Detailed Single Year Tables
Description of Proposed Provision:
C2.3: Starting for those age 62 in 2025, 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 2025 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.
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 | 15.00 | 12.89 | -2.10 | 171 | -0.01 | 0.00 | 0.01 | ||
| 2026 | 15.18 | 13.07 | -2.11 | 152 | -0.02 | 0.00 | 0.02 | ||
| 2027 | 15.33 | 13.11 | -2.22 | 135 | -0.03 | -0.00 | 0.03 | ||
| 2028 | 15.38 | 13.13 | -2.24 | 118 | -0.04 | -0.00 | 0.04 | ||
| 2029 | 15.42 | 13.16 | -2.26 | 102 | -0.05 | -0.00 | 0.05 | ||
| 2030 | 15.47 | 13.18 | -2.29 | 86 | -0.06 | -0.00 | 0.06 | ||
| 2031 | 15.50 | 13.20 | -2.30 | 70 | -0.07 | -0.00 | 0.07 | ||
| 2032 | 15.52 | 13.22 | -2.30 | 55 | -0.08 | -0.00 | 0.08 | ||
| 2033 | 15.57 | 13.26 | -2.30 | 40 | -0.10 | -0.00 | 0.09 | ||
| 2034 | 15.67 | 13.27 | -2.39 | 25 | -0.11 | -0.00 | 0.11 | ||
| 2035 | 15.76 | 13.28 | -2.48 | 10 | -0.12 | -0.00 | 0.12 | ||
| 2036 | 15.86 | 13.29 | -2.56 | — | -0.13 | -0.00 | 0.13 | ||
| 2037 | 15.95 | 13.30 | -2.65 | — | -0.14 | -0.00 | 0.14 | ||
| 2038 | 16.02 | 13.31 | -2.71 | — | -0.15 | -0.00 | 0.15 | ||
| 2039 | 16.08 | 13.32 | -2.77 | — | -0.17 | -0.00 | 0.17 | ||
| 2040 | 16.14 | 13.32 | -2.82 | — | -0.18 | -0.00 | 0.17 | ||
| 2041 | 16.20 | 13.33 | -2.87 | — | -0.19 | -0.00 | 0.18 | ||
| 2042 | 16.24 | 13.33 | -2.91 | — | -0.20 | -0.00 | 0.19 | ||
| 2043 | 16.27 | 13.33 | -2.94 | — | -0.21 | -0.00 | 0.21 | ||
| 2044 | 16.29 | 13.34 | -2.96 | — | -0.22 | -0.00 | 0.22 | ||
| 2045 | 16.31 | 13.34 | -2.97 | — | -0.24 | -0.00 | 0.23 | ||
| 2046 | 16.33 | 13.34 | -2.99 | — | -0.25 | -0.00 | 0.25 | ||
| 2047 | 16.36 | 13.35 | -3.01 | — | -0.27 | -0.00 | 0.27 | ||
| 2048 | 16.38 | 13.35 | -3.03 | — | -0.29 | -0.00 | 0.28 | ||
| 2049 | 16.40 | 13.35 | -3.05 | — | -0.31 | -0.00 | 0.30 | ||
| 2050 | 16.43 | 13.36 | -3.07 | — | -0.33 | -0.01 | 0.32 | ||
| 2051 | 16.46 | 13.36 | -3.10 | — | -0.35 | -0.01 | 0.34 | ||
| 2052 | 16.50 | 13.37 | -3.13 | — | -0.37 | -0.01 | 0.36 | ||
| 2053 | 16.54 | 13.37 | -3.17 | — | -0.39 | -0.01 | 0.38 | ||
| 2054 | 16.59 | 13.38 | -3.21 | — | -0.41 | -0.01 | 0.40 | ||
| 2055 | 16.64 | 13.38 | -3.26 | — | -0.43 | -0.01 | 0.43 | ||
| 2056 | 16.70 | 13.39 | -3.31 | — | -0.46 | -0.01 | 0.45 | ||
| 2057 | 16.77 | 13.40 | -3.37 | — | -0.48 | -0.01 | 0.47 | ||
| 2058 | 16.83 | 13.40 | -3.43 | — | -0.50 | -0.01 | 0.49 | ||
| 2059 | 16.90 | 13.41 | -3.49 | — | -0.52 | -0.01 | 0.51 | ||
| 2060 | 16.96 | 13.42 | -3.54 | — | -0.54 | -0.01 | 0.53 | ||
| 2061 | 17.02 | 13.42 | -3.60 | — | -0.56 | -0.01 | 0.55 | ||
