Proposed Provision: C2.3. 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 2013). 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 Current Law Provision
2017298298
2018287287
2019273273
2020259259
2021245245
2022230230
2023215215
2024199199
2025182183
2026165166
2027148148
2028130131
2029112113
20309495
20317577
20325658
20333739
20341619
2035-4-1
2036-26-22
2037-47-44
2038-70-65
2039-92-87
2040-115-109
2041-138-131
2042-161-153
2043-184-176
2044-207-198
2045-230-220
2046-253-242
2047-276-264
2048-300-286
2049-323-308
2050-346-331
2051-370-353
2052-393-375
2053-417-396
2054-440-418
2055-464-440
2056-487-462
2057-511-484
2058-536-506
2059-560-529
2060-585-551
2061-611-575
2062-637-598
2063-663-622
2064-690-646
2065-717-671
2066-745-696
2067-772-721
2068-801-747
2069-829-772
2070-858-799
2071-888-825
2072-918-852
2073-949-880
2074-981-908
2075-1014-938
2076-1047-968
2077-1082-999
2078-1117-1031
2079-1153-1064
2080-1190-1097
2081-1227-1130
2082-1264-1164
2083-1300-1196
2084-1337-1229
2085-1374-1261
2086-1410-1293
2087-1446-1325
2088-1483-1357
2089-1520-1389
2090-1557-1422
2091-1595-1455
2092-1633-1489
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