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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.94 | -1.49 | 217 | -0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.98 | -1.66 | 200 | -0.01 | -0.00 | 0.01 | ||
| 2025 | 14.86 | 13.00 | -1.87 | 183 | -0.01 | -0.00 | 0.01 | ||
| 2026 | 15.09 | 13.12 | -1.97 | 166 | -0.02 | -0.00 | 0.02 | ||
| 2027 | 15.32 | 13.15 | -2.17 | 148 | -0.03 | -0.00 | 0.03 | ||
| 2028 | 15.55 | 13.19 | -2.36 | 131 | -0.03 | -0.00 | 0.03 | ||
| 2029 | 15.80 | 13.23 | -2.57 | 113 | -0.04 | -0.00 | 0.04 | ||
| 2030 | 15.98 | 13.24 | -2.74 | 95 | -0.04 | -0.00 | 0.04 | ||
| 2031 | 16.13 | 13.25 | -2.88 | 77 | -0.05 | -0.00 | 0.05 | ||
| 2032 | 16.27 | 13.27 | -3.00 | 59 | -0.07 | -0.00 | 0.07 | ||
| 2033 | 16.37 | 13.28 | -3.10 | 41 | -0.08 | -0.00 | 0.08 | ||
| 2034 | 16.45 | 13.28 | -3.17 | 23 | -0.10 | -0.00 | 0.09 | ||
| 2035 | 16.51 | 13.29 | -3.22 | 4 | -0.11 | -0.00 | 0.11 | ||
| 2036 | 16.56 | 13.29 | -3.26 | ---- | -0.13 | -0.00 | 0.13 | ||
| 2037 | 16.59 | 13.30 | -3.29 | ---- | -0.15 | -0.00 | 0.14 | ||
| 2038 | 16.62 | 13.30 | -3.31 | ---- | -0.17 | -0.01 | 0.16 | ||
| 2039 | 16.63 | 13.31 | -3.32 | ---- | -0.19 | -0.01 | 0.18 | ||
| 2040 | 16.64 | 13.31 | -3.33 | ---- | -0.21 | -0.01 | 0.20 | ||
| 2041 | 16.63 | 13.31 | -3.32 | ---- | -0.22 | -0.01 | 0.22 | ||
| 2042 | 16.62 | 13.31 | -3.31 | ---- | -0.24 | -0.01 | 0.23 | ||
| 2043 | 16.58 | 13.31 | -3.28 | ---- | -0.27 | -0.01 | 0.25 | ||
| 2044 | 16.54 | 13.31 | -3.24 | ---- | -0.29 | -0.01 | 0.28 | ||
| 2045 | 16.50 | 13.31 | -3.20 | ---- | -0.31 | -0.01 | 0.30 | ||
| 2046 | 16.46 | 13.30 | -3.16 | ---- | -0.34 | -0.01 | 0.32 | ||
| 2047 | 16.43 | 13.30 | -3.12 | ---- | -0.36 | -0.02 | 0.35 | ||
| 2048 | 16.40 | 13.30 | -3.09 | ---- | -0.39 | -0.02 | 0.37 | ||
| 2049 | 16.37 | 13.30 | -3.06 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2050 | 16.34 | 13.30 | -3.04 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2051 | 16.31 | 13.30 | -3.01 | ---- | -0.48 | -0.02 | 0.46 | ||
| 2052 | 16.29 | 13.30 | -2.99 | ---- | -0.51 | -0.02 | 0.49 | ||
| 2053 | 16.29 | 13.30 | -2.98 | ---- | -0.55 | -0.03 | 0.52 | ||
| 2054 | 16.28 | 13.30 | -2.98 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2055 | 16.28 | 13.31 | -2.98 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2056 | 16.29 | 13.31 | -2.98 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2057 | 16.31 | 13.31 | -3.00 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2058 | 16.33 | 13.31 | -3.01 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2059 | 16.35 | 13.32 | -3.04 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2060 | 16.38 | 13.32 | -3.06 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2061 | 16.41 | 13.32 | -3.09 | ---- | -0.79 | -0.04 | 0.75 | ||
