Detailed Single Year Tables
Description of Proposed Provision:
C1.4: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year until it reaches 69 for individuals attaining age 62 in 2034. Thereafter, increase the NRA 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 | 14.42 | 12.94 | -1.47 | 217 | -0.02 | 0.00 | 0.02 | ||
| 2024 | 14.61 | 12.98 | -1.64 | 201 | -0.03 | 0.00 | 0.03 | ||
| 2025 | 14.83 | 13.00 | -1.83 | 184 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 15.05 | 13.12 | -1.92 | 167 | -0.07 | -0.00 | 0.07 | ||
| 2027 | 15.26 | 13.15 | -2.11 | 150 | -0.09 | -0.00 | 0.09 | ||
| 2028 | 15.48 | 13.19 | -2.29 | 132 | -0.11 | -0.00 | 0.11 | ||
| 2029 | 15.70 | 13.22 | -2.48 | 115 | -0.13 | -0.00 | 0.13 | ||
| 2030 | 15.87 | 13.24 | -2.63 | 98 | -0.15 | -0.00 | 0.15 | ||
| 2031 | 15.98 | 13.25 | -2.73 | 81 | -0.21 | -0.01 | 0.20 | ||
| 2032 | 16.07 | 13.26 | -2.81 | 63 | -0.27 | -0.01 | 0.26 | ||
| 2033 | 16.12 | 13.27 | -2.86 | 46 | -0.33 | -0.01 | 0.32 | ||
| 2034 | 16.16 | 13.27 | -2.89 | 29 | -0.39 | -0.01 | 0.38 | ||
| 2035 | 16.17 | 13.28 | -2.89 | 12 | -0.46 | -0.02 | 0.44 | ||
| 2036 | 16.16 | 13.28 | -2.88 | ---- | -0.53 | -0.02 | 0.51 | ||
| 2037 | 16.14 | 13.28 | -2.86 | ---- | -0.59 | -0.02 | 0.57 | ||
| 2038 | 16.13 | 13.28 | -2.84 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2039 | 16.10 | 13.28 | -2.81 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2040 | 16.07 | 13.28 | -2.78 | ---- | -0.78 | -0.03 | 0.75 | ||
| 2041 | 16.02 | 13.28 | -2.74 | ---- | -0.83 | -0.03 | 0.80 | ||
| 2042 | 15.97 | 13.28 | -2.69 | ---- | -0.89 | -0.04 | 0.85 | ||
| 2043 | 15.91 | 13.28 | -2.63 | ---- | -0.94 | -0.04 | 0.90 | ||
| 2044 | 15.84 | 13.28 | -2.56 | ---- | -1.00 | -0.04 | 0.95 | ||
| 2045 | 15.77 | 13.27 | -2.50 | ---- | -1.05 | -0.05 | 1.00 | ||
| 2046 | 15.70 | 13.27 | -2.43 | ---- | -1.10 | -0.05 | 1.05 | ||
| 2047 | 15.64 | 13.27 | -2.37 | ---- | -1.15 | -0.05 | 1.10 | ||
| 2048 | 15.59 | 13.27 | -2.32 | ---- | -1.20 | -0.05 | 1.14 | ||
| 2049 | 15.54 | 13.26 | -2.27 | ---- | -1.25 | -0.06 | 1.19 | ||
| 2050 | 15.49 | 13.26 | -2.23 | ---- | -1.30 | -0.06 | 1.24 | ||
| 2051 | 15.45 | 13.26 | -2.19 | ---- | -1.35 | -0.06 | 1.28 | ||
| 2052 | 15.41 | 13.26 | -2.15 | ---- | -1.39 | -0.07 | 1.33 | ||
| 2053 | 15.39 | 13.26 | -2.13 | ---- | -1.44 | -0.07 | 1.37 | ||
| 2054 | 15.37 | 13.26 | -2.11 | ---- | -1.49 | -0.07 | 1.42 | ||
| 2055 | 15.36 | 13.26 | -2.10 | ---- | -1.54 | -0.07 | 1.46 | ||
| 2056 | 15.35 | 13.26 | -2.08 | ---- | -1.59 | -0.08 | 1.51 | ||
| 2057 | 15.35 | 13.26 | -2.08 | ---- | -1.63 | -0.08 | 1.55 | ||
| 2058 | 15.36 | 13.27 | -2.09 | ---- | -1.67 | -0.08 | 1.59 | ||
