Detailed Single Year Tables
Description of Proposed 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.
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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.29 | 13.04 | -1.25 | 211 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.41 | 12.95 | -1.46 | 195 | -0.03 | -0.00 | 0.03 | ||
| 2025 | 14.60 | 12.97 | -1.64 | 178 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 14.81 | 13.08 | -1.73 | 161 | -0.07 | -0.00 | 0.07 | ||
| 2027 | 15.01 | 13.10 | -1.91 | 145 | -0.09 | -0.00 | 0.09 | ||
| 2028 | 15.21 | 13.14 | -2.08 | 128 | -0.11 | -0.00 | 0.11 | ||
| 2029 | 15.39 | 13.17 | -2.22 | 112 | -0.13 | -0.00 | 0.13 | ||
| 2030 | 15.56 | 13.20 | -2.37 | 95 | -0.16 | -0.00 | 0.15 | ||
| 2031 | 15.70 | 13.22 | -2.47 | 79 | -0.21 | -0.01 | 0.20 | ||
| 2032 | 15.82 | 13.24 | -2.58 | 63 | -0.25 | -0.01 | 0.24 | ||
| 2033 | 15.92 | 13.25 | -2.67 | 47 | -0.29 | -0.01 | 0.28 | ||
| 2034 | 16.00 | 13.25 | -2.75 | 30 | -0.32 | -0.01 | 0.31 | ||
| 2035 | 16.07 | 13.26 | -2.81 | 13 | -0.35 | -0.01 | 0.34 | ||
| 2036 | 16.13 | 13.27 | -2.86 | ---- | -0.37 | -0.01 | 0.36 | ||
| 2037 | 16.18 | 13.27 | -2.91 | ---- | -0.39 | -0.02 | 0.38 | ||
| 2038 | 16.23 | 13.27 | -2.95 | ---- | -0.41 | -0.02 | 0.40 | ||
| 2039 | 16.25 | 13.28 | -2.98 | ---- | -0.43 | -0.02 | 0.42 | ||
| 2040 | 16.27 | 13.28 | -2.99 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2041 | 16.27 | 13.28 | -2.99 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2042 | 16.28 | 13.28 | -3.00 | ---- | -0.49 | -0.02 | 0.47 | ||
| 2043 | 16.28 | 13.28 | -3.00 | ---- | -0.51 | -0.02 | 0.48 | ||
| 2044 | 16.28 | 13.28 | -3.00 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2045 | 16.28 | 13.28 | -3.00 | ---- | -0.54 | -0.03 | 0.52 | ||
| 2046 | 16.28 | 13.28 | -3.00 | ---- | -0.56 | -0.03 | 0.53 | ||
| 2047 | 16.29 | 13.28 | -3.00 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2048 | 16.30 | 13.29 | -3.01 | ---- | -0.59 | -0.03 | 0.56 | ||
| 2049 | 16.31 | 13.29 | -3.02 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2050 | 16.32 | 13.29 | -3.04 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2051 | 16.34 | 13.29 | -3.05 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2052 | 16.36 | 13.29 | -3.07 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2053 | 16.39 | 13.30 | -3.09 | ---- | -0.67 | -0.03 | 0.63 | ||
| 2054 | 16.42 | 13.30 | -3.12 | ---- | -0.68 | -0.03 | 0.64 | ||
| 2055 | 16.46 | 13.30 | -3.16 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2056 | 16.51 | 13.31 | -3.21 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2057 | 16.57 | 13.31 | -3.26 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2058 | 16.62 | 13.31 | -3.31 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2059 | 16.68 | 13.32 | -3.36 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2060 | 16.74 | 13.32 | -3.42 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2061 | 16.80 | 13.33 | -3.47 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2062 | 16.86 | 13.33 | -3.52 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2063 | 16.91 | 13.34 | -3.57 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2064 | 16.96 | 13.34 | -3.62 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2065 | 17.01 | 13.35 | -3.67 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2066 | 17.07 | 13.35 | -3.72 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2067 | 17.12 | 13.35 | -3.77 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2068 | 17.17 | 13.36 | -3.81 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2069 | 17.23 | 13.36 | -3.86 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2070 | 17.28 | 13.37 | -3.91 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2071 | 17.33 | 13.37 | -3.96 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2072 | 17.38 | 13.37 | -4.01 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2073 | 17.43 | 13.38 | -4.05 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2074 | 17.48 | 13.38 | -4.10 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2075 | 17.52 | 13.38 | -4.13 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2076 | 17.55 | 13.39 | -4.17 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2077 | 17.58 | 13.39 | -4.19 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2078 | 17.59 | 13.39 | -4.20 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2079 | 17.59 | 13.39 | -4.20 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2080 | 17.57 | 13.39 | -4.18 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2081 | 17.55 | 13.39 | -4.16 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2082 | 17.52 | 13.39 | -4.13 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2083 | 17.48 | 13.39 | -4.10 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2084 | 17.44 | 13.38 | -4.06 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2085 | 17.40 | 13.38 | -4.02 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2086 | 17.35 | 13.38 | -3.97 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2087 | 17.29 | 13.37 | -3.92 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2088 | 17.23 | 13.37 | -3.86 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2089 | 17.17 | 13.37 | -3.80 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2090 | 17.11 | 13.36 | -3.75 | ---- | -0.68 | -0.04 | 0.65 | ||
| 2091 | 17.06 | 13.36 | -3.70 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2092 | 17.01 | 13.36 | -3.66 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2093 | 16.98 | 13.35 | -3.62 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2094 | 16.95 | 13.35 | -3.60 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2095 | 16.94 | 13.35 | -3.59 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2096 | 16.94 | 13.35 | -3.58 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2097 | 16.94 | 13.35 | -3.59 | ---- | -0.71 | -0.04 | 0.67 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 16.65% | 13.75% | -2.90% | 2035 | -0.55% | -0.03% | 0.52% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2022 Trustees Report.