Proposed Provision: C2.3. Starting for those age 62 in 2024, index the normal retirement age (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 2024 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 |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 168 |
2026 | 149 | 149 |
2027 | 131 | 132 |
2028 | 114 | 114 |
2029 | 96 | 96 |
2030 | 78 | 79 |
2031 | 60 | 61 |
2032 | 43 | 44 |
2033 | 25 | 26 |
2034 | 7 | 9 |
2035 | -12 | -10 |
2036 | -31 | -28 |
2037 | -51 | -48 |
2038 | -70 | -67 |
2039 | -91 | -87 |
2040 | -112 | -107 |
2041 | -133 | -128 |
2042 | -154 | -149 |
2043 | -176 | -170 |
2044 | -198 | -191 |
2045 | -220 | -212 |
2046 | -243 | -234 |
2047 | -265 | -255 |
2048 | -288 | -277 |
2049 | -311 | -299 |
2050 | -333 | -320 |
2051 | -357 | -342 |
2052 | -380 | -365 |
2053 | -403 | -387 |
2054 | -427 | -409 |
2055 | -450 | -431 |
2056 | -474 | -453 |
2057 | -498 | -476 |
2058 | -522 | -498 |
2059 | -547 | -521 |
2060 | -572 | -544 |
2061 | -597 | -568 |
2062 | -623 | -592 |
2063 | -650 | -617 |
2064 | -677 | -642 |
2065 | -705 | -668 |
2066 | -733 | -694 |
2067 | -762 | -721 |
2068 | -791 | -747 |
2069 | -820 | -774 |
2070 | -850 | -802 |
2071 | -880 | -829 |
2072 | -911 | -858 |
2073 | -942 | -886 |
2074 | -974 | -915 |
2075 | -1006 | -944 |
2076 | -1039 | -975 |
2077 | -1074 | -1006 |
2078 | -1108 | -1038 |
2079 | -1144 | -1070 |
2080 | -1181 | -1104 |
2081 | -1218 | -1138 |
2082 | -1256 | -1172 |
2083 | -1294 | -1207 |
2084 | -1333 | -1242 |
2085 | -1373 | -1278 |
2086 | -1413 | -1313 |
2087 | -1453 | -1350 |
2088 | -1494 | -1386 |
2089 | -1534 | -1423 |
2090 | -1574 | -1459 |
2091 | -1613 | -1495 |
2092 | -1651 | -1530 |
2093 | -1689 | -1564 |
2094 | -1726 | -1598 |
2095 | -1762 | -1631 |
2096 | -1798 | -1664 |
2097 | -1833 | -1696 |
2098 | -1868 | -1727 |
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