Detailed Single Year Tables
Description of Proposed Provision:
C2.5: Increase the normal retirement age (NRA) 3 months per year for those age 62 starting in 2025 and ending in 2036 (NRA reaches 70 for those age 62 in 2036). Thereafter, 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) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2025 through 2032. Keep EEA at 64 thereafter.
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 |
|||
| 2024 | 14.71 | 13.03 | -1.68 | 188 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.96 | 12.89 | -2.07 | 171 | -0.04 | 0.00 | 0.04 | ||
| 2026 | 15.12 | 13.08 | -2.04 | 153 | -0.08 | 0.00 | 0.09 | ||
| 2027 | 15.23 | 13.11 | -2.12 | 136 | -0.13 | 0.01 | 0.13 | ||
| 2028 | 15.24 | 13.14 | -2.10 | 120 | -0.17 | 0.01 | 0.18 | ||
| 2029 | 15.25 | 13.17 | -2.08 | 105 | -0.22 | 0.01 | 0.23 | ||
| 2030 | 15.26 | 13.19 | -2.07 | 90 | -0.27 | 0.01 | 0.28 | ||
| 2031 | 15.26 | 13.21 | -2.05 | 76 | -0.31 | 0.01 | 0.32 | ||
| 2032 | 15.24 | 13.23 | -2.01 | 62 | -0.36 | 0.01 | 0.37 | ||
| 2033 | 15.21 | 13.27 | -1.94 | 49 | -0.45 | 0.01 | 0.45 | ||
| 2034 | 15.24 | 13.28 | -1.96 | 36 | -0.53 | 0.01 | 0.54 | ||
| 2035 | 15.26 | 13.29 | -1.97 | 24 | -0.62 | 0.00 | 0.63 | ||
| 2036 | 15.26 | 13.29 | -1.97 | 11 | -0.72 | -0.00 | 0.72 | ||
| 2037 | 15.27 | 13.30 | -1.98 | — | -0.82 | -0.01 | 0.81 | ||
| 2038 | 15.28 | 13.30 | -1.98 | — | -0.90 | -0.01 | 0.89 | ||
| 2039 | 15.27 | 13.30 | -1.97 | — | -0.98 | -0.01 | 0.96 | ||
| 2040 | 15.27 | 13.31 | -1.97 | — | -1.05 | -0.02 | 1.03 | ||
| 2041 | 15.27 | 13.31 | -1.97 | — | -1.11 | -0.02 | 1.09 | ||
| 2042 | 15.27 | 13.31 | -1.96 | — | -1.17 | -0.02 | 1.14 | ||
| 2043 | 15.26 | 13.31 | -1.95 | — | -1.22 | -0.03 | 1.19 | ||
| 2044 | 15.25 | 13.31 | -1.93 | — | -1.27 | -0.03 | 1.24 | ||
| 2045 | 15.23 | 13.31 | -1.92 | — | -1.32 | -0.03 | 1.29 | ||
| 2046 | 15.23 | 13.31 | -1.92 | — | -1.36 | -0.03 | 1.32 | ||
| 2047 | 15.23 | 13.32 | -1.91 | — | -1.40 | -0.04 | 1.36 | ||
| 2048 | 15.22 | 13.32 | -1.91 | — | -1.44 | -0.04 | 1.40 | ||
| 2049 | 15.22 | 13.32 | -1.90 | — | -1.49 | -0.04 | 1.45 | ||
| 2050 | 15.22 | 13.32 | -1.90 | — | -1.54 | -0.04 | 1.49 | ||
| 2051 | 15.22 | 13.32 | -1.90 | — | -1.59 | -0.04 | 1.54 | ||
| 2052 | 15.23 | 13.33 | -1.90 | — | -1.64 | -0.05 | 1.59 | ||
| 2053 | 15.24 | 13.33 | -1.91 | — | -1.69 | -0.05 | 1.64 | ||
| 2054 | 15.26 | 13.33 | -1.93 | — | -1.74 | -0.05 | 1.69 | ||
| 2055 | 15.29 | 13.34 | -1.95 | — | -1.79 | -0.05 | 1.73 | ||
| 2056 | 15.32 | 13.34 | -1.98 | — | -1.84 | -0.06 | 1.78 | ||
| 2057 | 15.36 | 13.34 | -2.02 | — | -1.88 | -0.06 | 1.82 | ||
| 2058 | 15.41 | 13.35 | -2.06 | — | -1.92 | -0.06 | 1.86 | ||
| 2059 | 15.46 | 13.35 | -2.10 | — | -1.96 | -0.06 | 1.90 | ||
