Detailed Single Year Tables
Description of Proposed Provision:
C1.4: Increase the normal retirement age (NRA) 2 months per year for those age 62 starting in 2024 and ending in 2035 (NRA reaches 69 for those age 62 in 2035). Thereafter, increase the NRA 1 month every 2 years.
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 | 15.32 | 13.09 | -2.22 | 133 | -0.07 | -0.00 | 0.07 | ||
| 2028 | 15.47 | 13.13 | -2.34 | 115 | -0.09 | -0.00 | 0.08 | ||
| 2029 | 15.61 | 13.16 | -2.45 | 98 | -0.10 | -0.00 | 0.10 | ||
| 2030 | 15.75 | 13.18 | -2.56 | 81 | -0.12 | -0.00 | 0.12 | ||
| 2031 | 15.86 | 13.21 | -2.65 | 64 | -0.14 | -0.00 | 0.14 | ||
| 2032 | 15.95 | 13.23 | -2.72 | 47 | -0.20 | -0.01 | 0.19 | ||
| 2033 | 16.01 | 13.24 | -2.77 | 30 | -0.25 | -0.01 | 0.25 | ||
| 2034 | 16.07 | 13.25 | -2.82 | 13 | -0.32 | -0.01 | 0.31 | ||
| 2035 | 16.10 | 13.25 | -2.84 | ---- | -0.38 | -0.01 | 0.37 | ||
| 2036 | 16.10 | 13.26 | -2.84 | ---- | -0.46 | -0.02 | 0.44 | ||
| 2037 | 16.11 | 13.26 | -2.85 | ---- | -0.53 | -0.02 | 0.51 | ||
| 2038 | 16.10 | 13.26 | -2.83 | ---- | -0.60 | -0.02 | 0.57 | ||
| 2039 | 16.08 | 13.27 | -2.82 | ---- | -0.66 | -0.03 | 0.64 | ||
| 2040 | 16.05 | 13.27 | -2.79 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2041 | 16.02 | 13.27 | -2.75 | ---- | -0.79 | -0.03 | 0.76 | ||
| 2042 | 15.97 | 13.27 | -2.70 | ---- | -0.85 | -0.04 | 0.81 | ||
| 2043 | 15.92 | 13.26 | -2.66 | ---- | -0.91 | -0.04 | 0.87 | ||
| 2044 | 15.88 | 13.26 | -2.62 | ---- | -0.96 | -0.04 | 0.92 | ||
| 2045 | 15.84 | 13.26 | -2.58 | ---- | -1.02 | -0.05 | 0.97 | ||
| 2046 | 15.81 | 13.26 | -2.55 | ---- | -1.07 | -0.05 | 1.02 | ||
| 2047 | 15.78 | 13.26 | -2.52 | ---- | -1.12 | -0.05 | 1.07 | ||
| 2048 | 15.75 | 13.26 | -2.49 | ---- | -1.17 | -0.05 | 1.12 | ||
| 2049 | 15.73 | 13.26 | -2.47 | ---- | -1.23 | -0.06 | 1.17 | ||
| 2050 | 15.71 | 13.26 | -2.44 | ---- | -1.28 | -0.06 | 1.22 | ||
| 2051 | 15.68 | 13.26 | -2.42 | ---- | -1.33 | -0.06 | 1.27 | ||
| 2052 | 15.67 | 13.26 | -2.41 | ---- | -1.39 | -0.07 | 1.32 | ||
| 2053 | 15.67 | 13.26 | -2.40 | ---- | -1.44 | -0.07 | 1.37 | ||
| 2054 | 15.67 | 13.27 | -2.41 | ---- | -1.49 | -0.07 | 1.42 | ||
| 2055 | 15.69 | 13.27 | -2.42 | ---- | -1.54 | -0.07 | 1.47 | ||
| 2056 | 15.71 | 13.27 | -2.44 | ---- | -1.59 | -0.08 | 1.51 | ||
| 2057 | 15.74 | 13.27 | -2.47 | ---- | -1.64 | -0.08 | 1.56 | ||
| 2058 | 15.78 | 13.28 | -2.50 | ---- | -1.68 | -0.08 | 1.60 | ||
| 2059 | 15.81 | 13.28 | -2.53 | ---- | -1.72 | -0.09 | 1.64 | ||
| 2060 | 15.85 | 13.29 | -2.57 | ---- | -1.76 | -0.09 | 1.68 | ||
| 2061 | 15.89 | 13.29 | -2.60 | ---- | -1.80 | -0.09 | 1.71 | ||
