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 percent of the poverty level (wage-indexed from 2014). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2015 | 308 | 308 |
2016 | 298 | 298 |
2017 | 280 | 280 |
2018 | 264 | 264 |
2019 | 248 | 248 |
2020 | 233 | 233 |
2021 | 219 | 219 |
2022 | 204 | 204 |
2023 | 189 | 189 |
2024 | 173 | 173 |
2025 | 157 | 158 |
2026 | 142 | 142 |
2027 | 126 | 127 |
2028 | 110 | 111 |
2029 | 94 | 95 |
2030 | 77 | 79 |
2031 | 60 | 61 |
2032 | 42 | 44 |
2033 | 23 | 25 |
2034 | 4 | 7 |
2035 | -16 | -13 |
2036 | -36 | -33 |
2037 | -57 | -53 |
2038 | -78 | -73 |
2039 | -100 | -94 |
2040 | -122 | -115 |
2041 | -144 | -136 |
2042 | -166 | -158 |
2043 | -189 | -179 |
2044 | -211 | -201 |
2045 | -234 | -223 |
2046 | -257 | -245 |
2047 | -280 | -266 |
2048 | -303 | -289 |
2049 | -327 | -311 |
2050 | -351 | -333 |
2051 | -375 | -355 |
2052 | -398 | -378 |
2053 | -423 | -400 |
2054 | -447 | -423 |
2055 | -472 | -445 |
2056 | -496 | -468 |
2057 | -522 | -491 |
2058 | -548 | -515 |
2059 | -574 | -539 |
2060 | -601 | -564 |
2061 | -629 | -589 |
2062 | -657 | -614 |
2063 | -685 | -640 |
2064 | -714 | -667 |
2065 | -744 | -693 |
2066 | -774 | -721 |
2067 | -804 | -748 |
2068 | -835 | -776 |
2069 | -867 | -804 |
2070 | -899 | -833 |
2071 | -932 | -862 |
2072 | -965 | -893 |
2073 | -1000 | -924 |
2074 | -1035 | -956 |
2075 | -1072 | -989 |
2076 | -1110 | -1024 |
2077 | -1148 | -1059 |
2078 | -1188 | -1094 |
2079 | -1228 | -1131 |
2080 | -1268 | -1168 |
2081 | -1309 | -1205 |
2082 | -1350 | -1242 |
2083 | -1391 | -1278 |
2084 | -1432 | -1314 |
2085 | -1472 | -1350 |
2086 | -1514 | -1387 |
2087 | -1555 | -1423 |
2088 | -1597 | -1461 |
2089 | -1640 | -1499 |
2090 | -1683 | -1537 |
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