Detailed Single Year Tables
Description of Proposed Provision:
C2.7: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 starting in 2024 by 3 months per year until EEA reaches 64 in 2031 and NRA reaches 69 in 2031.
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 | 14.84 | 12.89 | -1.95 | 187 | -0.03 | 0.00 | 0.03 | ||
| 2025 | 14.98 | 12.98 | -2.00 | 169 | -0.06 | 0.00 | 0.07 | ||
| 2026 | 15.14 | 13.09 | -2.05 | 151 | -0.10 | 0.01 | 0.10 | ||
| 2027 | 15.25 | 13.10 | -2.15 | 134 | -0.13 | 0.01 | 0.14 | ||
| 2028 | 15.39 | 13.14 | -2.25 | 117 | -0.17 | 0.01 | 0.18 | ||
| 2029 | 15.51 | 13.17 | -2.34 | 100 | -0.21 | 0.01 | 0.22 | ||
| 2030 | 15.63 | 13.20 | -2.43 | 84 | -0.24 | 0.01 | 0.26 | ||
| 2031 | 15.70 | 13.23 | -2.47 | 68 | -0.30 | 0.01 | 0.32 | ||
| 2032 | 15.75 | 13.25 | -2.50 | 52 | -0.39 | 0.01 | 0.40 | ||
| 2033 | 15.80 | 13.26 | -2.54 | 36 | -0.47 | 0.01 | 0.48 | ||
| 2034 | 15.85 | 13.27 | -2.58 | 20 | -0.53 | 0.01 | 0.54 | ||
| 2035 | 15.89 | 13.27 | -2.61 | 4 | -0.59 | 0.01 | 0.60 | ||
| 2036 | 15.92 | 13.28 | -2.64 | ---- | -0.63 | 0.00 | 0.64 | ||
| 2037 | 15.96 | 13.28 | -2.68 | ---- | -0.67 | 0.00 | 0.68 | ||
| 2038 | 15.99 | 13.29 | -2.70 | ---- | -0.71 | -0.00 | 0.71 | ||
| 2039 | 16.00 | 13.29 | -2.71 | ---- | -0.74 | -0.00 | 0.74 | ||
| 2040 | 16.01 | 13.29 | -2.72 | ---- | -0.77 | -0.00 | 0.77 | ||
| 2041 | 16.01 | 13.29 | -2.72 | ---- | -0.80 | -0.01 | 0.79 | ||
| 2042 | 16.00 | 13.29 | -2.70 | ---- | -0.82 | -0.01 | 0.81 | ||
| 2043 | 15.99 | 13.29 | -2.69 | ---- | -0.84 | -0.01 | 0.83 | ||
| 2044 | 15.98 | 13.30 | -2.68 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2045 | 15.97 | 13.30 | -2.68 | ---- | -0.89 | -0.01 | 0.88 | ||
| 2046 | 15.97 | 13.30 | -2.67 | ---- | -0.91 | -0.01 | 0.90 | ||
| 2047 | 15.97 | 13.30 | -2.67 | ---- | -0.93 | -0.01 | 0.92 | ||
| 2048 | 15.97 | 13.30 | -2.67 | ---- | -0.95 | -0.01 | 0.94 | ||
| 2049 | 15.98 | 13.30 | -2.68 | ---- | -0.98 | -0.02 | 0.96 | ||
| 2050 | 15.99 | 13.31 | -2.69 | ---- | -1.00 | -0.02 | 0.98 | ||
| 2051 | 16.00 | 13.31 | -2.69 | ---- | -1.02 | -0.02 | 1.00 | ||
| 2052 | 16.02 | 13.31 | -2.71 | ---- | -1.04 | -0.02 | 1.02 | ||
| 2053 | 16.05 | 13.31 | -2.74 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2054 | 16.09 | 13.32 | -2.77 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2055 | 16.14 | 13.32 | -2.82 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2056 | 16.20 | 13.33 | -2.87 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2057 | 16.26 | 13.33 | -2.93 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2058 | 16.33 | 13.34 | -2.99 | ---- | -1.13 | -0.02 | 1.10 | ||
