Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2021 until the NRA reaches 70 in 2034. Thereafter, 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) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2022 through 2029. Keep EEA at 64 thereafter.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2020 | 261 | 261 |
| 2021 | 248 | 248 |
| 2022 | 233 | 233 |
| 2023 | 217 | 218 |
| 2024 | 200 | 202 |
| 2025 | 183 | 186 |
| 2026 | 165 | 169 |
| 2027 | 148 | 152 |
| 2028 | 130 | 136 |
| 2029 | 112 | 119 |
| 2030 | 94 | 102 |
| 2031 | 76 | 86 |
| 2032 | 58 | 69 |
| 2033 | 39 | 53 |
| 2034 | 20 | 38 |
| 2035 | 1 | 22 |
| 2036 | -19 | 6 |
| 2037 | -38 | -11 |
| 2038 | -59 | -27 |
| 2039 | -80 | -43 |
| 2040 | -101 | -59 |
| 2041 | -122 | -76 |
| 2042 | -144 | -92 |
| 2043 | -166 | -108 |
| 2044 | -188 | -124 |
| 2045 | -210 | -140 |
| 2046 | -232 | -156 |
| 2047 | -255 | -172 |
| 2048 | -277 | -187 |
| 2049 | -299 | -202 |
| 2050 | -322 | -218 |
| 2051 | -344 | -233 |
| 2052 | -367 | -247 |
| 2053 | -389 | -262 |
| 2054 | -412 | -276 |
| 2055 | -434 | -290 |
| 2056 | -457 | -304 |
| 2057 | -480 | -318 |
| 2058 | -504 | -332 |
| 2059 | -527 | -346 |
| 2060 | -551 | -361 |
| 2061 | -575 | -375 |
| 2062 | -599 | -390 |
| 2063 | -624 | -405 |
| 2064 | -650 | -421 |
| 2065 | -676 | -436 |
| 2066 | -702 | -452 |
| 2067 | -728 | -469 |
| 2068 | -755 | -485 |
| 2069 | -782 | -502 |
| 2070 | -809 | -519 |
| 2071 | -837 | -536 |
| 2072 | -866 | -554 |
| 2073 | -895 | -572 |
| 2074 | -925 | -590 |
| 2075 | -955 | -608 |
| 2076 | -986 | -628 |
| 2077 | -1018 | -647 |
| 2078 | -1051 | -667 |
| 2079 | -1084 | -688 |
| 2080 | -1119 | -708 |
| 2081 | -1154 | -729 |
| 2082 | -1190 | -750 |
| 2083 | -1226 | -772 |
| 2084 | -1263 | -793 |
| 2085 | -1300 | -815 |
| 2086 | -1337 | -836 |
| 2087 | -1374 | -858 |
| 2088 | -1411 | -879 |
| 2089 | -1448 | -902 |
| 2090 | -1484 | -923 |
| 2091 | -1520 | -945 |
| 2092 | -1554 | -965 |
| 2093 | -1589 | -985 |
| 2094 | -1623 | -1004 |
| 2095 | -1657 | -1022 |
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