Chart 1 Values

Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year for those age 62 starting in 2024 and ending in 2035 (NRA reaches 70 for those age 62 in 2035). 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 2024 through 2031. Keep EEA at 64 thereafter.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)
Year	Current Law	Provision	Current Law	Provision
	Income Rates		Cost Rates
2023	13.3	13.3	14.5	14.5
2024	12.9	12.9	14.9	14.8
2025	13.0	13.0	15.0	15.0
2026	13.1	13.1	15.2	15.1
2027	13.1	13.1	15.4	15.3
2028	13.1	13.1	15.6	15.4
2029	13.2	13.2	15.7	15.5
2030	13.2	13.2	15.9	15.6
2031	13.2	13.2	16.0	15.7
2032	13.2	13.2	16.1	15.8
2033	13.2	13.3	16.3	15.8
2034	13.3	13.3	16.4	15.8
2035	13.3	13.3	16.5	15.8
2036	13.3	13.3	16.6	15.8
2037	13.3	13.3	16.6	15.8
2038	13.3	13.3	16.7	15.8
2039	13.3	13.3	16.7	15.7
2040	13.3	13.3	16.8	15.7
2041	13.3	13.3	16.8	15.7
2042	13.3	13.3	16.8	15.7
2043	13.3	13.3	16.8	15.6
2044	13.3	13.3	16.8	15.6
2045	13.3	13.3	16.9	15.6
2046	13.3	13.3	16.9	15.5
2047	13.3	13.3	16.9	15.5
2048	13.3	13.3	16.9	15.5
2049	13.3	13.3	17.0	15.5
2050	13.3	13.3	17.0	15.5
2051	13.3	13.3	17.0	15.4
2052	13.3	13.3	17.1	15.4
2053	13.3	13.3	17.1	15.4
2054	13.3	13.3	17.2	15.4
2055	13.3	13.3	17.2	15.5
2056	13.3	13.3	17.3	15.5
2057	13.4	13.3	17.4	15.5
2058	13.4	13.3	17.5	15.5
2059	13.4	13.3	17.5	15.6
2060	13.4	13.3	17.6	15.6
2061	13.4	13.3	17.7	15.7
2062	13.4	13.3	17.8	15.7
2063	13.4	13.3	17.8	15.8
2064	13.4	13.3	17.9	15.8
2065	13.4	13.3	17.9	15.8
2066	13.4	13.3	18.0	15.8
2067	13.4	13.3	18.1	15.9
2068	13.4	13.3	18.1	15.9
2069	13.4	13.3	18.2	15.9
2070	13.4	13.3	18.2	15.9
2071	13.4	13.3	18.3	15.9
2072	13.4	13.3	18.3	15.9
2073	13.4	13.3	18.4	16.0
2074	13.4	13.4	18.4	16.0
2075	13.4	13.4	18.5	16.0
2076	13.4	13.4	18.5	16.0
2077	13.4	13.4	18.5	15.9
2078	13.4	13.3	18.5	15.9
2079	13.4	13.3	18.5	15.9
2080	13.4	13.3	18.5	15.8
2081	13.4	13.3	18.4	15.8
2082	13.4	13.3	18.4	15.7
2083	13.4	13.3	18.3	15.6
2084	13.4	13.3	18.3	15.6
2085	13.4	13.3	18.2	15.5
2086	13.4	13.3	18.2	15.4
2087	13.4	13.3	18.1	15.3
2088	13.4	13.3	18.0	15.3
2089	13.4	13.3	18.0	15.2
2090	13.4	13.3	17.9	15.1
2091	13.4	13.3	17.8	15.0
2092	13.4	13.3	17.8	15.0
2093	13.4	13.3	17.8	14.9
2094	13.4	13.3	17.8	14.9
2095	13.4	13.3	17.7	14.9
2096	13.4	13.3	17.7	14.9
2097	13.4	13.3	17.8	14.9
2098	13.4	13.3	17.8	14.9

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