Detailed Single Year Tables
Description of 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.
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 |
|||
2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
2024 | 14.86 | 12.89 | -1.98 | 187 | -0.00 | 0.00 | 0.00 | ||
2025 | 15.03 | 12.97 | -2.06 | 168 | -0.01 | 0.00 | 0.01 | ||
2026 | 15.22 | 13.08 | -2.14 | 149 | -0.01 | 0.00 | 0.01 | ||
2027 | 15.36 | 13.10 | -2.27 | 132 | -0.02 | 0.00 | 0.02 | ||
2028 | 15.53 | 13.13 | -2.40 | 114 | -0.02 | 0.00 | 0.02 | ||
2029 | 15.69 | 13.16 | -2.53 | 96 | -0.03 | 0.00 | 0.03 | ||
2030 | 15.84 | 13.19 | -2.65 | 79 | -0.03 | 0.00 | 0.03 | ||
2031 | 15.96 | 13.21 | -2.75 | 61 | -0.04 | 0.00 | 0.04 | ||
2032 | 16.09 | 13.24 | -2.85 | 44 | -0.05 | 0.00 | 0.05 | ||
2033 | 16.20 | 13.25 | -2.95 | 26 | -0.06 | 0.00 | 0.07 | ||
2034 | 16.31 | 13.26 | -3.05 | 9 | -0.08 | 0.00 | 0.08 | ||
2035 | 16.39 | 13.27 | -3.12 | ---- | -0.09 | 0.00 | 0.09 | ||
2036 | 16.46 | 13.28 | -3.19 | ---- | -0.09 | 0.00 | 0.09 | ||
2037 | 16.53 | 13.28 | -3.25 | ---- | -0.10 | 0.00 | 0.10 | ||
2038 | 16.58 | 13.29 | -3.29 | ---- | -0.12 | 0.00 | 0.12 | ||
2039 | 16.61 | 13.29 | -3.32 | ---- | -0.13 | 0.00 | 0.13 | ||
2040 | 16.63 | 13.30 | -3.34 | ---- | -0.15 | -0.00 | 0.15 | ||
2041 | 16.64 | 13.30 | -3.34 | ---- | -0.16 | -0.00 | 0.16 | ||
2042 | 16.64 | 13.30 | -3.34 | ---- | -0.18 | -0.00 | 0.18 | ||
2043 | 16.63 | 13.30 | -3.33 | ---- | -0.20 | -0.00 | 0.20 | ||
2044 | 16.63 | 13.30 | -3.33 | ---- | -0.21 | -0.00 | 0.21 | ||
2045 | 16.63 | 13.31 | -3.32 | ---- | -0.23 | -0.00 | 0.23 | ||
2046 | 16.63 | 13.31 | -3.33 | ---- | -0.25 | -0.00 | 0.25 | ||
2047 | 16.64 | 13.31 | -3.33 | ---- | -0.26 | -0.00 | 0.26 | ||
2048 | 16.64 | 13.31 | -3.33 | ---- | -0.28 | -0.00 | 0.28 | ||
2049 | 16.65 | 13.31 | -3.34 | ---- | -0.30 | -0.00 | 0.30 | ||
2050 | 16.66 | 13.32 | -3.35 | ---- | -0.32 | -0.00 | 0.32 | ||
2051 | 16.67 | 13.32 | -3.35 | ---- | -0.34 | -0.00 | 0.34 | ||
2052 | 16.69 | 13.32 | -3.37 | ---- | -0.37 | -0.00 | 0.36 | ||
2053 | 16.72 | 13.33 | -3.39 | ---- | -0.39 | -0.00 | 0.38 | ||
2054 | 16.75 | 13.33 | -3.42 | ---- | -0.41 | -0.01 | 0.41 | ||
2055 | 16.79 | 13.34 | -3.46 | ---- | -0.44 | -0.01 | 0.43 | ||
2056 | 16.84 | 13.34 | -3.50 | ---- | -0.46 | -0.01 | 0.46 | ||
2057 | 16.89 | 13.35 | -3.54 | ---- | -0.49 | -0.01 | 0.48 | ||
2058 | 16.95 | 13.35 | -3.59 | ---- | -0.51 | -0.01 | 0.50 | ||
2059 | 17.01 | 13.36 | -3.65 | ---- | -0.53 | -0.01 | 0.53 | ||
2060 | 17.07 | 13.37 | -3.70 | ---- | -0.55 | -0.01 | 0.54 | ||
