Detailed Single Year Tables
Description of Proposed Provision:
C1.2: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.42 | 12.91 | -1.50 | 214 | -0.01 | 0.00 | 0.01 | ||
| 2024 | 14.61 | 12.94 | -1.67 | 196 | -0.03 | 0.00 | 0.03 | ||
| 2025 | 14.81 | 12.96 | -1.85 | 179 | -0.04 | 0.00 | 0.04 | ||
| 2026 | 15.05 | 13.08 | -1.97 | 160 | -0.06 | -0.00 | 0.06 | ||
| 2027 | 15.29 | 13.10 | -2.19 | 143 | -0.07 | -0.00 | 0.07 | ||
| 2028 | 15.53 | 13.14 | -2.39 | 124 | -0.09 | -0.00 | 0.09 | ||
| 2029 | 15.76 | 13.17 | -2.59 | 106 | -0.11 | -0.00 | 0.11 | ||
| 2030 | 15.98 | 13.19 | -2.79 | 88 | -0.13 | -0.00 | 0.13 | ||
| 2031 | 16.10 | 13.20 | -2.89 | 70 | -0.19 | -0.00 | 0.18 | ||
| 2032 | 16.20 | 13.21 | -2.99 | 51 | -0.23 | -0.01 | 0.23 | ||
| 2033 | 16.29 | 13.22 | -3.07 | 33 | -0.27 | -0.01 | 0.26 | ||
| 2034 | 16.35 | 13.23 | -3.12 | 14 | -0.31 | -0.01 | 0.30 | ||
| 2035 | 16.40 | 13.23 | -3.17 | ---- | -0.34 | -0.01 | 0.33 | ||
| 2036 | 16.44 | 13.24 | -3.20 | ---- | -0.36 | -0.01 | 0.35 | ||
| 2037 | 16.48 | 13.24 | -3.24 | ---- | -0.38 | -0.01 | 0.37 | ||
| 2038 | 16.51 | 13.25 | -3.26 | ---- | -0.41 | -0.02 | 0.39 | ||
| 2039 | 16.53 | 13.25 | -3.28 | ---- | -0.43 | -0.02 | 0.41 | ||
| 2040 | 16.53 | 13.25 | -3.28 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2041 | 16.55 | 13.25 | -3.30 | ---- | -0.46 | -0.02 | 0.45 | ||
| 2042 | 16.56 | 13.26 | -3.30 | ---- | -0.48 | -0.02 | 0.46 | ||
| 2043 | 16.54 | 13.26 | -3.29 | ---- | -0.50 | -0.02 | 0.48 | ||
| 2044 | 16.53 | 13.26 | -3.27 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2045 | 16.51 | 13.26 | -3.26 | ---- | -0.54 | -0.02 | 0.51 | ||
| 2046 | 16.50 | 13.26 | -3.25 | ---- | -0.56 | -0.02 | 0.53 | ||
| 2047 | 16.50 | 13.26 | -3.25 | ---- | -0.57 | -0.03 | 0.55 | ||
| 2048 | 16.51 | 13.26 | -3.25 | ---- | -0.59 | -0.03 | 0.56 | ||
| 2049 | 16.51 | 13.26 | -3.25 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2050 | 16.52 | 13.26 | -3.25 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2051 | 16.52 | 13.26 | -3.26 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2052 | 16.54 | 13.27 | -3.27 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2053 | 16.56 | 13.27 | -3.29 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2054 | 16.58 | 13.27 | -3.31 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2055 | 16.61 | 13.27 | -3.34 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2056 | 16.64 | 13.28 | -3.37 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2057 | 16.68 | 13.28 | -3.40 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2058 | 16.73 | 13.28 | -3.44 | ---- | -0.71 | -0.03 | 0.67 | ||
| 2059 | 16.78 | 13.29 | -3.49 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2060 | 16.83 | 13.29 | -3.54 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2061 | 16.88 | 13.30 | -3.59 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2062 | 16.93 | 13.30 | -3.63 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2063 | 16.98 | 13.31 | -3.68 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2064 | 17.03 | 13.31 | -3.72 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2065 | 17.08 | 13.31 | -3.76 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2066 | 17.13 | 13.32 | -3.81 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2067 | 17.18 | 13.32 | -3.86 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2068 | 17.23 | 13.33 | -3.91 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2069 | 17.28 | 13.33 | -3.95 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2070 | 17.34 | 13.33 | -4.00 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2071 | 17.39 | 13.34 | -4.05 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2072 | 17.44 | 13.34 | -4.09 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2073 | 17.48 | 13.34 | -4.14 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2074 | 17.53 | 13.35 | -4.18 | ---- | -0.74 | -0.04 | 0.71 | ||
| 2075 | 17.57 | 13.35 | -4.22 | ---- | -0.74 | -0.04 | 0.71 | ||
| 2076 | 17.61 | 13.36 | -4.25 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2077 | 17.63 | 13.36 | -4.27 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2078 | 17.64 | 13.36 | -4.28 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2079 | 17.63 | 13.36 | -4.27 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2080 | 17.62 | 13.36 | -4.26 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2081 | 17.59 | 13.36 | -4.24 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2082 | 17.56 | 13.36 | -4.20 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2083 | 17.52 | 13.35 | -4.17 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2084 | 17.47 | 13.35 | -4.12 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2085 | 17.42 | 13.35 | -4.07 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2086 | 17.36 | 13.34 | -4.02 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2087 | 17.30 | 13.34 | -3.96 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2088 | 17.23 | 13.34 | -3.90 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2089 | 17.17 | 13.33 | -3.84 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2090 | 17.11 | 13.33 | -3.79 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2091 | 17.07 | 13.33 | -3.74 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2092 | 17.03 | 13.32 | -3.71 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2093 | 17.01 | 13.32 | -3.69 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2094 | 17.00 | 13.32 | -3.67 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2095 | 16.99 | 13.32 | -3.67 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2096 | 16.99 | 13.32 | -3.67 | ---- | -0.71 | -0.04 | 0.68 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 16.78% | 13.75% | -3.03% | 2034 | -0.54% | -0.02% | 0.51% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.