Provisions Affecting Retirement Age
These provisions modify:
- the normal retirement age (NRA), the age for which individuals can retire and receive the full Primary Insurance Amount (PIA); or
- the earliest eligibility age (EEA), the age for which individuals can first begin receiving retirement benefits, currently age 62; or
- both of the above.
We provide a summary list of all options (printer-friendly PDF version) in this category. For each provision listed below, we provide an estimate of the financial effect on the OASDI program over the long-range period (the next 75 years) and for the 75th year. In addition, we provide graphs and detailed single year tables. We base all estimates on the intermediate assumptions described in the 2022 Trustees Report.
Choose the type of estimates (summary or detailed) from the list of provisions.
We group these provisions as follows:| Number | Table and graph selection |
|---|---|
| C1.1 |
After the normal retirement age (NRA) reaches 67 for those age 62 in 2022,
increase the NRA 1 month every 2 years until the NRA reaches 68.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C1.2 |
After the normal retirement age (NRA) reaches 67 for those age 62 in 2022,
increase the NRA 2 months per year until the NRA reaches 68.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C1.3 |
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.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memoranda containing this or a similar provision: |
| C1.4 |
After the normal retirement age (NRA) reaches 67 for those age 62 in 2022,
increase the NRA 2 months per year until it reaches 69 for individuals attaining
age 62 in 2034. Thereafter, increase the NRA 1 month every 2 years.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memoranda containing this or a similar provision: |
| C1.6 |
After the normal retirement age (NRA) reaches 67 for those age 62 in 2022,
increase the NRA by 1 month every 2 years until the NRA reaches 69. Also
increase the age up to which the delayed retirement credit may be earned at
the same rate (from 70 to 72). No change to earliest eligibility age.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memoranda containing this or a similar provision: |
| C1.7 |
After the normal retirement age (NRA) reaches 67 for those attaining age 62 in
2022, increase the NRA by 3 months per year starting for attaining age 62 in 2023
until it reaches 69 for those attaining age 62 in 2030. Increase the age up to
which delayed retirement credits may be earned from 70 to 72 on the same schedule.
Increase the widow(er) NRA in the same manner. The earliest eligibility age (EEA)
for worker's and widow(er)'s benefit is unchanged.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C2.1 |
Increase the earliest eligibility age (EEA) by two months per year for
those age 62 starting in 2024 and ending in 2041 (EEA reaches 65 for those
age 62 in 2041).
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C2.2 |
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, raise the earliest eligibility
age (EEA) for retired-workers, aged widow(er)s, and disabled widow(er)s by
the same amount as the NRA starting for those attaining 62 in 2023.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memoranda containing this or a similar 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.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C2.4 |
After the normal retirement age (NRA) reaches 67 for those age 62 in 2022,
increase both the NRA and the earliest eligibility age (EEA) by 36/47 of a
month per year until the NRA and EEA reach 70 and 65 respectively. For each
year, the computed NRA and EEA round down to the next lower full month.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar 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.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C2.6 |
Increase the normal retirement age (NRA) and the earliest eligibility
age (EEA) for those age 62 in 2023-2024 to 68 and 63, respectively, and
then by 3 months per year in 2025-2028 to 69 and 64, respectively.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C2.7 |
Increase the normal retirement age (NRA) and the earliest eligibility age (EEA)
for those age 62 starting in 2023 by 3 months per year until EEA reaches 64 in
2030 and NRA reaches 69 in 2030.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |
| C2.8 |
Starting in 2025, convert all disabled-worker beneficiaries to
retired-worker status upon attainment of their earliest eligibility
age (EEA) rather than their normal retirement age (NRA). After
conversion, apply the early retirement reduction for retirement
at EEA (currently 30 percent for those age 62 in 2025) phased
in over 40 years.
Summary measures and graphs
(PDF version)
Detailed single year tables (PDF version) Memorandum containing this or a similar provision: |