| 2062 | 17.07 | 13.43 | -3.65 | — | -0.58 | -0.01 | 0.57 | ||
| 2063 | 17.12 | 13.43 | -3.69 | — | -0.60 | -0.01 | 0.59 | ||
| 2064 | 17.17 | 13.44 | -3.73 | — | -0.62 | -0.01 | 0.61 | ||
| 2065 | 17.21 | 13.44 | -3.77 | — | -0.64 | -0.01 | 0.63 | ||
| 2066 | 17.26 | 13.44 | -3.81 | — | -0.66 | -0.01 | 0.64 | ||
| 2067 | 17.31 | 13.45 | -3.86 | — | -0.68 | -0.01 | 0.66 | ||
| 2068 | 17.35 | 13.45 | -3.90 | — | -0.69 | -0.01 | 0.68 | ||
| 2069 | 17.40 | 13.46 | -3.94 | — | -0.71 | -0.01 | 0.70 | ||
| 2070 | 17.45 | 13.46 | -3.99 | — | -0.73 | -0.02 | 0.71 | ||
| 2071 | 17.50 | 13.47 | -4.03 | — | -0.75 | -0.01 | 0.73 | ||
| 2072 | 17.55 | 13.47 | -4.07 | — | -0.77 | -0.01 | 0.75 | ||
| 2073 | 17.59 | 13.48 | -4.11 | — | -0.78 | -0.02 | 0.77 | ||
| 2074 | 17.63 | 13.48 | -4.15 | — | -0.80 | -0.02 | 0.79 | ||
| 2075 | 17.67 | 13.49 | -4.18 | — | -0.81 | -0.02 | 0.80 | ||
| 2076 | 17.70 | 13.49 | -4.21 | — | -0.83 | -0.02 | 0.81 | ||
| 2077 | 17.72 | 13.49 | -4.22 | — | -0.84 | -0.02 | 0.83 | ||
| 2078 | 17.73 | 13.50 | -4.24 | — | -0.85 | -0.02 | 0.84 | ||
| 2079 | 17.73 | 13.50 | -4.24 | — | -0.86 | -0.02 | 0.85 | ||
| 2080 | 17.72 | 13.50 | -4.23 | — | -0.87 | -0.02 | 0.85 | ||
| 2081 | 17.71 | 13.50 | -4.21 | — | -0.88 | -0.02 | 0.86 | ||
| 2082 | 17.69 | 13.50 | -4.19 | — | -0.88 | -0.02 | 0.87 | ||
| 2083 | 17.65 | 13.49 | -4.16 | — | -0.89 | -0.02 | 0.87 | ||
| 2084 | 17.61 | 13.49 | -4.12 | — | -0.90 | -0.02 | 0.88 | ||
| 2085 | 17.56 | 13.49 | -4.07 | — | -0.91 | -0.02 | 0.89 | ||
| 2086 | 17.50 | 13.49 | -4.01 | — | -0.92 | -0.02 | 0.90 | ||
| 2087 | 17.43 | 13.48 | -3.94 | — | -0.94 | -0.02 | 0.92 | ||
| 2088 | 17.35 | 13.48 | -3.87 | — | -0.95 | -0.02 | 0.93 | ||
| 2089 | 17.27 | 13.47 | -3.80 | — | -0.97 | -0.02 | 0.95 | ||
| 2090 | 17.20 | 13.47 | -3.73 | — | -0.99 | -0.02 | 0.97 | ||
| 2091 | 17.14 | 13.47 | -3.67 | — | -1.01 | -0.02 | 0.98 | ||
| 2092 | 17.08 | 13.47 | -3.61 | — | -1.03 | -0.02 | 1.00 | ||
| 2093 | 17.03 | 13.46 | -3.57 | — | -1.05 | -0.02 | 1.03 | ||
| 2094 | 17.00 | 13.46 | -3.53 | — | -1.07 | -0.02 | 1.05 | ||
| 2095 | 16.97 | 13.46 | -3.51 | — | -1.09 | -0.02 | 1.07 | ||
| 2096 | 16.95 | 13.46 | -3.49 | — | -1.13 | -0.02 | 1.11 | ||
| 2097 | 16.94 | 13.46 | -3.48 | — | -1.15 | -0.02 | 1.13 | ||
| 2098 | 16.95 | 13.47 | -3.49 | — | -1.17 | -0.02 | 1.15 | ||
| 2099 | 16.97 | 13.47 | -3.51 | — | -1.19 | -0.02 | 1.16 | ||
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 | 16.79% | 13.79% | -3.00% | 2035 | -0.50% | -0.01% | 0.49% | ||
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.