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Summary Measures and Graphs
Retirement Age

Description of Proposed Provision:
Starting in 2014, allow workers to choose whether to have their payroll tax rate reduced by 2 percentage points. For each calendar year that a worker chooses to have their payroll tax reduced, their NRA increases 1 month. We assume 2/3 of workers each year will choose this payroll reduction. The General Fund of the Treasury reimburses the OASI and DI Trust Funds for the reduction in payroll tax revenue.

Estimates based on the intermediate assumptions of the 2013 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
-2.72 -4.77 0.58 1.45 -2.13 -3.32


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 September 30, 2013