Proposed Provision: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, 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) by the same amount as the NRA starting for those age 62 in 2022 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% of the poverty level (wage-indexed from 2010). The hardship exemption is phased out for those with AIME above 400% of the poverty level.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2011 | 353 | 353 |
2012 | 347 | 347 |
2013 | 341 | 341 |
2014 | 334 | 334 |
2015 | 328 | 328 |
2016 | 321 | 321 |
2017 | 314 | 314 |
2018 | 306 | 306 |
2019 | 296 | 296 |
2020 | 284 | 284 |
2021 | 272 | 272 |
2022 | 259 | 259 |
2023 | 245 | 245 |
2024 | 230 | 230 |
2025 | 214 | 215 |
2026 | 198 | 199 |
2027 | 181 | 182 |
2028 | 164 | 165 |
2029 | 145 | 147 |
2030 | 127 | 128 |
2031 | 107 | 109 |
2032 | 87 | 90 |
2033 | 67 | 70 |
2034 | 46 | 50 |
2035 | 25 | 29 |
2036 | 4 | 9 |
2037 | -18 | -12 |
2038 | -40 | -34 |
2039 | -62 | -55 |
2040 | -85 | -76 |
2041 | -108 | -98 |
2042 | -130 | -120 |
2043 | -153 | -141 |
2044 | -176 | -163 |
2045 | -200 | -185 |
2046 | -223 | -207 |
2047 | -247 | -229 |
2048 | -271 | -251 |
2049 | -295 | -274 |
2050 | -319 | -296 |
2051 | -343 | -318 |
2052 | -368 | -341 |
2053 | -393 | -363 |
2054 | -418 | -386 |
2055 | -443 | -409 |
2056 | -468 | -432 |
2057 | -494 | -455 |
2058 | -521 | -479 |
2059 | -548 | -503 |
2060 | -575 | -527 |
2061 | -602 | -552 |
2062 | -630 | -577 |
2063 | -659 | -602 |
2064 | -687 | -627 |
2065 | -716 | -653 |
2066 | -746 | -678 |
2067 | -775 | -704 |
2068 | -805 | -730 |
2069 | -835 | -757 |
2070 | -866 | -783 |
2071 | -897 | -810 |
2072 | -928 | -838 |
2073 | -960 | -865 |
2074 | -992 | -893 |
2075 | -1025 | -921 |
2076 | -1058 | -949 |
2077 | -1092 | -978 |
2078 | -1126 | -1007 |
2079 | -1161 | -1037 |
2080 | -1196 | -1068 |
2081 | -1232 | -1099 |
2082 | -1268 | -1130 |
2083 | -1305 | -1162 |
2084 | -1342 | -1194 |
2085 | -1380 | -1227 |
2086 | -1419 | -1260 |
back