Detailed Single Year Tables
Description of 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.
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 | 14.27 | 13.04 | -1.23 | 211 | -0.04 | 0.00 | 0.04 | ||
| 2024 | 14.37 | 12.96 | -1.41 | 196 | -0.08 | 0.01 | 0.08 | ||
| 2025 | 14.54 | 12.98 | -1.57 | 179 | -0.11 | 0.01 | 0.12 | ||
| 2026 | 14.73 | 13.09 | -1.64 | 163 | -0.16 | 0.01 | 0.16 | ||
| 2027 | 14.90 | 13.11 | -1.79 | 147 | -0.20 | 0.01 | 0.21 | ||
| 2028 | 15.08 | 13.15 | -1.93 | 132 | -0.24 | 0.01 | 0.26 | ||
| 2029 | 15.24 | 13.19 | -2.05 | 116 | -0.29 | 0.01 | 0.30 | ||
| 2030 | 15.38 | 13.21 | -2.17 | 101 | -0.34 | 0.01 | 0.36 | ||
| 2031 | 15.49 | 13.24 | -2.25 | 85 | -0.42 | 0.01 | 0.43 | ||
| 2032 | 15.57 | 13.25 | -2.32 | 71 | -0.50 | 0.01 | 0.51 | ||
| 2033 | 15.63 | 13.26 | -2.36 | 56 | -0.58 | 0.01 | 0.58 | ||
| 2034 | 15.66 | 13.27 | -2.40 | 41 | -0.66 | 0.00 | 0.66 | ||
| 2035 | 15.68 | 13.27 | -2.41 | 26 | -0.74 | -0.00 | 0.74 | ||
| 2036 | 15.67 | 13.27 | -2.40 | 11 | -0.83 | -0.01 | 0.82 | ||
| 2037 | 15.67 | 13.28 | -2.39 | ---- | -0.91 | -0.01 | 0.90 | ||
| 2038 | 15.66 | 13.28 | -2.38 | ---- | -0.98 | -0.01 | 0.97 | ||
| 2039 | 15.65 | 13.28 | -2.37 | ---- | -1.04 | -0.02 | 1.03 | ||
| 2040 | 15.62 | 13.28 | -2.34 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2041 | 15.59 | 13.28 | -2.31 | ---- | -1.15 | -0.02 | 1.13 | ||
| 2042 | 15.57 | 13.28 | -2.29 | ---- | -1.19 | -0.02 | 1.17 | ||
| 2043 | 15.54 | 13.28 | -2.26 | ---- | -1.24 | -0.02 | 1.22 | ||
| 2044 | 15.52 | 13.28 | -2.24 | ---- | -1.29 | -0.03 | 1.26 | ||
| 2045 | 15.49 | 13.28 | -2.21 | ---- | -1.33 | -0.03 | 1.30 | ||
| 2046 | 15.47 | 13.28 | -2.19 | ---- | -1.37 | -0.03 | 1.34 | ||
| 2047 | 15.45 | 13.28 | -2.17 | ---- | -1.42 | -0.03 | 1.38 | ||
| 2048 | 15.43 | 13.28 | -2.15 | ---- | -1.46 | -0.04 | 1.43 | ||
| 2049 | 15.40 | 13.28 | -2.13 | ---- | -1.51 | -0.04 | 1.47 | ||
| 2050 | 15.39 | 13.28 | -2.11 | ---- | -1.56 | -0.04 | 1.52 | ||
| 2051 | 15.36 | 13.28 | -2.08 | ---- | -1.62 | -0.04 | 1.58 | ||
| 2052 | 15.34 | 13.28 | -2.06 | ---- | -1.67 | -0.04 | 1.63 | ||
| 2053 | 15.34 | 13.28 | -2.05 | ---- | -1.72 | -0.05 | 1.67 | ||
| 2054 | 15.34 | 13.28 | -2.05 | ---- | -1.76 | -0.05 | 1.71 | ||
| 2055 | 15.35 | 13.29 | -2.06 | ---- | -1.80 | -0.05 | 1.75 | ||
| 2056 | 15.36 | 13.29 | -2.07 | ---- | -1.84 | -0.05 | 1.79 | ||
| 2057 | 15.39 | 13.29 | -2.09 | ---- | -1.88 | -0.05 | 1.82 | ||
| 2058 | 15.41 | 13.29 | -2.12 | ---- | -1.91 | -0.06 | 1.85 | ||
| 2059 | 15.45 | 13.30 | -2.15 | ---- | -1.94 | -0.06 | 1.88 | ||
| 2060 | 15.48 | 13.30 | -2.18 | ---- | -1.97 | -0.06 | 1.91 | ||