| 2060 | 15.51 | 13.36 | -2.15 | — | -1.99 | -0.07 | 1.93 | ||
| 2061 | 15.56 | 13.36 | -2.20 | — | -2.02 | -0.07 | 1.96 | ||
| 2062 | 15.60 | 13.37 | -2.23 | — | -2.06 | -0.07 | 1.99 | ||
| 2063 | 15.64 | 13.37 | -2.27 | — | -2.09 | -0.07 | 2.01 | ||
| 2064 | 15.67 | 13.37 | -2.30 | — | -2.12 | -0.07 | 2.04 | ||
| 2065 | 15.70 | 13.38 | -2.33 | — | -2.15 | -0.08 | 2.07 | ||
| 2066 | 15.74 | 13.38 | -2.36 | — | -2.18 | -0.08 | 2.10 | ||
| 2067 | 15.77 | 13.38 | -2.39 | — | -2.21 | -0.08 | 2.13 | ||
| 2068 | 15.80 | 13.39 | -2.42 | — | -2.24 | -0.08 | 2.16 | ||
| 2069 | 15.84 | 13.39 | -2.45 | — | -2.28 | -0.09 | 2.19 | ||
| 2070 | 15.87 | 13.39 | -2.48 | — | -2.31 | -0.09 | 2.23 | ||
| 2071 | 15.90 | 13.40 | -2.50 | — | -2.35 | -0.09 | 2.26 | ||
| 2072 | 15.93 | 13.40 | -2.53 | — | -2.39 | -0.09 | 2.30 | ||
| 2073 | 15.96 | 13.40 | -2.55 | — | -2.42 | -0.09 | 2.33 | ||
| 2074 | 15.98 | 13.41 | -2.57 | — | -2.45 | -0.09 | 2.36 | ||
| 2075 | 16.00 | 13.41 | -2.59 | — | -2.48 | -0.10 | 2.39 | ||
| 2076 | 16.01 | 13.41 | -2.60 | — | -2.52 | -0.10 | 2.42 | ||
| 2077 | 16.02 | 13.41 | -2.61 | — | -2.54 | -0.10 | 2.44 | ||
| 2078 | 16.02 | 13.41 | -2.61 | — | -2.57 | -0.10 | 2.46 | ||
| 2079 | 16.01 | 13.41 | -2.60 | — | -2.59 | -0.11 | 2.48 | ||
| 2080 | 15.99 | 13.41 | -2.59 | — | -2.60 | -0.11 | 2.50 | ||
| 2081 | 15.98 | 13.41 | -2.57 | — | -2.61 | -0.11 | 2.50 | ||
| 2082 | 15.95 | 13.40 | -2.54 | — | -2.62 | -0.11 | 2.51 | ||
| 2083 | 15.91 | 13.40 | -2.51 | — | -2.64 | -0.11 | 2.52 | ||
| 2084 | 15.86 | 13.40 | -2.47 | — | -2.65 | -0.11 | 2.54 | ||
| 2085 | 15.80 | 13.39 | -2.41 | — | -2.67 | -0.11 | 2.55 | ||
| 2086 | 15.72 | 13.39 | -2.33 | — | -2.70 | -0.12 | 2.58 | ||
| 2087 | 15.65 | 13.39 | -2.26 | — | -2.71 | -0.12 | 2.60 | ||
| 2088 | 15.57 | 13.38 | -2.19 | — | -2.73 | -0.12 | 2.61 | ||
| 2089 | 15.49 | 13.38 | -2.11 | — | -2.76 | -0.12 | 2.64 | ||
| 2090 | 15.41 | 13.37 | -2.04 | — | -2.78 | -0.12 | 2.66 | ||
| 2091 | 15.36 | 13.37 | -1.99 | — | -2.78 | -0.12 | 2.66 | ||
| 2092 | 15.30 | 13.37 | -1.94 | — | -2.80 | -0.12 | 2.68 | ||
| 2093 | 15.25 | 13.36 | -1.88 | — | -2.83 | -0.12 | 2.71 | ||
| 2094 | 15.20 | 13.36 | -1.84 | — | -2.87 | -0.12 | 2.75 | ||
| 2095 | 15.16 | 13.36 | -1.80 | — | -2.91 | -0.12 | 2.79 | ||
| 2096 | 15.10 | 13.36 | -1.74 | — | -2.98 | -0.13 | 2.85 | ||
| 2097 | 15.07 | 13.36 | -1.71 | — | -3.03 | -0.13 | 2.90 | ||
| 2098 | 15.06 | 13.36 | -1.70 | — | -3.07 | -0.13 | 2.93 | ||
| 2099 | 15.07 | 13.36 | -1.71 | — | -3.09 | -0.13 | 2.96 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2024-2098 | 15.59% | 13.74% | -1.85% | 2036 | -1.71% | -0.06% | 1.65% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2024 Trustees Report.