2061 | 17.12 | 13.37 | -3.75 | ---- | -0.57 | -0.01 | 0.56 | ||
2062 | 17.18 | 13.38 | -3.80 | ---- | -0.58 | -0.01 | 0.57 | ||
2063 | 17.22 | 13.38 | -3.84 | ---- | -0.60 | -0.01 | 0.59 | ||
2064 | 17.26 | 13.39 | -3.88 | ---- | -0.62 | -0.01 | 0.61 | ||
2065 | 17.30 | 13.39 | -3.91 | ---- | -0.64 | -0.01 | 0.63 | ||
2066 | 17.34 | 13.39 | -3.94 | ---- | -0.67 | -0.01 | 0.65 | ||
2067 | 17.37 | 13.40 | -3.97 | ---- | -0.69 | -0.01 | 0.68 | ||
2068 | 17.40 | 13.40 | -4.00 | ---- | -0.71 | -0.01 | 0.70 | ||
2069 | 17.44 | 13.41 | -4.04 | ---- | -0.73 | -0.01 | 0.72 | ||
2070 | 17.48 | 13.41 | -4.07 | ---- | -0.75 | -0.01 | 0.74 | ||
2071 | 17.52 | 13.41 | -4.10 | ---- | -0.77 | -0.01 | 0.75 | ||
2072 | 17.55 | 13.42 | -4.13 | ---- | -0.78 | -0.01 | 0.77 | ||
2073 | 17.58 | 13.42 | -4.16 | ---- | -0.80 | -0.01 | 0.79 | ||
2074 | 17.61 | 13.43 | -4.19 | ---- | -0.81 | -0.01 | 0.80 | ||
2075 | 17.63 | 13.43 | -4.20 | ---- | -0.83 | -0.01 | 0.82 | ||
2076 | 17.64 | 13.43 | -4.21 | ---- | -0.85 | -0.01 | 0.83 | ||
2077 | 17.64 | 13.43 | -4.21 | ---- | -0.86 | -0.01 | 0.85 | ||
2078 | 17.63 | 13.43 | -4.19 | ---- | -0.88 | -0.02 | 0.86 | ||
2079 | 17.60 | 13.43 | -4.17 | ---- | -0.89 | -0.02 | 0.88 | ||
2080 | 17.56 | 13.43 | -4.13 | ---- | -0.91 | -0.02 | 0.89 | ||
2081 | 17.51 | 13.43 | -4.09 | ---- | -0.92 | -0.02 | 0.90 | ||
2082 | 17.46 | 13.43 | -4.03 | ---- | -0.93 | -0.02 | 0.92 | ||
2083 | 17.40 | 13.42 | -3.98 | ---- | -0.95 | -0.02 | 0.93 | ||
2084 | 17.33 | 13.42 | -3.91 | ---- | -0.96 | -0.02 | 0.94 | ||
2085 | 17.26 | 13.42 | -3.85 | ---- | -0.97 | -0.02 | 0.95 | ||
2086 | 17.19 | 13.41 | -3.78 | ---- | -0.97 | -0.02 | 0.95 | ||
2087 | 17.11 | 13.41 | -3.71 | ---- | -0.98 | -0.02 | 0.96 | ||
2088 | 17.03 | 13.40 | -3.63 | ---- | -0.99 | -0.02 | 0.97 | ||
2089 | 16.95 | 13.40 | -3.55 | ---- | -1.00 | -0.02 | 0.98 | ||
2090 | 16.87 | 13.39 | -3.48 | ---- | -1.02 | -0.02 | 1.00 | ||
2091 | 16.80 | 13.39 | -3.41 | ---- | -1.04 | -0.02 | 1.02 | ||
2092 | 16.74 | 13.39 | -3.35 | ---- | -1.06 | -0.02 | 1.04 | ||
2093 | 16.69 | 13.39 | -3.30 | ---- | -1.08 | -0.02 | 1.06 | ||
2094 | 16.64 | 13.38 | -3.26 | ---- | -1.11 | -0.02 | 1.09 | ||
2095 | 16.61 | 13.38 | -3.23 | ---- | -1.13 | -0.02 | 1.11 | ||
2096 | 16.58 | 13.38 | -3.20 | ---- | -1.17 | -0.02 | 1.14 | ||
2097 | 16.56 | 13.38 | -3.18 | ---- | -1.19 | -0.02 | 1.17 | ||
2098 | 16.56 | 13.38 | -3.18 | ---- | -1.21 | -0.02 | 1.19 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2023-2097 | 16.89% | 13.77% | -3.12% | 2034 | -0.49% | -0.01% | 0.49% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.