Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2023 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 2023 through 2030. Keep EEA at 64 thereafter.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2022 | 230 | 230 |
| 2023 | 211 | 211 |
| 2024 | 194 | 196 |
| 2025 | 177 | 179 |
| 2026 | 160 | 163 |
| 2027 | 143 | 147 |
| 2028 | 126 | 132 |
| 2029 | 109 | 116 |
| 2030 | 91 | 101 |
| 2031 | 74 | 85 |
| 2032 | 57 | 71 |
| 2033 | 39 | 56 |
| 2034 | 21 | 41 |
| 2035 | 3 | 26 |
| 2036 | -16 | 11 |
| 2037 | -35 | -4 |
| 2038 | -54 | -19 |
| 2039 | -74 | -34 |
| 2040 | -95 | -49 |
| 2041 | -116 | -64 |
| 2042 | -137 | -79 |
| 2043 | -158 | -95 |
| 2044 | -180 | -110 |
| 2045 | -202 | -125 |
| 2046 | -224 | -141 |
| 2047 | -246 | -156 |
| 2048 | -268 | -171 |
| 2049 | -291 | -187 |
| 2050 | -313 | -202 |
| 2051 | -336 | -217 |
| 2052 | -359 | -233 |
| 2053 | -383 | -248 |
| 2054 | -406 | -263 |
| 2055 | -430 | -278 |
| 2056 | -453 | -293 |
| 2057 | -477 | -307 |
| 2058 | -501 | -322 |
| 2059 | -525 | -338 |
| 2060 | -550 | -353 |
| 2061 | -575 | -369 |
| 2062 | -601 | -385 |
| 2063 | -627 | -401 |
| 2064 | -654 | -418 |
| 2065 | -681 | -435 |
| 2066 | -708 | -452 |
| 2067 | -736 | -470 |
| 2068 | -764 | -488 |
| 2069 | -792 | -506 |
| 2070 | -821 | -524 |
| 2071 | -850 | -542 |
| 2072 | -880 | -561 |
| 2073 | -910 | -580 |
| 2074 | -940 | -599 |
| 2075 | -971 | -619 |
| 2076 | -1003 | -639 |
| 2077 | -1036 | -659 |
| 2078 | -1069 | -680 |
| 2079 | -1104 | -702 |
| 2080 | -1139 | -723 |
| 2081 | -1175 | -745 |
| 2082 | -1212 | -767 |
| 2083 | -1249 | -789 |
| 2084 | -1286 | -812 |
| 2085 | -1324 | -834 |
| 2086 | -1363 | -858 |
| 2087 | -1402 | -881 |
| 2088 | -1442 | -903 |
| 2089 | -1481 | -925 |
| 2090 | -1520 | -949 |
| 2091 | -1558 | -969 |
| 2092 | -1595 | -989 |
| 2093 | -1632 | -1008 |
| 2094 | -1668 | -1027 |
| 2095 | -1703 | -1045 |
| 2096 | -1738 | -1063 |
| 2097 | -1773 | -1081 |
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