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 |
2022 | 230 | 230 |
2023 | 211 | 211 |
2024 | 194 | 194 |
2025 | 177 | 177 |
2026 | 160 | 160 |
2027 | 143 | 143 |
2028 | 126 | 126 |
2029 | 109 | 109 |
2030 | 91 | 93 |
2031 | 74 | 75 |
2032 | 57 | 58 |
2033 | 39 | 41 |
2034 | 21 | 24 |
2035 | 3 | 6 |
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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