| 2059 | 16.41 | 13.34 | -3.06 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2060 | 16.48 | 13.35 | -3.13 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2061 | 16.55 | 13.36 | -3.20 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2062 | 16.62 | 13.36 | -3.26 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2063 | 16.68 | 13.37 | -3.32 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2064 | 16.74 | 13.37 | -3.37 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2065 | 16.80 | 13.37 | -3.42 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2066 | 16.85 | 13.38 | -3.48 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2067 | 16.91 | 13.38 | -3.52 | ---- | -1.15 | -0.03 | 1.13 | ||
| 2068 | 16.96 | 13.39 | -3.57 | ---- | -1.16 | -0.03 | 1.13 | ||
| 2069 | 17.01 | 13.39 | -3.62 | ---- | -1.16 | -0.03 | 1.13 | ||
| 2070 | 17.07 | 13.40 | -3.67 | ---- | -1.17 | -0.03 | 1.14 | ||
| 2071 | 17.12 | 13.40 | -3.72 | ---- | -1.17 | -0.03 | 1.14 | ||
| 2072 | 17.17 | 13.41 | -3.76 | ---- | -1.17 | -0.03 | 1.14 | ||
| 2073 | 17.22 | 13.41 | -3.81 | ---- | -1.17 | -0.03 | 1.14 | ||
| 2074 | 17.26 | 13.41 | -3.85 | ---- | -1.16 | -0.03 | 1.14 | ||
| 2075 | 17.30 | 13.42 | -3.89 | ---- | -1.16 | -0.03 | 1.14 | ||
| 2076 | 17.33 | 13.42 | -3.91 | ---- | -1.16 | -0.03 | 1.13 | ||
| 2077 | 17.35 | 13.42 | -3.93 | ---- | -1.16 | -0.03 | 1.13 | ||
| 2078 | 17.35 | 13.42 | -3.93 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2079 | 17.34 | 13.42 | -3.92 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2080 | 17.33 | 13.42 | -3.91 | ---- | -1.14 | -0.03 | 1.11 | ||
| 2081 | 17.30 | 13.42 | -3.88 | ---- | -1.13 | -0.03 | 1.11 | ||
| 2082 | 17.27 | 13.41 | -3.85 | ---- | -1.13 | -0.03 | 1.10 | ||
| 2083 | 17.22 | 13.41 | -3.81 | ---- | -1.12 | -0.03 | 1.09 | ||
| 2084 | 17.17 | 13.41 | -3.76 | ---- | -1.12 | -0.03 | 1.09 | ||
| 2085 | 17.12 | 13.41 | -3.71 | ---- | -1.11 | -0.03 | 1.08 | ||
| 2086 | 17.06 | 13.40 | -3.66 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2087 | 16.99 | 13.40 | -3.60 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2088 | 16.93 | 13.39 | -3.53 | ---- | -1.09 | -0.03 | 1.07 | ||
| 2089 | 16.86 | 13.39 | -3.47 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2090 | 16.80 | 13.38 | -3.42 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2091 | 16.75 | 13.38 | -3.37 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2092 | 16.71 | 13.38 | -3.33 | ---- | -1.09 | -0.03 | 1.06 | ||
| 2093 | 16.68 | 13.38 | -3.30 | ---- | -1.09 | -0.03 | 1.07 | ||
| 2094 | 16.65 | 13.38 | -3.28 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2095 | 16.64 | 13.38 | -3.27 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2096 | 16.64 | 13.38 | -3.26 | ---- | -1.11 | -0.03 | 1.08 | ||
| 2097 | 16.64 | 13.38 | -3.27 | ---- | -1.11 | -0.03 | 1.08 | ||
| 2098 | 16.66 | 13.38 | -3.28 | ---- | -1.11 | -0.03 | 1.08 | ||
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 | 16.50% | 13.76% | -2.73% | 2035 | -0.89% | -0.01% | 0.87% | ||
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.