| 2059 | 15.38 | 13.27 | -2.11 | ---- | -1.71 | -0.08 | 1.62 | ||
| 2060 | 15.41 | 13.27 | -2.13 | ---- | -1.74 | -0.09 | 1.65 | ||
| 2061 | 15.44 | 13.27 | -2.16 | ---- | -1.77 | -0.09 | 1.68 | ||
| 2062 | 15.47 | 13.28 | -2.20 | ---- | -1.79 | -0.09 | 1.70 | ||
| 2063 | 15.51 | 13.28 | -2.23 | ---- | -1.82 | -0.09 | 1.73 | ||
| 2064 | 15.55 | 13.28 | -2.27 | ---- | -1.84 | -0.09 | 1.75 | ||
| 2065 | 15.60 | 13.29 | -2.31 | ---- | -1.86 | -0.09 | 1.77 | ||
| 2066 | 15.65 | 13.29 | -2.36 | ---- | -1.87 | -0.09 | 1.78 | ||
| 2067 | 15.70 | 13.30 | -2.41 | ---- | -1.89 | -0.09 | 1.80 | ||
| 2068 | 15.75 | 13.30 | -2.45 | ---- | -1.91 | -0.10 | 1.82 | ||
| 2069 | 15.80 | 13.30 | -2.49 | ---- | -1.94 | -0.10 | 1.84 | ||
| 2070 | 15.84 | 13.31 | -2.53 | ---- | -1.96 | -0.10 | 1.87 | ||
| 2071 | 15.87 | 13.31 | -2.56 | ---- | -2.00 | -0.10 | 1.90 | ||
| 2072 | 15.90 | 13.31 | -2.58 | ---- | -2.03 | -0.10 | 1.93 | ||
| 2073 | 15.93 | 13.32 | -2.61 | ---- | -2.06 | -0.10 | 1.96 | ||
| 2074 | 15.95 | 13.32 | -2.63 | ---- | -2.08 | -0.10 | 1.98 | ||
| 2075 | 15.98 | 13.32 | -2.66 | ---- | -2.10 | -0.10 | 2.00 | ||
| 2076 | 16.00 | 13.32 | -2.67 | ---- | -2.12 | -0.11 | 2.01 | ||
| 2077 | 16.01 | 13.33 | -2.68 | ---- | -2.13 | -0.11 | 2.03 | ||
| 2078 | 16.01 | 13.33 | -2.68 | ---- | -2.14 | -0.11 | 2.04 | ||
| 2079 | 15.99 | 13.33 | -2.67 | ---- | -2.16 | -0.11 | 2.05 | ||
| 2080 | 15.97 | 13.32 | -2.65 | ---- | -2.17 | -0.11 | 2.06 | ||
| 2081 | 15.94 | 13.32 | -2.62 | ---- | -2.18 | -0.11 | 2.07 | ||
| 2082 | 15.91 | 13.32 | -2.59 | ---- | -2.19 | -0.11 | 2.08 | ||
| 2083 | 15.87 | 13.32 | -2.55 | ---- | -2.20 | -0.11 | 2.08 | ||
| 2084 | 15.83 | 13.32 | -2.51 | ---- | -2.21 | -0.11 | 2.09 | ||
| 2085 | 15.78 | 13.31 | -2.47 | ---- | -2.22 | -0.11 | 2.10 | ||
| 2086 | 15.74 | 13.31 | -2.43 | ---- | -2.22 | -0.11 | 2.10 | ||
| 2087 | 15.70 | 13.31 | -2.39 | ---- | -2.22 | -0.11 | 2.11 | ||
| 2088 | 15.65 | 13.31 | -2.35 | ---- | -2.24 | -0.11 | 2.13 | ||
| 2089 | 15.60 | 13.30 | -2.30 | ---- | -2.28 | -0.12 | 2.16 | ||
| 2090 | 15.55 | 13.30 | -2.25 | ---- | -2.31 | -0.12 | 2.20 | ||
| 2091 | 15.50 | 13.30 | -2.20 | ---- | -2.37 | -0.12 | 2.25 | ||
| 2092 | 15.46 | 13.30 | -2.16 | ---- | -2.42 | -0.12 | 2.30 | ||
| 2093 | 15.43 | 13.30 | -2.14 | ---- | -2.47 | -0.12 | 2.35 | ||
| 2094 | 15.42 | 13.30 | -2.12 | ---- | -2.52 | -0.12 | 2.39 | ||
| 2095 | 15.41 | 13.30 | -2.12 | ---- | -2.56 | -0.13 | 2.43 | ||
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 | 15.77% | 13.79% | -1.98% | 2035 | -1.29% | -0.06% | 1.23% | ||
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.