Detailed Single Year Tables
Description of Proposed Provision:
C2.2: Starting for those age 62 in 2024, index the normal retirement age (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, raise the earliest eligibility age (EEA) for retired-workers, aged widow(er)s, and disabled widow(er)s by the same amount as the NRA starting for those attaining 62 in 2024.
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 | 14.86 | 12.89 | -1.97 | 187 | -0.01 | 0.00 | 0.01 | ||
2025 | 15.03 | 12.97 | -2.05 | 168 | -0.02 | 0.00 | 0.02 | ||
2026 | 15.21 | 13.08 | -2.13 | 150 | -0.03 | 0.00 | 0.03 | ||
2027 | 15.35 | 13.10 | -2.25 | 132 | -0.03 | 0.00 | 0.03 | ||
2028 | 15.51 | 13.13 | -2.38 | 114 | -0.04 | 0.00 | 0.04 | ||
2029 | 15.67 | 13.16 | -2.50 | 97 | -0.05 | 0.00 | 0.05 | ||
2030 | 15.81 | 13.19 | -2.62 | 80 | -0.06 | 0.00 | 0.06 | ||
2031 | 15.93 | 13.21 | -2.72 | 62 | -0.07 | 0.00 | 0.08 | ||
2032 | 16.05 | 13.24 | -2.81 | 45 | -0.09 | 0.00 | 0.09 | ||
2033 | 16.16 | 13.25 | -2.91 | 27 | -0.11 | 0.00 | 0.11 | ||
2034 | 16.26 | 13.26 | -3.00 | 10 | -0.12 | 0.00 | 0.13 | ||
2035 | 16.34 | 13.27 | -3.07 | ---- | -0.14 | 0.00 | 0.14 | ||
2036 | 16.41 | 13.27 | -3.13 | ---- | -0.15 | 0.00 | 0.15 | ||
2037 | 16.48 | 13.28 | -3.19 | ---- | -0.16 | 0.00 | 0.16 | ||
2038 | 16.52 | 13.29 | -3.23 | ---- | -0.18 | -0.00 | 0.18 | ||
2039 | 16.55 | 13.29 | -3.26 | ---- | -0.20 | -0.00 | 0.19 | ||
2040 | 16.57 | 13.30 | -3.27 | ---- | -0.21 | -0.00 | 0.21 | ||
2041 | 16.57 | 13.30 | -3.27 | ---- | -0.23 | -0.00 | 0.23 | ||
2042 | 16.56 | 13.30 | -3.26 | ---- | -0.25 | -0.00 | 0.25 | ||
2043 | 16.55 | 13.30 | -3.25 | ---- | -0.28 | -0.00 | 0.27 | ||
2044 | 16.55 | 13.30 | -3.25 | ---- | -0.30 | -0.00 | 0.29 | ||
2045 | 16.54 | 13.30 | -3.24 | ---- | -0.32 | -0.00 | 0.32 | ||
2046 | 16.54 | 13.31 | -3.23 | ---- | -0.34 | -0.00 | 0.34 | ||
2047 | 16.54 | 13.31 | -3.23 | ---- | -0.36 | -0.00 | 0.36 | ||
2048 | 16.54 | 13.31 | -3.23 | ---- | -0.39 | -0.00 | 0.38 | ||
2049 | 16.54 | 13.31 | -3.23 | ---- | -0.41 | -0.00 | 0.41 | ||
2050 | 16.55 | 13.32 | -3.23 | ---- | -0.44 | -0.01 | 0.43 | ||
2051 | 16.55 | 13.32 | -3.23 | ---- | -0.47 | -0.01 | 0.46 | ||
2052 | 16.56 | 13.32 | -3.24 | ---- | -0.50 | -0.01 | 0.49 | ||
2053 | 16.58 | 13.32 | -3.26 | ---- | -0.53 | -0.01 | 0.52 | ||
2054 | 16.61 | 13.33 | -3.28 | ---- | -0.56 | -0.01 | 0.55 | ||
2055 | 16.64 | 13.33 | -3.31 | ---- | -0.59 | -0.01 | 0.58 | ||
2056 | 16.68 | 13.34 | -3.34 | ---- | -0.62 | -0.01 | 0.61 | ||
2057 | 16.72 | 13.34 | -3.38 | ---- | -0.66 | -0.01 | 0.65 | ||
2058 | 16.77 | 13.35 | -3.42 | ---- | -0.69 | -0.01 | 0.68 | ||
2059 | 16.83 | 13.36 | -3.47 | ---- | -0.71 | -0.01 | 0.70 | ||
