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 |
2017 | 298 | 298 |
2018 | 287 | 287 |
2019 | 273 | 273 |
2020 | 259 | 259 |
2021 | 245 | 245 |
2022 | 230 | 230 |
2023 | 215 | 215 |
2024 | 199 | 199 |
2025 | 182 | 183 |
2026 | 165 | 166 |
2027 | 148 | 148 |
2028 | 130 | 131 |
2029 | 112 | 113 |
2030 | 94 | 95 |
2031 | 75 | 77 |
2032 | 56 | 58 |
2033 | 37 | 39 |
2034 | 16 | 19 |
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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