Detailed Single Year Tables
Description of Proposed Provision:
C2.6: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 in 2022-2023 to 68 and 63, respectively, and then by 3 months per year in 2024-2027 to 69 and 64, respectively.
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 | 14.26 | 12.93 | -1.34 | 232 | -0.04 | 0.00 | 0.04 | ||
| 2023 | 14.35 | 12.92 | -1.43 | 215 | -0.08 | 0.01 | 0.08 | ||
| 2024 | 14.52 | 12.95 | -1.56 | 198 | -0.12 | 0.01 | 0.13 | ||
| 2025 | 14.69 | 12.97 | -1.72 | 182 | -0.17 | 0.01 | 0.18 | ||
| 2026 | 14.90 | 13.09 | -1.81 | 164 | -0.20 | 0.01 | 0.21 | ||
| 2027 | 15.07 | 13.11 | -1.95 | 148 | -0.30 | 0.01 | 0.31 | ||
| 2028 | 15.24 | 13.15 | -2.09 | 131 | -0.39 | 0.01 | 0.40 | ||
| 2029 | 15.41 | 13.18 | -2.22 | 115 | -0.46 | 0.01 | 0.48 | ||
| 2030 | 15.58 | 13.21 | -2.37 | 99 | -0.53 | 0.01 | 0.55 | ||
| 2031 | 15.69 | 13.22 | -2.47 | 82 | -0.59 | 0.01 | 0.61 | ||
| 2032 | 15.79 | 13.23 | -2.56 | 66 | -0.64 | 0.01 | 0.65 | ||
| 2033 | 15.87 | 13.24 | -2.63 | 50 | -0.69 | 0.01 | 0.70 | ||
| 2034 | 15.93 | 13.24 | -2.69 | 33 | -0.72 | 0.01 | 0.73 | ||
| 2035 | 15.98 | 13.25 | -2.74 | 17 | -0.75 | 0.00 | 0.76 | ||
| 2036 | 16.03 | 13.25 | -2.78 | 0 | -0.77 | 0.00 | 0.77 | ||
| 2037 | 16.08 | 13.26 | -2.82 | ---- | -0.79 | -0.00 | 0.79 | ||
| 2038 | 16.11 | 13.26 | -2.85 | ---- | -0.81 | -0.00 | 0.80 | ||
| 2039 | 16.13 | 13.26 | -2.87 | ---- | -0.82 | -0.00 | 0.82 | ||
| 2040 | 16.13 | 13.26 | -2.87 | ---- | -0.84 | -0.01 | 0.84 | ||
| 2041 | 16.15 | 13.27 | -2.89 | ---- | -0.86 | -0.01 | 0.86 | ||
| 2042 | 16.16 | 13.27 | -2.89 | ---- | -0.88 | -0.01 | 0.87 | ||
| 2043 | 16.14 | 13.27 | -2.87 | ---- | -0.90 | -0.01 | 0.89 | ||
| 2044 | 16.12 | 13.27 | -2.85 | ---- | -0.92 | -0.01 | 0.91 | ||
| 2045 | 16.11 | 13.27 | -2.84 | ---- | -0.94 | -0.01 | 0.93 | ||
| 2046 | 16.09 | 13.27 | -2.83 | ---- | -0.96 | -0.01 | 0.95 | ||
| 2047 | 16.10 | 13.27 | -2.82 | ---- | -0.98 | -0.01 | 0.97 | ||
| 2048 | 16.10 | 13.27 | -2.83 | ---- | -1.00 | -0.01 | 0.99 | ||
| 2049 | 16.10 | 13.27 | -2.83 | ---- | -1.02 | -0.01 | 1.00 | ||
| 2050 | 16.10 | 13.28 | -2.83 | ---- | -1.04 | -0.02 | 1.02 | ||
| 2051 | 16.11 | 13.28 | -2.83 | ---- | -1.05 | -0.02 | 1.04 | ||
| 2052 | 16.12 | 13.28 | -2.84 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2053 | 16.14 | 13.28 | -2.85 | ---- | -1.08 | -0.02 | 1.07 | ||
| 2054 | 16.16 | 13.28 | -2.87 | ---- | -1.09 | -0.02 | 1.08 | ||
| 2055 | 16.19 | 13.29 | -2.90 | ---- | -1.10 | -0.02 | 1.09 | ||
| 2056 | 16.23 | 13.29 | -2.94 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2057 | 16.27 | 13.30 | -2.97 | ---- | -1.11 | -0.02 | 1.10 | ||
| 2058 | 16.32 | 13.30 | -3.02 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2059 | 16.37 | 13.30 | -3.07 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2060 | 16.43 | 13.31 | -3.12 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2061 | 16.48 | 13.31 | -3.17 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2062 | 16.53 | 13.32 | -3.22 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2063 | 16.58 | 13.32 | -3.26 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2064 | 16.63 | 13.33 | -3.31 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2065 | 16.68 | 13.33 | -3.35 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2066 | 16.74 | 13.33 | -3.40 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2067 | 16.79 | 13.34 | -3.45 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2068 | 16.84 | 13.34 | -3.50 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2069 | 16.89 | 13.34 | -3.54 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2070 | 16.94 | 13.35 | -3.59 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2071 | 16.99 | 13.35 | -3.64 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2072 | 17.04 | 13.36 | -3.68 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2073 | 17.09 | 13.36 | -3.73 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2074 | 17.14 | 13.37 | -3.78 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2075 | 17.19 | 13.37 | -3.82 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2076 | 17.22 | 13.37 | -3.85 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2077 | 17.25 | 13.37 | -3.87 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2078 | 17.26 | 13.37 | -3.88 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2079 | 17.26 | 13.37 | -3.88 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2080 | 17.25 | 13.37 | -3.87 | ---- | -1.11 | -0.02 | 1.08 | ||
| 2081 | 17.23 | 13.37 | -3.86 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2082 | 17.20 | 13.37 | -3.83 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2083 | 17.16 | 13.37 | -3.80 | ---- | -1.09 | -0.02 | 1.06 | ||
| 2084 | 17.12 | 13.36 | -3.75 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2085 | 17.07 | 13.36 | -3.70 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2086 | 17.01 | 13.36 | -3.66 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2087 | 16.95 | 13.35 | -3.60 | ---- | -1.06 | -0.02 | 1.03 | ||
| 2088 | 16.88 | 13.35 | -3.53 | ---- | -1.05 | -0.02 | 1.03 | ||
| 2089 | 16.82 | 13.34 | -3.47 | ---- | -1.05 | -0.02 | 1.03 | ||
| 2090 | 16.76 | 13.34 | -3.42 | ---- | -1.05 | -0.02 | 1.03 | ||
| 2091 | 16.71 | 13.34 | -3.37 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2092 | 16.67 | 13.34 | -3.33 | ---- | -1.07 | -0.02 | 1.04 | ||
| 2093 | 16.64 | 13.34 | -3.31 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2094 | 16.63 | 13.34 | -3.29 | ---- | -1.08 | -0.02 | 1.05 | ||
| 2095 | 16.62 | 13.34 | -3.29 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2096 | 16.62 | 13.34 | -3.29 | ---- | -1.08 | -0.02 | 1.06 | ||
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 | 16.41% | 13.77% | -2.65% | 2036 | -0.90% | -0.01% | 0.89% | ||
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.