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.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2022230230
2023211211
2024194194
2025177177
2026160160
2027143143
2028126126
2029109109
20309193
20317475
20325758
20333941
20342124
203536
2036-16-12
2037-35-31
2038-54-50
2039-74-70
2040-95-89
2041-116-109
2042-137-130
2043-158-150
2044-180-171
2045-202-192
2046-224-213
2047-246-234
2048-268-255
2049-291-277
2050-313-298
2051-336-320
2052-359-342
2053-383-363
2054-406-385
2055-430-407
2056-453-429
2057-477-451
2058-501-473
2059-525-496
2060-550-519
2061-575-542
2062-601-565
2063-627-589
2064-654-614
2065-681-638
2066-708-663
2067-736-689
2068-764-714
2069-792-740
2070-821-766
2071-850-793
2072-880-820
2073-910-847
2074-940-875
2075-971-903
2076-1003-932
2077-1036-961
2078-1069-991
2079-1104-1022
2080-1139-1054
2081-1175-1086
2082-1212-1119
2083-1249-1152
2084-1286-1186
2085-1324-1220
2086-1363-1254
2087-1402-1289
2088-1442-1325
2089-1481-1360
2090-1520-1395
2091-1558-1430
2092-1595-1463
2093-1632-1497
2094-1668-1529
2095-1703-1561
2096-1738-1593
2097-1773-1624
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