| 2061 | 15.51 | 13.30 | -2.21 | ---- | -2.00 | -0.06 | 1.94 | ||
| 2062 | 15.54 | 13.31 | -2.24 | ---- | -2.03 | -0.06 | 1.96 | ||
| 2063 | 15.57 | 13.31 | -2.26 | ---- | -2.06 | -0.06 | 1.99 | ||
| 2064 | 15.59 | 13.31 | -2.28 | ---- | -2.09 | -0.07 | 2.02 | ||
| 2065 | 15.61 | 13.31 | -2.29 | ---- | -2.12 | -0.07 | 2.06 | ||
| 2066 | 15.63 | 13.32 | -2.31 | ---- | -2.16 | -0.07 | 2.09 | ||
| 2067 | 15.64 | 13.32 | -2.32 | ---- | -2.20 | -0.07 | 2.12 | ||
| 2068 | 15.65 | 13.32 | -2.34 | ---- | -2.23 | -0.08 | 2.16 | ||
| 2069 | 15.68 | 13.32 | -2.35 | ---- | -2.27 | -0.08 | 2.19 | ||
| 2070 | 15.70 | 13.32 | -2.37 | ---- | -2.31 | -0.08 | 2.23 | ||
| 2071 | 15.71 | 13.33 | -2.39 | ---- | -2.34 | -0.08 | 2.26 | ||
| 2072 | 15.73 | 13.33 | -2.40 | ---- | -2.38 | -0.08 | 2.30 | ||
| 2073 | 15.75 | 13.33 | -2.42 | ---- | -2.42 | -0.08 | 2.33 | ||
| 2074 | 15.76 | 13.33 | -2.43 | ---- | -2.45 | -0.09 | 2.37 | ||
| 2075 | 15.77 | 13.33 | -2.43 | ---- | -2.49 | -0.09 | 2.40 | ||
| 2076 | 15.76 | 13.33 | -2.42 | ---- | -2.53 | -0.09 | 2.44 | ||
| 2077 | 15.75 | 13.33 | -2.41 | ---- | -2.57 | -0.09 | 2.47 | ||
| 2078 | 15.72 | 13.33 | -2.39 | ---- | -2.60 | -0.10 | 2.50 | ||
| 2079 | 15.69 | 13.33 | -2.36 | ---- | -2.62 | -0.10 | 2.52 | ||
| 2080 | 15.66 | 13.33 | -2.33 | ---- | -2.64 | -0.10 | 2.54 | ||
| 2081 | 15.62 | 13.32 | -2.29 | ---- | -2.66 | -0.10 | 2.55 | ||
| 2082 | 15.57 | 13.32 | -2.25 | ---- | -2.67 | -0.10 | 2.57 | ||
| 2083 | 15.52 | 13.32 | -2.20 | ---- | -2.69 | -0.11 | 2.58 | ||
| 2084 | 15.46 | 13.31 | -2.15 | ---- | -2.70 | -0.11 | 2.59 | ||
| 2085 | 15.39 | 13.31 | -2.08 | ---- | -2.72 | -0.11 | 2.61 | ||
| 2086 | 15.31 | 13.31 | -2.00 | ---- | -2.74 | -0.11 | 2.63 | ||
| 2087 | 15.23 | 13.30 | -1.93 | ---- | -2.75 | -0.11 | 2.64 | ||
| 2088 | 15.15 | 13.30 | -1.86 | ---- | -2.76 | -0.11 | 2.65 | ||
| 2089 | 15.08 | 13.29 | -1.79 | ---- | -2.77 | -0.11 | 2.66 | ||
| 2090 | 14.99 | 13.29 | -1.70 | ---- | -2.80 | -0.11 | 2.69 | ||
| 2091 | 14.94 | 13.29 | -1.65 | ---- | -2.81 | -0.11 | 2.70 | ||
| 2092 | 14.89 | 13.29 | -1.61 | ---- | -2.81 | -0.10 | 2.71 | ||
| 2093 | 14.86 | 13.29 | -1.57 | ---- | -2.82 | -0.10 | 2.71 | ||
| 2094 | 14.83 | 13.28 | -1.54 | ---- | -2.82 | -0.11 | 2.72 | ||
| 2095 | 14.81 | 13.28 | -1.53 | ---- | -2.84 | -0.11 | 2.73 | ||
| 2096 | 14.80 | 13.27 | -1.52 | ---- | -2.85 | -0.12 | 2.73 | ||
| 2097 | 14.79 | 13.26 | -1.52 | ---- | -2.86 | -0.12 | 2.74 | ||
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 | 15.54% | 13.73% | -1.81% | 2036 | -1.66% | -0.05% | 1.61% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.