| 2062 | 16.45 | 13.33 | -3.12 | ---- | -0.82 | -0.04 | 0.78 | ||
| 2063 | 16.48 | 13.33 | -3.15 | ---- | -0.85 | -0.04 | 0.81 | ||
| 2064 | 16.51 | 13.33 | -3.18 | ---- | -0.88 | -0.04 | 0.84 | ||
| 2065 | 16.55 | 13.34 | -3.21 | ---- | -0.91 | -0.04 | 0.86 | ||
| 2066 | 16.59 | 13.34 | -3.25 | ---- | -0.94 | -0.05 | 0.89 | ||
| 2067 | 16.63 | 13.34 | -3.29 | ---- | -0.97 | -0.05 | 0.92 | ||
| 2068 | 16.67 | 13.35 | -3.32 | ---- | -1.00 | -0.05 | 0.95 | ||
| 2069 | 16.71 | 13.35 | -3.36 | ---- | -1.03 | -0.05 | 0.98 | ||
| 2070 | 16.74 | 13.35 | -3.39 | ---- | -1.06 | -0.05 | 1.01 | ||
| 2071 | 16.77 | 13.36 | -3.42 | ---- | -1.10 | -0.06 | 1.04 | ||
| 2072 | 16.80 | 13.36 | -3.44 | ---- | -1.13 | -0.06 | 1.07 | ||
| 2073 | 16.82 | 13.36 | -3.46 | ---- | -1.16 | -0.06 | 1.10 | ||
| 2074 | 16.84 | 13.36 | -3.48 | ---- | -1.19 | -0.06 | 1.13 | ||
| 2075 | 16.86 | 13.36 | -3.49 | ---- | -1.22 | -0.06 | 1.16 | ||
| 2076 | 16.86 | 13.37 | -3.50 | ---- | -1.25 | -0.06 | 1.19 | ||
| 2077 | 16.86 | 13.37 | -3.49 | ---- | -1.28 | -0.06 | 1.21 | ||
| 2078 | 16.85 | 13.37 | -3.48 | ---- | -1.30 | -0.07 | 1.24 | ||
| 2079 | 16.82 | 13.37 | -3.46 | ---- | -1.33 | -0.07 | 1.26 | ||
| 2080 | 16.79 | 13.36 | -3.42 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2081 | 16.75 | 13.36 | -3.39 | ---- | -1.37 | -0.07 | 1.30 | ||
| 2082 | 16.71 | 13.36 | -3.35 | ---- | -1.39 | -0.07 | 1.32 | ||
| 2083 | 16.66 | 13.36 | -3.30 | ---- | -1.41 | -0.07 | 1.33 | ||
| 2084 | 16.61 | 13.35 | -3.25 | ---- | -1.43 | -0.07 | 1.35 | ||
| 2085 | 16.55 | 13.35 | -3.20 | ---- | -1.45 | -0.08 | 1.37 | ||
| 2086 | 16.50 | 13.35 | -3.16 | ---- | -1.46 | -0.08 | 1.38 | ||
| 2087 | 16.45 | 13.34 | -3.11 | ---- | -1.47 | -0.08 | 1.40 | ||
| 2088 | 16.39 | 13.34 | -3.05 | ---- | -1.50 | -0.08 | 1.42 | ||
| 2089 | 16.34 | 13.34 | -3.00 | ---- | -1.54 | -0.08 | 1.46 | ||
| 2090 | 16.29 | 13.34 | -2.95 | ---- | -1.58 | -0.08 | 1.49 | ||
| 2091 | 16.24 | 13.33 | -2.90 | ---- | -1.63 | -0.08 | 1.55 | ||
| 2092 | 16.20 | 13.33 | -2.87 | ---- | -1.68 | -0.09 | 1.60 | ||
| 2093 | 16.18 | 13.33 | -2.85 | ---- | -1.73 | -0.09 | 1.64 | ||
| 2094 | 16.17 | 13.33 | -2.84 | ---- | -1.76 | -0.09 | 1.67 | ||
| 2095 | 16.18 | 13.33 | -2.85 | ---- | -1.79 | -0.09 | 1.70 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 16.40% | 13.82% | -2.59% | 2035 | -0.66% | -0.03% | 0.62% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.