Detailed Single Year Tables
Description of Proposed Provision:
C1.3: 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.
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 |
|||
2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
2022 | 14.23 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
2023 | 14.39 | 12.94 | -1.45 | 213 | -0.01 | -0.00 | 0.00 | ||
2024 | 14.57 | 12.97 | -1.61 | 197 | -0.01 | -0.00 | 0.01 | ||
2025 | 14.77 | 12.99 | -1.78 | 181 | -0.02 | -0.00 | 0.02 | ||
2026 | 14.97 | 13.11 | -1.85 | 164 | -0.02 | -0.00 | 0.02 | ||
2027 | 15.16 | 13.13 | -2.03 | 148 | -0.03 | -0.00 | 0.03 | ||
2028 | 15.40 | 13.17 | -2.22 | 131 | -0.03 | -0.00 | 0.03 | ||
2029 | 15.59 | 13.19 | -2.40 | 115 | -0.04 | -0.00 | 0.04 | ||
2030 | 15.76 | 13.20 | -2.56 | 98 | -0.05 | -0.00 | 0.05 | ||
2031 | 15.91 | 13.22 | -2.70 | 82 | -0.05 | -0.00 | 0.05 | ||
2032 | 16.04 | 13.23 | -2.82 | 65 | -0.07 | -0.00 | 0.07 | ||
2033 | 16.15 | 13.24 | -2.92 | 48 | -0.08 | -0.00 | 0.08 | ||
2034 | 16.23 | 13.24 | -2.99 | 31 | -0.10 | -0.00 | 0.09 | ||
2035 | 16.29 | 13.25 | -3.04 | 13 | -0.11 | -0.00 | 0.11 | ||
2036 | 16.33 | 13.25 | -3.08 | ---- | -0.13 | -0.00 | 0.13 | ||
2037 | 16.37 | 13.26 | -3.11 | ---- | -0.15 | -0.00 | 0.14 | ||
2038 | 16.40 | 13.26 | -3.14 | ---- | -0.17 | -0.01 | 0.16 | ||
2039 | 16.42 | 13.26 | -3.15 | ---- | -0.19 | -0.01 | 0.18 | ||
2040 | 16.41 | 13.27 | -3.15 | ---- | -0.20 | -0.01 | 0.19 | ||
2041 | 16.39 | 13.27 | -3.13 | ---- | -0.22 | -0.01 | 0.21 | ||
2042 | 16.35 | 13.26 | -3.09 | ---- | -0.24 | -0.01 | 0.23 | ||
2043 | 16.30 | 13.26 | -3.04 | ---- | -0.26 | -0.01 | 0.25 | ||
2044 | 16.24 | 13.26 | -2.98 | ---- | -0.28 | -0.01 | 0.27 | ||
2045 | 16.19 | 13.26 | -2.93 | ---- | -0.30 | -0.01 | 0.29 | ||
2046 | 16.13 | 13.26 | -2.87 | ---- | -0.33 | -0.01 | 0.31 | ||
2047 | 16.07 | 13.25 | -2.82 | ---- | -0.35 | -0.01 | 0.34 | ||
2048 | 16.03 | 13.25 | -2.77 | ---- | -0.38 | -0.02 | 0.36 | ||
2049 | 15.98 | 13.25 | -2.73 | ---- | -0.41 | -0.02 | 0.39 | ||
2050 | 15.93 | 13.25 | -2.68 | ---- | -0.43 | -0.02 | 0.42 | ||
2051 | 15.90 | 13.25 | -2.65 | ---- | -0.46 | -0.02 | 0.44 | ||
2052 | 15.87 | 13.25 | -2.62 | ---- | -0.50 | -0.02 | 0.47 | ||
2053 | 15.85 | 13.25 | -2.60 | ---- | -0.53 | -0.02 | 0.50 | ||
2054 | 15.83 | 13.25 | -2.58 | ---- | -0.55 | -0.02 | 0.53 | ||
2055 | 15.83 | 13.25 | -2.57 | ---- | -0.58 | -0.03 | 0.56 | ||
2056 | 15.83 | 13.25 | -2.57 | ---- | -0.61 | -0.03 | 0.59 | ||
2057 | 15.84 | 13.25 | -2.58 | ---- | -0.64 | -0.03 | 0.61 | ||
