Detailed Single Year Tables
Description of Proposed Provision:
C2.3: 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. Also, increase the earliest eligibility age (EEA) by the same amount as the NRA starting for those age 62 in 2022 so as to maintain a 5 year difference between the two ages. Include a "hardship exemption" with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.
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 | 14.43 | 12.91 | -1.51 | 214 | -0.00 | 0.00 | 0.00 | ||
| 2024 | 14.63 | 12.94 | -1.68 | 196 | -0.01 | 0.00 | 0.01 | ||
| 2025 | 14.84 | 12.96 | -1.88 | 178 | -0.01 | 0.00 | 0.01 | ||
| 2026 | 15.09 | 13.08 | -2.01 | 160 | -0.02 | 0.00 | 0.02 | ||
| 2027 | 15.34 | 13.10 | -2.24 | 142 | -0.02 | 0.00 | 0.03 | ||
| 2028 | 15.59 | 13.14 | -2.45 | 123 | -0.03 | 0.00 | 0.03 | ||
| 2029 | 15.84 | 13.17 | -2.66 | 105 | -0.04 | 0.00 | 0.04 | ||
| 2030 | 16.07 | 13.19 | -2.87 | 86 | -0.04 | 0.00 | 0.04 | ||
| 2031 | 16.23 | 13.21 | -3.03 | 67 | -0.05 | 0.00 | 0.05 | ||
| 2032 | 16.38 | 13.22 | -3.15 | 48 | -0.06 | 0.00 | 0.06 | ||
| 2033 | 16.49 | 13.23 | -3.26 | 29 | -0.07 | 0.00 | 0.07 | ||
| 2034 | 16.57 | 13.24 | -3.34 | 9 | -0.08 | 0.00 | 0.09 | ||
| 2035 | 16.64 | 13.25 | -3.39 | ---- | -0.10 | 0.00 | 0.10 | ||
| 2036 | 16.69 | 13.25 | -3.44 | ---- | -0.11 | 0.00 | 0.11 | ||
| 2037 | 16.74 | 13.26 | -3.48 | ---- | -0.12 | 0.00 | 0.12 | ||
| 2038 | 16.78 | 13.26 | -3.51 | ---- | -0.14 | 0.00 | 0.14 | ||
| 2039 | 16.80 | 13.27 | -3.53 | ---- | -0.15 | 0.00 | 0.15 | ||
| 2040 | 16.81 | 13.27 | -3.54 | ---- | -0.17 | 0.00 | 0.17 | ||
| 2041 | 16.84 | 13.27 | -3.57 | ---- | -0.18 | 0.00 | 0.18 | ||
| 2042 | 16.85 | 13.28 | -3.57 | ---- | -0.19 | 0.00 | 0.19 | ||
| 2043 | 16.83 | 13.28 | -3.56 | ---- | -0.21 | -0.00 | 0.21 | ||
| 2044 | 16.82 | 13.28 | -3.54 | ---- | -0.23 | -0.00 | 0.23 | ||
| 2045 | 16.80 | 13.28 | -3.53 | ---- | -0.24 | -0.00 | 0.24 | ||
| 2046 | 16.79 | 13.28 | -3.51 | ---- | -0.26 | -0.00 | 0.26 | ||
| 2047 | 16.79 | 13.28 | -3.51 | ---- | -0.28 | -0.00 | 0.28 | ||
| 2048 | 16.79 | 13.28 | -3.51 | ---- | -0.30 | -0.00 | 0.30 | ||
| 2049 | 16.79 | 13.29 | -3.51 | ---- | -0.33 | -0.00 | 0.32 | ||
| 2050 | 16.79 | 13.29 | -3.50 | ---- | -0.35 | -0.00 | 0.35 | ||
| 2051 | 16.79 | 13.29 | -3.50 | ---- | -0.37 | -0.00 | 0.37 | ||
| 2052 | 16.79 | 13.29 | -3.50 | ---- | -0.40 | -0.00 | 0.39 | ||
| 2053 | 16.80 | 13.30 | -3.50 | ---- | -0.42 | -0.00 | 0.42 | ||
| 2054 | 16.81 | 13.30 | -3.51 | ---- | -0.44 | -0.00 | 0.44 | ||
| 2055 | 16.83 | 13.30 | -3.53 | ---- | -0.47 | -0.00 | 0.46 | ||
| 2056 | 16.85 | 13.30 | -3.54 | ---- | -0.49 | -0.00 | 0.48 | ||
| 2057 | 16.88 | 13.31 | -3.57 | ---- | -0.51 | -0.01 | 0.50 | ||
