Summary Measures and Graphs

Description of Proposed Provision:
C1.2: Increase the normal retirement age (NRA) 2 months per year for those age 62 starting in 2024 and ending in 2029 (NRA reaches 68 for those age 62 in 2029).

Estimates based on the intermediate assumptions of the 2023 Trustees Report
Summary Measures
Current law
[percent of payroll]		 Change from current law
[percent of payroll]		 Shortfall eliminated
Long-range
actuarial
balance		 Annual
balance in
75th year		 Long-range
actuarial
balance		 Annual
balance in
75th year		 Long-range
actuarial
balance		 Annual
balance in
75th year
-3.61 -4.35 0.53 0.69 15% 16%

graph of OASDI cost rates and income rates by year, under current law and provision. click on graph to view underlying data. graph of OASDI trust fund ratio by year, under current law and provision. click on graph to view underlying data.