Detailed Single Year Tables
Description of Proposed Provision:
C2.5: Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2022 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.
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 | 14.27 | 12.93 | -1.34 | 231 | -0.03 | 0.00 | 0.03 | ||
| 2023 | 14.37 | 12.92 | -1.45 | 215 | -0.06 | 0.01 | 0.07 | ||
| 2024 | 14.54 | 12.95 | -1.59 | 198 | -0.10 | 0.01 | 0.10 | ||
| 2025 | 14.73 | 12.97 | -1.76 | 181 | -0.13 | 0.01 | 0.14 | ||
| 2026 | 14.94 | 13.09 | -1.85 | 163 | -0.17 | 0.01 | 0.18 | ||
| 2027 | 15.16 | 13.11 | -2.05 | 146 | -0.21 | 0.01 | 0.22 | ||
| 2028 | 15.38 | 13.15 | -2.23 | 129 | -0.25 | 0.01 | 0.26 | ||
| 2029 | 15.58 | 13.18 | -2.40 | 112 | -0.29 | 0.01 | 0.30 | ||
| 2030 | 15.77 | 13.21 | -2.57 | 94 | -0.33 | 0.02 | 0.35 | ||
| 2031 | 15.88 | 13.22 | -2.66 | 77 | -0.41 | 0.01 | 0.42 | ||
| 2032 | 15.95 | 13.23 | -2.72 | 60 | -0.48 | 0.01 | 0.50 | ||
| 2033 | 16.00 | 13.24 | -2.76 | 43 | -0.56 | 0.01 | 0.57 | ||
| 2034 | 16.02 | 13.24 | -2.78 | 26 | -0.64 | 0.01 | 0.64 | ||
| 2035 | 16.02 | 13.25 | -2.77 | 9 | -0.72 | 0.00 | 0.72 | ||
| 2036 | 16.00 | 13.25 | -2.75 | ---- | -0.80 | -0.00 | 0.80 | ||
| 2037 | 15.99 | 13.25 | -2.74 | ---- | -0.88 | -0.00 | 0.87 | ||
| 2038 | 15.97 | 13.25 | -2.72 | ---- | -0.94 | -0.01 | 0.94 | ||
| 2039 | 15.94 | 13.26 | -2.69 | ---- | -1.01 | -0.01 | 1.00 | ||
| 2040 | 15.91 | 13.26 | -2.65 | ---- | -1.07 | -0.01 | 1.05 | ||
| 2041 | 15.90 | 13.26 | -2.64 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2042 | 15.87 | 13.26 | -2.61 | ---- | -1.17 | -0.02 | 1.15 | ||
| 2043 | 15.83 | 13.26 | -2.57 | ---- | -1.22 | -0.02 | 1.20 | ||
| 2044 | 15.78 | 13.26 | -2.52 | ---- | -1.26 | -0.02 | 1.24 | ||
| 2045 | 15.74 | 13.26 | -2.48 | ---- | -1.31 | -0.02 | 1.29 | ||
| 2046 | 15.70 | 13.26 | -2.45 | ---- | -1.35 | -0.03 | 1.33 | ||
| 2047 | 15.68 | 13.26 | -2.42 | ---- | -1.40 | -0.03 | 1.37 | ||
| 2048 | 15.65 | 13.26 | -2.40 | ---- | -1.45 | -0.03 | 1.42 | ||
| 2049 | 15.62 | 13.26 | -2.37 | ---- | -1.49 | -0.03 | 1.46 | ||
| 2050 | 15.59 | 13.26 | -2.34 | ---- | -1.54 | -0.03 | 1.51 | ||
| 2051 | 15.56 | 13.26 | -2.30 | ---- | -1.60 | -0.04 | 1.56 | ||
| 2052 | 15.54 | 13.26 | -2.28 | ---- | -1.65 | -0.04 | 1.61 | ||
| 2053 | 15.52 | 13.26 | -2.26 | ---- | -1.70 | -0.04 | 1.66 | ||
| 2054 | 15.51 | 13.26 | -2.25 | ---- | -1.74 | -0.04 | 1.70 | ||
| 2055 | 15.51 | 13.26 | -2.25 | ---- | -1.78 | -0.04 | 1.74 | ||
| 2056 | 15.52 | 13.26 | -2.25 | ---- | -1.82 | -0.05 | 1.77 | ||
| 2057 | 15.53 | 13.27 | -2.26 | ---- | -1.85 | -0.05 | 1.81 | ||
| 2058 | 15.55 | 13.27 | -2.28 | ---- | -1.89 | -0.05 | 1.84 | ||
