Description of Proposed Provision:
C1.1: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 1 month every 2 years until the NRA reaches 68.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2017 | 13.41 | 13.03 | -0.38 | 298 | 0.00 | 0.00 | 0.00 | ||
| 2018 | 13.49 | 12.93 | -0.56 | 287 | 0.00 | 0.00 | 0.00 | ||
| 2019 | 13.70 | 12.95 | -0.75 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.85 | 12.96 | -0.89 | 259 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.02 | 12.99 | -1.03 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.26 | 13.02 | -1.23 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.54 | 13.05 | -1.49 | 215 | -0.00 | -0.00 | 0.00 | ||
| 2024 | 14.82 | 13.08 | -1.73 | 199 | -0.01 | -0.00 | 0.01 | ||
| 2025 | 15.09 | 13.10 | -1.98 | 183 | -0.01 | -0.00 | 0.01 | ||
| 2026 | 15.35 | 13.13 | -2.22 | 166 | -0.02 | -0.00 | 0.02 | ||
| 2027 | 15.59 | 13.15 | -2.44 | 148 | -0.02 | -0.00 | 0.02 | ||
| 2028 | 15.82 | 13.17 | -2.66 | 131 | -0.03 | -0.00 | 0.03 | ||
| 2029 | 16.03 | 13.18 | -2.85 | 113 | -0.03 | -0.00 | 0.03 | ||
| 2030 | 16.23 | 13.19 | -3.03 | 95 | -0.04 | -0.00 | 0.04 | ||
| 2031 | 16.39 | 13.21 | -3.18 | 77 | -0.06 | -0.00 | 0.06 | ||
| 2032 | 16.53 | 13.22 | -3.32 | 58 | -0.07 | -0.00 | 0.07 | ||
| 2033 | 16.65 | 13.22 | -3.43 | 39 | -0.09 | -0.00 | 0.09 | ||
| 2034 | 16.74 | 13.23 | -3.51 | 19 | -0.11 | -0.00 | 0.10 | ||
| 2035 | 16.81 | 13.24 | -3.57 | ---- | -0.12 | -0.00 | 0.12 | ||
| 2036 | 16.85 | 13.24 | -3.61 | ---- | -0.14 | -0.00 | 0.14 | ||
| 2037 | 16.86 | 13.24 | -3.62 | ---- | -0.16 | -0.01 | 0.15 | ||
| 2038 | 16.84 | 13.24 | -3.60 | ---- | -0.18 | -0.01 | 0.17 | ||
| 2039 | 16.80 | 13.24 | -3.55 | ---- | -0.20 | -0.01 | 0.19 | ||
| 2040 | 16.74 | 13.24 | -3.51 | ---- | -0.22 | -0.01 | 0.21 | ||
| 2041 | 16.68 | 13.24 | -3.44 | ---- | -0.23 | -0.01 | 0.22 | ||
| 2042 | 16.61 | 13.23 | -3.37 | ---- | -0.25 | -0.01 | 0.24 | ||
| 2043 | 16.53 | 13.23 | -3.30 | ---- | -0.27 | -0.01 | 0.26 | ||
| 2044 | 16.46 | 13.23 | -3.23 | ---- | -0.30 | -0.01 | 0.29 | ||
| 2045 | 16.40 | 13.22 | -3.17 | ---- | -0.32 | -0.01 | 0.31 | ||
| 2046 | 16.33 | 13.22 | -3.11 | ---- | -0.35 | -0.01 | 0.34 | ||
| 2047 | 16.27 | 13.22 | -3.05 | ---- | -0.38 | -0.01 | 0.36 | ||
| 2048 | 16.21 | 13.22 | -2.99 | ---- | -0.40 | -0.02 | 0.39 | ||
| 2049 | 16.16 | 13.22 | -2.94 | ---- | -0.43 | -0.02 | 0.41 | ||
| 2050 | 16.11 | 13.21 | -2.90 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2051 | 16.08 | 13.21 | -2.87 | ---- | -0.48 | -0.02 | 0.46 | ||
| 2052 | 16.06 | 13.21 | -2.85 | ---- | -0.50 | -0.02 | 0.48 | ||
| 2053 | 16.05 | 13.21 | -2.84 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2054 | 16.05 | 13.21 | -2.84 | ---- | -0.54 | -0.02 | 0.51 | ||
| 2055 | 16.06 | 13.21 | -2.85 | ---- | -0.55 | -0.02 | 0.53 | ||
| 2056 | 16.08 | 13.22 | -2.87 | ---- | -0.57 | -0.02 | 0.55 | ||
| 2057 | 16.11 | 13.22 | -2.89 | ---- | -0.59 | -0.03 | 0.56 | ||
| 2058 | 16.14 | 13.22 | -2.92 | ---- | -0.60 | -0.03 | 0.57 | ||
| 2059 | 16.17 | 13.22 | -2.95 | ---- | -0.61 | -0.03 | 0.59 | ||
| 2060 | 16.20 | 13.23 | -2.98 | ---- | -0.62 | -0.03 | 0.60 | ||
| 2061 | 16.24 | 13.23 | -3.02 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2062 | 16.28 | 13.23 | -3.05 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2063 | 16.32 | 13.23 | -3.09 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2064 | 16.36 | 13.24 | -3.12 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2065 | 16.40 | 13.24 | -3.16 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2066 | 16.44 | 13.24 | -3.20 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2067 | 16.49 | 13.24 | -3.25 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2068 | 16.53 | 13.25 | -3.29 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2069 | 16.58 | 13.25 | -3.33 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2070 | 16.63 | 13.25 | -3.37 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2071 | 16.67 | 13.25 | -3.41 | ---- | -0.71 | -0.03 | 0.67 | ||
| 2072 | 16.70 | 13.26 | -3.45 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2073 | 16.74 | 13.26 | -3.48 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2074 | 16.77 | 13.26 | -3.50 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2075 | 16.79 | 13.26 | -3.53 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2076 | 16.81 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2077 | 16.81 | 13.26 | -3.55 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2078 | 16.81 | 13.27 | -3.55 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2079 | 16.81 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2080 | 16.80 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2081 | 16.80 | 13.26 | -3.53 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2082 | 16.80 | 13.26 | -3.53 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2083 | 16.80 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2084 | 16.81 | 13.26 | -3.55 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2085 | 16.83 | 13.27 | -3.57 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2086 | 16.86 | 13.27 | -3.59 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2087 | 16.89 | 13.27 | -3.62 | ---- | -0.73 | -0.03 | 0.69 | ||
| 2088 | 16.93 | 13.27 | -3.66 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2089 | 16.97 | 13.27 | -3.69 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2090 | 17.01 | 13.28 | -3.74 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2091 | 17.06 | 13.28 | -3.78 | ---- | -0.74 | -0.03 | 0.70 | ||
| 2092 | 17.11 | 13.28 | -3.82 | ---- | -0.74 | -0.03 | 0.70 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2017-2091 | 16.28% | 13.82% | -2.46% | 2034 | -0.38% | -0.02% | 0.37% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2017 Trustees Report.