| 2058 | 16.91 | 13.31 | -3.60 | ---- | -0.53 | -0.01 | 0.52 | ||
| 2059 | 16.94 | 13.32 | -3.63 | ---- | -0.55 | -0.01 | 0.54 | ||
| 2060 | 16.98 | 13.32 | -3.66 | ---- | -0.57 | -0.01 | 0.56 | ||
| 2061 | 17.01 | 13.33 | -3.69 | ---- | -0.59 | -0.01 | 0.58 | ||
| 2062 | 17.05 | 13.33 | -3.72 | ---- | -0.61 | -0.01 | 0.60 | ||
| 2063 | 17.08 | 13.33 | -3.74 | ---- | -0.62 | -0.01 | 0.62 | ||
| 2064 | 17.11 | 13.34 | -3.77 | ---- | -0.64 | -0.01 | 0.64 | ||
| 2065 | 17.14 | 13.34 | -3.80 | ---- | -0.66 | -0.01 | 0.65 | ||
| 2066 | 17.17 | 13.34 | -3.83 | ---- | -0.68 | -0.01 | 0.67 | ||
| 2067 | 17.20 | 13.35 | -3.86 | ---- | -0.70 | -0.01 | 0.69 | ||
| 2068 | 17.24 | 13.35 | -3.89 | ---- | -0.72 | -0.01 | 0.71 | ||
| 2069 | 17.27 | 13.36 | -3.92 | ---- | -0.74 | -0.01 | 0.73 | ||
| 2070 | 17.31 | 13.36 | -3.95 | ---- | -0.76 | -0.01 | 0.75 | ||
| 2071 | 17.35 | 13.36 | -3.98 | ---- | -0.78 | -0.01 | 0.77 | ||
| 2072 | 17.38 | 13.37 | -4.01 | ---- | -0.80 | -0.01 | 0.79 | ||
| 2073 | 17.41 | 13.37 | -4.04 | ---- | -0.81 | -0.01 | 0.80 | ||
| 2074 | 17.44 | 13.38 | -4.07 | ---- | -0.83 | -0.01 | 0.82 | ||
| 2075 | 17.47 | 13.38 | -4.09 | ---- | -0.85 | -0.01 | 0.84 | ||
| 2076 | 17.48 | 13.38 | -4.10 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2077 | 17.49 | 13.38 | -4.10 | ---- | -0.88 | -0.01 | 0.87 | ||
| 2078 | 17.48 | 13.38 | -4.09 | ---- | -0.90 | -0.01 | 0.89 | ||
| 2079 | 17.46 | 13.38 | -4.08 | ---- | -0.91 | -0.01 | 0.90 | ||
| 2080 | 17.43 | 13.38 | -4.05 | ---- | -0.92 | -0.01 | 0.91 | ||
| 2081 | 17.40 | 13.38 | -4.01 | ---- | -0.93 | -0.01 | 0.92 | ||
| 2082 | 17.35 | 13.38 | -3.97 | ---- | -0.94 | -0.01 | 0.93 | ||
| 2083 | 17.30 | 13.38 | -3.92 | ---- | -0.95 | -0.01 | 0.94 | ||
| 2084 | 17.24 | 13.37 | -3.87 | ---- | -0.96 | -0.01 | 0.94 | ||
| 2085 | 17.17 | 13.37 | -3.80 | ---- | -0.97 | -0.01 | 0.95 | ||
| 2086 | 17.10 | 13.37 | -3.73 | ---- | -0.98 | -0.01 | 0.96 | ||
| 2087 | 17.02 | 13.36 | -3.66 | ---- | -0.99 | -0.01 | 0.97 | ||
| 2088 | 16.94 | 13.36 | -3.59 | ---- | -0.99 | -0.02 | 0.98 | ||
| 2089 | 16.86 | 13.35 | -3.51 | ---- | -1.01 | -0.02 | 0.99 | ||
| 2090 | 16.78 | 13.35 | -3.43 | ---- | -1.03 | -0.02 | 1.02 | ||
| 2091 | 16.71 | 13.35 | -3.36 | ---- | -1.06 | -0.01 | 1.04 | ||
| 2092 | 16.65 | 13.35 | -3.31 | ---- | -1.08 | -0.01 | 1.07 | ||
| 2093 | 16.60 | 13.34 | -3.26 | ---- | -1.11 | -0.01 | 1.09 | ||
| 2094 | 16.57 | 13.34 | -3.23 | ---- | -1.13 | -0.01 | 1.12 | ||
| 2095 | 16.54 | 13.34 | -3.20 | ---- | -1.16 | -0.01 | 1.14 | ||
| 2096 | 16.52 | 13.34 | -3.17 | ---- | -1.19 | -0.02 | 1.17 | ||
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 | 16.83% | 13.77% | -3.06% | 2034 | -0.48% | -0.01% | 0.48% | ||
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.