2060 | 16.88 | 13.36 | -3.52 | ---- | -0.74 | -0.01 | 0.73 | ||
2061 | 16.93 | 13.37 | -3.57 | ---- | -0.76 | -0.01 | 0.75 | ||
2062 | 16.98 | 13.37 | -3.61 | ---- | -0.78 | -0.01 | 0.77 | ||
2063 | 17.02 | 13.38 | -3.64 | ---- | -0.80 | -0.01 | 0.79 | ||
2064 | 17.06 | 13.38 | -3.68 | ---- | -0.83 | -0.01 | 0.81 | ||
2065 | 17.09 | 13.39 | -3.71 | ---- | -0.85 | -0.01 | 0.84 | ||
2066 | 17.12 | 13.39 | -3.73 | ---- | -0.88 | -0.02 | 0.87 | ||
2067 | 17.15 | 13.39 | -3.75 | ---- | -0.91 | -0.02 | 0.90 | ||
2068 | 17.18 | 13.40 | -3.78 | ---- | -0.94 | -0.02 | 0.92 | ||
2069 | 17.21 | 13.40 | -3.81 | ---- | -0.96 | -0.02 | 0.95 | ||
2070 | 17.24 | 13.41 | -3.84 | ---- | -0.99 | -0.02 | 0.97 | ||
2071 | 17.28 | 13.41 | -3.87 | ---- | -1.01 | -0.02 | 0.99 | ||
2072 | 17.30 | 13.41 | -3.89 | ---- | -1.03 | -0.02 | 1.01 | ||
2073 | 17.33 | 13.42 | -3.92 | ---- | -1.05 | -0.02 | 1.03 | ||
2074 | 17.36 | 13.42 | -3.94 | ---- | -1.07 | -0.02 | 1.05 | ||
2075 | 17.37 | 13.42 | -3.95 | ---- | -1.09 | -0.02 | 1.07 | ||
2076 | 17.38 | 13.43 | -3.95 | ---- | -1.11 | -0.02 | 1.09 | ||
2077 | 17.37 | 13.43 | -3.94 | ---- | -1.13 | -0.02 | 1.11 | ||
2078 | 17.35 | 13.43 | -3.92 | ---- | -1.15 | -0.02 | 1.13 | ||
2079 | 17.32 | 13.43 | -3.89 | ---- | -1.17 | -0.02 | 1.15 | ||
2080 | 17.28 | 13.42 | -3.85 | ---- | -1.19 | -0.02 | 1.17 | ||
2081 | 17.23 | 13.42 | -3.81 | ---- | -1.20 | -0.02 | 1.18 | ||
2082 | 17.17 | 13.42 | -3.75 | ---- | -1.22 | -0.02 | 1.20 | ||
2083 | 17.11 | 13.42 | -3.69 | ---- | -1.23 | -0.02 | 1.21 | ||
2084 | 17.04 | 13.41 | -3.63 | ---- | -1.25 | -0.02 | 1.22 | ||
2085 | 16.97 | 13.41 | -3.56 | ---- | -1.26 | -0.02 | 1.23 | ||
2086 | 16.90 | 13.41 | -3.49 | ---- | -1.26 | -0.02 | 1.24 | ||
2087 | 16.82 | 13.40 | -3.42 | ---- | -1.27 | -0.03 | 1.25 | ||
2088 | 16.73 | 13.40 | -3.34 | ---- | -1.29 | -0.03 | 1.26 | ||
2089 | 16.65 | 13.39 | -3.26 | ---- | -1.30 | -0.03 | 1.28 | ||
2090 | 16.57 | 13.39 | -3.18 | ---- | -1.33 | -0.03 | 1.30 | ||
2091 | 16.49 | 13.38 | -3.11 | ---- | -1.35 | -0.03 | 1.32 | ||
2092 | 16.43 | 13.38 | -3.04 | ---- | -1.37 | -0.03 | 1.35 | ||
2093 | 16.37 | 13.38 | -2.99 | ---- | -1.40 | -0.03 | 1.38 | ||
2094 | 16.32 | 13.38 | -2.94 | ---- | -1.44 | -0.03 | 1.41 | ||
2095 | 16.27 | 13.38 | -2.90 | ---- | -1.47 | -0.03 | 1.44 | ||
2096 | 16.23 | 13.38 | -2.85 | ---- | -1.51 | -0.03 | 1.49 | ||
2097 | 16.20 | 13.38 | -2.83 | ---- | -1.55 | -0.03 | 1.52 | ||
2098 | 16.20 | 13.38 | -2.82 | ---- | -1.57 | -0.03 | 1.55 |
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 | 16.73% | 13.77% | -2.96% | 2034 | -0.66% | -0.01% | 0.65% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.