| 2059 | 15.57 | 13.27 | -2.30 | ---- | -1.92 | -0.05 | 1.87 | ||
| 2060 | 15.59 | 13.27 | -2.32 | ---- | -1.95 | -0.05 | 1.90 | ||
| 2061 | 15.62 | 13.28 | -2.34 | ---- | -1.98 | -0.05 | 1.93 | ||
| 2062 | 15.64 | 13.28 | -2.36 | ---- | -2.01 | -0.06 | 1.95 | ||
| 2063 | 15.66 | 13.28 | -2.38 | ---- | -2.04 | -0.06 | 1.98 | ||
| 2064 | 15.68 | 13.28 | -2.39 | ---- | -2.08 | -0.06 | 2.02 | ||
| 2065 | 15.69 | 13.29 | -2.41 | ---- | -2.11 | -0.06 | 2.05 | ||
| 2066 | 15.71 | 13.29 | -2.42 | ---- | -2.14 | -0.06 | 2.08 | ||
| 2067 | 15.73 | 13.29 | -2.44 | ---- | -2.18 | -0.07 | 2.11 | ||
| 2068 | 15.74 | 13.29 | -2.45 | ---- | -2.21 | -0.07 | 2.14 | ||
| 2069 | 15.76 | 13.29 | -2.47 | ---- | -2.25 | -0.07 | 2.18 | ||
| 2070 | 15.78 | 13.30 | -2.49 | ---- | -2.29 | -0.07 | 2.21 | ||
| 2071 | 15.80 | 13.30 | -2.50 | ---- | -2.32 | -0.07 | 2.25 | ||
| 2072 | 15.81 | 13.30 | -2.51 | ---- | -2.36 | -0.07 | 2.29 | ||
| 2073 | 15.83 | 13.30 | -2.52 | ---- | -2.40 | -0.08 | 2.32 | ||
| 2074 | 15.84 | 13.31 | -2.53 | ---- | -2.43 | -0.08 | 2.35 | ||
| 2075 | 15.85 | 13.31 | -2.54 | ---- | -2.47 | -0.08 | 2.38 | ||
| 2076 | 15.85 | 13.31 | -2.54 | ---- | -2.50 | -0.08 | 2.42 | ||
| 2077 | 15.84 | 13.31 | -2.53 | ---- | -2.53 | -0.09 | 2.45 | ||
| 2078 | 15.81 | 13.31 | -2.51 | ---- | -2.56 | -0.09 | 2.47 | ||
| 2079 | 15.78 | 13.31 | -2.48 | ---- | -2.59 | -0.09 | 2.50 | ||
| 2080 | 15.74 | 13.30 | -2.44 | ---- | -2.61 | -0.09 | 2.52 | ||
| 2081 | 15.69 | 13.30 | -2.39 | ---- | -2.63 | -0.09 | 2.54 | ||
| 2082 | 15.64 | 13.30 | -2.34 | ---- | -2.65 | -0.10 | 2.56 | ||
| 2083 | 15.58 | 13.29 | -2.29 | ---- | -2.67 | -0.10 | 2.57 | ||
| 2084 | 15.52 | 13.29 | -2.23 | ---- | -2.68 | -0.10 | 2.58 | ||
| 2085 | 15.45 | 13.28 | -2.17 | ---- | -2.69 | -0.10 | 2.59 | ||
| 2086 | 15.36 | 13.28 | -2.08 | ---- | -2.72 | -0.10 | 2.62 | ||
| 2087 | 15.27 | 13.27 | -1.99 | ---- | -2.74 | -0.10 | 2.64 | ||
| 2088 | 15.18 | 13.27 | -1.92 | ---- | -2.75 | -0.10 | 2.65 | ||
| 2089 | 15.11 | 13.26 | -1.85 | ---- | -2.76 | -0.11 | 2.66 | ||
| 2090 | 15.05 | 13.26 | -1.79 | ---- | -2.77 | -0.10 | 2.66 | ||
| 2091 | 14.98 | 13.26 | -1.73 | ---- | -2.78 | -0.10 | 2.68 | ||
| 2092 | 14.92 | 13.26 | -1.67 | ---- | -2.81 | -0.10 | 2.71 | ||
| 2093 | 14.87 | 13.25 | -1.61 | ---- | -2.85 | -0.10 | 2.74 | ||
| 2094 | 14.82 | 13.25 | -1.56 | ---- | -2.89 | -0.11 | 2.78 | ||
| 2095 | 14.77 | 13.25 | -1.52 | ---- | -2.93 | -0.11 | 2.83 | ||
| 2096 | 14.70 | 13.25 | -1.45 | ---- | -3.00 | -0.11 | 2.89 | ||
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 | 15.70% | 13.73% | -1.96% | 2035 | -1.62% | -0.04% | 1.57% | ||
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.