| 2062 | 15.92 | 13.29 | -2.63 | ---- | -1.84 | -0.09 | 1.74 | ||
| 2063 | 15.96 | 13.30 | -2.66 | ---- | -1.87 | -0.09 | 1.77 | ||
| 2064 | 15.99 | 13.30 | -2.69 | ---- | -1.90 | -0.10 | 1.80 | ||
| 2065 | 16.03 | 13.30 | -2.72 | ---- | -1.92 | -0.10 | 1.82 | ||
| 2066 | 16.07 | 13.31 | -2.77 | ---- | -1.93 | -0.10 | 1.83 | ||
| 2067 | 16.11 | 13.31 | -2.80 | ---- | -1.95 | -0.10 | 1.85 | ||
| 2068 | 16.14 | 13.31 | -2.83 | ---- | -1.97 | -0.10 | 1.87 | ||
| 2069 | 16.18 | 13.32 | -2.86 | ---- | -1.99 | -0.10 | 1.89 | ||
| 2070 | 16.21 | 13.32 | -2.89 | ---- | -2.02 | -0.10 | 1.92 | ||
| 2071 | 16.24 | 13.32 | -2.92 | ---- | -2.04 | -0.10 | 1.94 | ||
| 2072 | 16.26 | 13.33 | -2.94 | ---- | -2.07 | -0.10 | 1.96 | ||
| 2073 | 16.29 | 13.33 | -2.96 | ---- | -2.09 | -0.11 | 1.99 | ||
| 2074 | 16.31 | 13.33 | -2.98 | ---- | -2.12 | -0.11 | 2.01 | ||
| 2075 | 16.33 | 13.33 | -2.99 | ---- | -2.14 | -0.11 | 2.03 | ||
| 2076 | 16.33 | 13.34 | -3.00 | ---- | -2.16 | -0.11 | 2.05 | ||
| 2077 | 16.33 | 13.34 | -2.99 | ---- | -2.17 | -0.11 | 2.06 | ||
| 2078 | 16.31 | 13.34 | -2.98 | ---- | -2.19 | -0.11 | 2.08 | ||
| 2079 | 16.28 | 13.33 | -2.95 | ---- | -2.21 | -0.11 | 2.09 | ||
| 2080 | 16.25 | 13.33 | -2.92 | ---- | -2.22 | -0.11 | 2.10 | ||
| 2081 | 16.21 | 13.33 | -2.88 | ---- | -2.23 | -0.11 | 2.11 | ||
| 2082 | 16.16 | 13.33 | -2.83 | ---- | -2.23 | -0.12 | 2.12 | ||
| 2083 | 16.11 | 13.33 | -2.78 | ---- | -2.24 | -0.12 | 2.12 | ||
| 2084 | 16.04 | 13.32 | -2.72 | ---- | -2.25 | -0.12 | 2.13 | ||
| 2085 | 15.98 | 13.32 | -2.66 | ---- | -2.25 | -0.12 | 2.14 | ||
| 2086 | 15.90 | 13.31 | -2.58 | ---- | -2.26 | -0.12 | 2.15 | ||
| 2087 | 15.82 | 13.31 | -2.51 | ---- | -2.27 | -0.12 | 2.16 | ||
| 2088 | 15.74 | 13.30 | -2.44 | ---- | -2.28 | -0.12 | 2.16 | ||
| 2089 | 15.66 | 13.30 | -2.37 | ---- | -2.29 | -0.12 | 2.17 | ||
| 2090 | 15.58 | 13.29 | -2.28 | ---- | -2.31 | -0.12 | 2.20 | ||
| 2091 | 15.51 | 13.29 | -2.22 | ---- | -2.33 | -0.12 | 2.21 | ||
| 2092 | 15.45 | 13.29 | -2.16 | ---- | -2.35 | -0.12 | 2.23 | ||
| 2093 | 15.38 | 13.28 | -2.10 | ---- | -2.39 | -0.12 | 2.27 | ||
| 2094 | 15.32 | 13.28 | -2.04 | ---- | -2.43 | -0.12 | 2.31 | ||
| 2095 | 15.26 | 13.28 | -1.99 | ---- | -2.48 | -0.13 | 2.35 | ||
| 2096 | 15.19 | 13.27 | -1.92 | ---- | -2.55 | -0.13 | 2.42 | ||
| 2097 | 15.15 | 13.27 | -1.87 | ---- | -2.61 | -0.13 | 2.47 | ||
| 2098 | 15.12 | 13.27 | -1.85 | ---- | -2.65 | -0.13 | 2.51 | ||
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 | 15.99% | 13.71% | -2.28% | 2034 | -1.39% | -0.07% | 1.33% | ||
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.