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Summary Measures and Graphs
Retirement Age

Description of Proposed Provision:
Increase the normal retirement age (NRA) from 66 to 67 one year earlier than current law, starting for those reaching age 62 in 2016 and ending for those reaching age 62 in 2021. Then, after 2021, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20).

Estimates based on the intermediate assumptions of the 2009 Trustees Report

Summary Measures
[As a percentage of taxable payroll]
Present Law Change from present law Results with this provision
Long-range
actuarial
balance		 Annual
balance in
75th year		 Long-range
actuarial
balance		 Annual
balance in
75th year		 Long-range
actuarial
balance		 Annual
balance in
75th year
-2.00 -4.34 0.41 1.23 -1.59 -3.11


graph of OASDI cost rates and income rates by year, under present law and provision. click on graph to view underlying data. graph of OASDI trust fund ratio by year, under present law and provision. click on graph to view underlying data.
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Last reviewed or modified November 16, 2009