Detailed Single Year Tables
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).
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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.85 | 12.89 | -1.97 | 187 | -0.02 | -0.00 | 0.02 | ||
| 2025 | 15.01 | 12.97 | -2.04 | 168 | -0.03 | -0.00 | 0.03 | ||
| 2026 | 15.18 | 13.08 | -2.10 | 150 | -0.05 | -0.00 | 0.05 | ||
| 2027 | 15.31 | 13.09 | -2.22 | 133 | -0.07 | -0.00 | 0.07 | ||
| 2028 | 15.47 | 13.13 | -2.34 | 115 | -0.09 | -0.00 | 0.09 | ||
| 2029 | 15.61 | 13.16 | -2.45 | 98 | -0.11 | -0.00 | 0.11 | ||
| 2030 | 15.74 | 13.18 | -2.56 | 81 | -0.13 | -0.00 | 0.13 | ||
| 2031 | 15.85 | 13.21 | -2.65 | 64 | -0.15 | -0.00 | 0.15 | ||
| 2032 | 15.95 | 13.23 | -2.72 | 47 | -0.19 | -0.01 | 0.19 | ||
| 2033 | 16.03 | 13.24 | -2.79 | 30 | -0.24 | -0.01 | 0.23 | ||
| 2034 | 16.11 | 13.25 | -2.86 | 13 | -0.27 | -0.01 | 0.26 | ||
| 2035 | 16.17 | 13.26 | -2.92 | ---- | -0.31 | -0.01 | 0.29 | ||
| 2036 | 16.22 | 13.26 | -2.96 | ---- | -0.34 | -0.01 | 0.32 | ||
| 2037 | 16.27 | 13.27 | -3.00 | ---- | -0.36 | -0.01 | 0.35 | ||
| 2038 | 16.31 | 13.27 | -3.04 | ---- | -0.39 | -0.02 | 0.37 | ||
| 2039 | 16.33 | 13.28 | -3.06 | ---- | -0.41 | -0.02 | 0.39 | ||
| 2040 | 16.35 | 13.28 | -3.07 | ---- | -0.43 | -0.02 | 0.41 | ||
| 2041 | 16.35 | 13.28 | -3.07 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2042 | 16.35 | 13.28 | -3.07 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2043 | 16.34 | 13.28 | -3.06 | ---- | -0.49 | -0.02 | 0.47 | ||
| 2044 | 16.34 | 13.28 | -3.06 | ---- | -0.51 | -0.02 | 0.48 | ||
| 2045 | 16.34 | 13.28 | -3.05 | ---- | -0.53 | -0.02 | 0.50 | ||
| 2046 | 16.34 | 13.28 | -3.05 | ---- | -0.54 | -0.03 | 0.52 | ||
| 2047 | 16.34 | 13.29 | -3.05 | ---- | -0.56 | -0.03 | 0.54 | ||
| 2048 | 16.35 | 13.29 | -3.06 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2049 | 16.36 | 13.29 | -3.07 | ---- | -0.60 | -0.03 | 0.57 | ||
| 2050 | 16.37 | 13.29 | -3.08 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2051 | 16.39 | 13.29 | -3.10 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2052 | 16.42 | 13.30 | -3.12 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2053 | 16.45 | 13.30 | -3.15 | ---- | -0.66 | -0.03 | 0.62 | ||
| 2054 | 16.50 | 13.30 | -3.19 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2055 | 16.55 | 13.31 | -3.24 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2056 | 16.61 | 13.31 | -3.30 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2057 | 16.67 | 13.32 | -3.35 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2058 | 16.74 | 13.32 | -3.42 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2059 | 16.82 | 13.33 | -3.49 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2060 | 16.89 | 13.34 | -3.55 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2061 | 16.96 | 13.34 | -3.62 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2062 | 17.03 | 13.35 | -3.68 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2063 | 17.09 | 13.35 | -3.74 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2064 | 17.15 | 13.36 | -3.79 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2065 | 17.20 | 13.36 | -3.84 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2066 | 17.26 | 13.37 | -3.90 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2067 | 17.32 | 13.37 | -3.95 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2068 | 17.37 | 13.37 | -4.00 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2069 | 17.43 | 13.38 | -4.05 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2070 | 17.48 | 13.38 | -4.10 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2071 | 17.53 | 13.39 | -4.14 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2072 | 17.58 | 13.39 | -4.18 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2073 | 17.62 | 13.40 | -4.23 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2074 | 17.67 | 13.40 | -4.27 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2075 | 17.70 | 13.40 | -4.30 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2076 | 17.73 | 13.41 | -4.32 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2077 | 17.74 | 13.41 | -4.34 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2078 | 17.75 | 13.41 | -4.34 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2079 | 17.74 | 13.41 | -4.33 | ---- | -0.76 | -0.04 | 0.71 | ||
| 2080 | 17.71 | 13.41 | -4.31 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2081 | 17.68 | 13.40 | -4.28 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2082 | 17.65 | 13.40 | -4.24 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2083 | 17.60 | 13.40 | -4.20 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2084 | 17.55 | 13.40 | -4.15 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2085 | 17.49 | 13.39 | -4.10 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2086 | 17.43 | 13.39 | -4.04 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2087 | 17.36 | 13.39 | -3.98 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2088 | 17.30 | 13.38 | -3.91 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2089 | 17.23 | 13.38 | -3.85 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2090 | 17.17 | 13.37 | -3.80 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2091 | 17.12 | 13.37 | -3.75 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2092 | 17.08 | 13.37 | -3.71 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2093 | 17.05 | 13.37 | -3.69 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2094 | 17.03 | 13.37 | -3.67 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2095 | 17.02 | 13.36 | -3.66 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2096 | 17.02 | 13.36 | -3.65 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2097 | 17.03 | 13.37 | -3.66 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2098 | 17.04 | 13.37 | -3.68 | ---- | -0.73 | -0.04 | 0.69 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 16.83% | 13.75% | -3.08% | 2034 | -0.55% | -0.03% | 0.53% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.