2058 | 15.85 | 13.26 | -2.60 | ---- | -0.67 | -0.03 | 0.64 | ||
2059 | 15.88 | 13.26 | -2.62 | ---- | -0.70 | -0.03 | 0.67 | ||
2060 | 15.90 | 13.26 | -2.64 | ---- | -0.73 | -0.03 | 0.70 | ||
2061 | 15.92 | 13.27 | -2.66 | ---- | -0.76 | -0.04 | 0.72 | ||
2062 | 15.95 | 13.27 | -2.68 | ---- | -0.78 | -0.04 | 0.75 | ||
2063 | 15.98 | 13.27 | -2.70 | ---- | -0.81 | -0.04 | 0.77 | ||
2064 | 16.00 | 13.27 | -2.73 | ---- | -0.84 | -0.04 | 0.80 | ||
2065 | 16.03 | 13.28 | -2.75 | ---- | -0.87 | -0.04 | 0.83 | ||
2066 | 16.06 | 13.28 | -2.78 | ---- | -0.90 | -0.04 | 0.85 | ||
2067 | 16.09 | 13.28 | -2.81 | ---- | -0.92 | -0.04 | 0.88 | ||
2068 | 16.12 | 13.28 | -2.84 | ---- | -0.95 | -0.05 | 0.91 | ||
2069 | 16.15 | 13.29 | -2.87 | ---- | -0.98 | -0.05 | 0.93 | ||
2070 | 16.18 | 13.29 | -2.89 | ---- | -1.01 | -0.05 | 0.96 | ||
2071 | 16.20 | 13.29 | -2.91 | ---- | -1.05 | -0.05 | 1.00 | ||
2072 | 16.22 | 13.29 | -2.93 | ---- | -1.08 | -0.05 | 1.03 | ||
2073 | 16.24 | 13.29 | -2.94 | ---- | -1.11 | -0.05 | 1.06 | ||
2074 | 16.25 | 13.30 | -2.96 | ---- | -1.14 | -0.06 | 1.08 | ||
2075 | 16.26 | 13.30 | -2.97 | ---- | -1.17 | -0.06 | 1.11 | ||
2076 | 16.26 | 13.30 | -2.96 | ---- | -1.19 | -0.06 | 1.14 | ||
2077 | 16.26 | 13.30 | -2.96 | ---- | -1.22 | -0.06 | 1.16 | ||
2078 | 16.24 | 13.30 | -2.94 | ---- | -1.24 | -0.06 | 1.18 | ||
2079 | 16.21 | 13.30 | -2.91 | ---- | -1.27 | -0.06 | 1.20 | ||
2080 | 16.18 | 13.30 | -2.88 | ---- | -1.28 | -0.06 | 1.22 | ||
2081 | 16.16 | 13.30 | -2.86 | ---- | -1.29 | -0.06 | 1.22 | ||
2082 | 16.13 | 13.29 | -2.84 | ---- | -1.29 | -0.06 | 1.23 | ||
2083 | 16.09 | 13.29 | -2.79 | ---- | -1.31 | -0.07 | 1.25 | ||
2084 | 16.03 | 13.29 | -2.74 | ---- | -1.35 | -0.07 | 1.28 | ||
2085 | 15.97 | 13.28 | -2.69 | ---- | -1.38 | -0.07 | 1.31 | ||
2086 | 15.89 | 13.28 | -2.61 | ---- | -1.44 | -0.07 | 1.37 | ||
2087 | 15.83 | 13.28 | -2.56 | ---- | -1.49 | -0.08 | 1.42 | ||
2088 | 15.79 | 13.27 | -2.52 | ---- | -1.54 | -0.08 | 1.46 | ||
2089 | 15.77 | 13.27 | -2.49 | ---- | -1.57 | -0.08 | 1.49 | ||
2090 | 15.76 | 13.27 | -2.49 | ---- | -1.60 | -0.08 | 1.52 | ||
2091 | 15.77 | 13.27 | -2.50 | ---- | -1.61 | -0.08 | 1.53 | ||
2092 | 15.79 | 13.28 | -2.52 | ---- | -1.63 | -0.08 | 1.55 | ||
2093 | 15.82 | 13.28 | -2.54 | ---- | -1.66 | -0.08 | 1.57 | ||
2094 | 15.84 | 13.28 | -2.56 | ---- | -1.68 | -0.08 | 1.60 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2019-2093 | 15.99% | 13.78% | -2.21% | 2035 | -0.61% | -0.03% | 0.58% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.