
| 2032 | 15.40 | 13.25 | -2.15 | 78 | -0.67 | 0.01 | 0.67 | ||
| 2033 | 15.50 | 13.26 | -2.24 | 64 | -0.71 | 0.00 | 0.71 | ||
| 2034 | 15.58 | 13.27 | -2.31 | 50 | -0.74 | 0.00 | 0.74 | ||
| 2035 | 15.65 | 13.27 | -2.38 | 35 | -0.77 | -0.00 | 0.77 | ||
| 2036 | 15.71 | 13.28 | -2.43 | 21 | -0.79 | -0.00 | 0.79 | ||
| 2037 | 15.77 | 13.28 | -2.49 | 6 | -0.81 | -0.00 | 0.80 | ||
| 2038 | 15.81 | 13.29 | -2.53 | ---- | -0.83 | -0.01 | 0.82 | ||
| 2039 | 15.84 | 13.29 | -2.55 | ---- | -0.85 | -0.01 | 0.84 | ||
| 2040 | 15.85 | 13.29 | -2.57 | ---- | -0.86 | -0.01 | 0.85 | ||
| 2041 | 15.86 | 13.29 | -2.57 | ---- | -0.88 | -0.01 | 0.87 | ||
| 2042 | 15.86 | 13.29 | -2.57 | ---- | -0.90 | -0.01 | 0.89 | ||
| 2043 | 15.86 | 13.29 | -2.57 | ---- | -0.92 | -0.01 | 0.91 | ||
| 2044 | 15.86 | 13.29 | -2.57 | ---- | -0.94 | -0.01 | 0.93 | ||
| 2045 | 15.86 | 13.29 | -2.57 | ---- | -0.96 | -0.02 | 0.95 | ||
| 2046 | 15.86 | 13.29 | -2.56 | ---- | -0.98 | -0.02 | 0.96 | ||
| 2047 | 15.86 | 13.30 | -2.57 | ---- | -1.00 | -0.02 | 0.98 | ||
| 2048 | 15.87 | 13.30 | -2.58 | ---- | -1.02 | -0.02 | 1.00 | ||
| 2049 | 15.88 | 13.30 | -2.58 | ---- | -1.03 | -0.02 | 1.02 | ||
| 2050 | 15.90 | 13.30 | -2.60 | ---- | -1.05 | -0.02 | 1.03 | ||
| 2051 | 15.91 | 13.30 | -2.61 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2052 | 15.93 | 13.31 | -2.63 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2053 | 15.96 | 13.31 | -2.65 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2054 | 15.99 | 13.31 | -2.68 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2055 | 16.03 | 13.31 | -2.72 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2056 | 16.08 | 13.32 | -2.76 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2057 | 16.13 | 13.32 | -2.81 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2058 | 16.19 | 13.33 | -2.86 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2059 | 16.25 | 13.33 | -2.92 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2060 | 16.31 | 13.34 | -2.98 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2061 | 16.37 | 13.34 | -3.03 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2062 | 16.43 | 13.35 | -3.09 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2063 | 16.49 | 13.35 | -3.14 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2064 | 16.54 | 13.35 | -3.19 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2065 | 16.60 | 13.36 | -3.24 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2066 | 16.65 | 13.36 | -3.29 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2067 | 16.70 | 13.37 | -3.33 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2068 | 16.75 | 13.37 | -3.38 | ---- | -1.14 | -0.03 | 1.11 | ||
| 2069 | 16.80 | 13.37 | -3.43 | ---- | -1.14 | -0.03 | 1.12 | ||
| 2070 | 16.85 | 13.38 | -3.48 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2071 | 16.91 | 13.38 | -3.52 | ---- | -1.15 | -0.02 | 1.13 | ||
| 2072 | 16.96 | 13.39 | -3.57 | ---- | -1.15 | -0.02 | 1.13 | ||
| 2073 | 17.01 | 13.39 | -3.62 | ---- | -1.15 | -0.02 | 1.13 | ||
| 2074 | 17.06 | 13.39 | -3.67 | ---- | -1.15 | -0.02 | 1.12 | ||
| 2075 | 17.11 | 13.40 | -3.71 | ---- | -1.15 | -0.02 | 1.12 | ||
| 2076 | 17.14 | 13.40 | -3.74 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2077 | 17.17 | 13.40 | -3.77 | ---- | -1.14 | -0.03 | 1.12 | ||
| 2078 | 17.18 | 13.40 | -3.78 | ---- | -1.14 | -0.03 | 1.11 | ||
| 2079 | 17.18 | 13.40 | -3.78 | ---- | -1.13 | -0.03 | 1.11 | ||
| 2080 | 17.17 | 13.40 | -3.77 | ---- | -1.13 | -0.03 | 1.10 | ||
| 2081 | 17.16 | 13.40 | -3.76 | ---- | -1.12 | -0.03 | 1.09 | ||
| 2082 | 17.13 | 13.40 | -3.73 | ---- | -1.11 | -0.03 | 1.09 | ||
| 2083 | 17.10 | 13.40 | -3.70 | ---- | -1.11 | -0.03 | 1.08 | ||
| 2084 | 17.06 | 13.39 | -3.66 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2085 | 17.01 | 13.39 | -3.62 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2086 | 16.96 | 13.39 | -3.57 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2087 | 16.90 | 13.38 | -3.51 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2088 | 16.83 | 13.38 | -3.45 | ---- | -1.08 | -0.03 | 1.06 | ||
| 2089 | 16.77 | 13.37 | -3.40 | ---- | -1.08 | -0.03 | 1.05 | ||
| 2090 | 16.71 | 13.37 | -3.34 | ---- | -1.08 | -0.03 | 1.05 | ||
| 2091 | 16.66 | 13.37 | -3.29 | ---- | -1.08 | -0.03 | 1.05 | ||
| 2092 | 16.62 | 13.37 | -3.26 | ---- | -1.08 | -0.03 | 1.06 | ||
| 2093 | 16.59 | 13.36 | -3.22 | ---- | -1.08 | -0.03 | 1.06 | ||
| 2094 | 16.56 | 13.36 | -3.20 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2095 | 16.55 | 13.36 | -3.19 | ---- | -1.09 | -0.03 | 1.07 | ||
| 2096 | 16.55 | 13.36 | -3.18 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2097 | 16.55 | 13.36 | -3.18 | ---- | -1.10 | -0.03 | 1.07 | ||
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 | 16.27% | 13.76% | -2.50% | 2037 | -0.93% | -0.02% | 0.92% | ||
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.