Detailed Single Year Tables
Description of 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.
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 | -0.09 | 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 | -0.16 | 0.01 | 0.17 | ||
2029 | 15.52 | 13.17 | -2.35 | 100 | -0.20 | 0.01 | 0.21 | ||
2030 | 15.63 | 13.20 | -2.44 | 84 | -0.24 | 0.01 | 0.25 | ||
2031 | 15.71 | 13.23 | -2.48 | 67 | -0.29 | 0.01 | 0.31 | ||
2032 | 15.77 | 13.25 | -2.52 | 51 | -0.37 | 0.01 | 0.39 | ||
2033 | 15.81 | 13.26 | -2.55 | 35 | -0.46 | 0.01 | 0.47 | ||
2034 | 15.84 | 13.27 | -2.57 | 20 | -0.55 | 0.01 | 0.56 | ||
2035 | 15.84 | 13.27 | -2.57 | 4 | -0.64 | 0.01 | 0.64 | ||
2036 | 15.81 | 13.27 | -2.53 | ---- | -0.75 | -0.00 | 0.75 | ||
2037 | 15.79 | 13.28 | -2.51 | ---- | -0.85 | -0.01 | 0.84 | ||
2038 | 15.77 | 13.28 | -2.49 | ---- | -0.93 | -0.01 | 0.92 | ||
2039 | 15.75 | 13.28 | -2.47 | ---- | -1.00 | -0.01 | 0.99 | ||
2040 | 15.72 | 13.28 | -2.44 | ---- | -1.06 | -0.02 | 1.05 | ||
2041 | 15.70 | 13.28 | -2.41 | ---- | -1.11 | -0.02 | 1.09 | ||
2042 | 15.66 | 13.28 | -2.38 | ---- | -1.15 | -0.02 | 1.13 | ||
2043 | 15.63 | 13.28 | -2.35 | ---- | -1.20 | -0.02 | 1.18 | ||
2044 | 15.60 | 13.28 | -2.32 | ---- | -1.25 | -0.02 | 1.22 | ||
2045 | 15.57 | 13.28 | -2.29 | ---- | -1.29 | -0.03 | 1.27 | ||
2046 | 15.54 | 13.28 | -2.26 | ---- | -1.34 | -0.03 | 1.31 | ||
2047 | 15.52 | 13.28 | -2.24 | ---- | -1.39 | -0.03 | 1.35 | ||
2048 | 15.49 | 13.28 | -2.21 | ---- | -1.43 | -0.03 | 1.40 | ||
2049 | 15.47 | 13.28 | -2.19 | ---- | -1.48 | -0.04 | 1.45 | ||
2050 | 15.45 | 13.28 | -2.17 | ---- | -1.53 | -0.04 | 1.50 | ||
2051 | 15.43 | 13.28 | -2.15 | ---- | -1.59 | -0.04 | 1.55 | ||
2052 | 15.42 | 13.29 | -2.14 | ---- | -1.64 | -0.04 | 1.59 | ||
2053 | 15.42 | 13.29 | -2.14 | ---- | -1.69 | -0.04 | 1.64 | ||
2054 | 15.43 | 13.29 | -2.14 | ---- | -1.73 | -0.05 | 1.69 | ||
2055 | 15.45 | 13.29 | -2.16 | ---- | -1.78 | -0.05 | 1.73 | ||
2056 | 15.47 | 13.30 | -2.18 | ---- | -1.83 | -0.05 | 1.78 | ||
2057 | 15.51 | 13.30 | -2.21 | ---- | -1.87 | -0.05 | 1.82 | ||
2058 | 15.55 | 13.30 | -2.24 | ---- | -1.91 | -0.06 | 1.86 | ||
2059 | 15.59 | 13.31 | -2.28 | ---- | -1.95 | -0.06 | 1.89 | ||
2060 | 15.64 | 13.31 | -2.32 | ---- | -1.98 | -0.06 | 1.92 | ||
2061 | 15.69 | 13.32 | -2.37 | ---- | -2.00 | -0.06 | 1.94 | ||
2062 | 15.73 | 13.32 | -2.41 | ---- | -2.03 | -0.06 | 1.97 | ||
2063 | 15.76 | 13.32 | -2.44 | ---- | -2.06 | -0.07 | 2.00 | ||
2064 | 15.79 | 13.33 | -2.46 | ---- | -2.09 | -0.07 | 2.03 | ||
2065 | 15.82 | 13.33 | -2.49 | ---- | -2.13 | -0.07 | 2.06 | ||
2066 | 15.84 | 13.33 | -2.51 | ---- | -2.16 | -0.07 | 2.09 | ||
2067 | 15.86 | 13.33 | -2.53 | ---- | -2.20 | -0.08 | 2.12 | ||
2068 | 15.88 | 13.34 | -2.54 | ---- | -2.24 | -0.08 | 2.16 | ||
2069 | 15.90 | 13.34 | -2.56 | ---- | -2.27 | -0.08 | 2.19 | ||
2070 | 15.92 | 13.34 | -2.58 | ---- | -2.31 | -0.08 | 2.23 | ||
2071 | 15.93 | 13.34 | -2.59 | ---- | -2.35 | -0.08 | 2.27 | ||
2072 | 15.94 | 13.35 | -2.60 | ---- | -2.39 | -0.08 | 2.30 | ||
2073 | 15.96 | 13.35 | -2.61 | ---- | -2.43 | -0.09 | 2.34 | ||
2074 | 15.97 | 13.35 | -2.62 | ---- | -2.46 | -0.09 | 2.37 | ||
2075 | 15.97 | 13.35 | -2.62 | ---- | -2.50 | -0.09 | 2.41 | ||
2076 | 15.95 | 13.35 | -2.60 | ---- | -2.53 | -0.09 | 2.44 | ||
2077 | 15.94 | 13.35 | -2.58 | ---- | -2.57 | -0.10 | 2.47 | ||
2078 | 15.91 | 13.35 | -2.56 | ---- | -2.60 | -0.10 | 2.50 | ||
2079 | 15.87 | 13.35 | -2.52 | ---- | -2.62 | -0.10 | 2.52 | ||
2080 | 15.82 | 13.34 | -2.48 | ---- | -2.64 | -0.10 | 2.54 | ||
2081 | 15.77 | 13.34 | -2.43 | ---- | -2.66 | -0.11 | 2.56 | ||
2082 | 15.71 | 13.34 | -2.38 | ---- | -2.68 | -0.11 | 2.57 | ||
2083 | 15.65 | 13.33 | -2.32 | ---- | -2.70 | -0.11 | 2.59 | ||
2084 | 15.58 | 13.33 | -2.25 | ---- | -2.71 | -0.11 | 2.60 | ||
2085 | 15.50 | 13.32 | -2.18 | ---- | -2.72 | -0.11 | 2.61 | ||
2086 | 15.41 | 13.32 | -2.10 | ---- | -2.75 | -0.11 | 2.63 | ||
2087 | 15.33 | 13.31 | -2.02 | ---- | -2.76 | -0.12 | 2.64 | ||
2088 | 15.25 | 13.30 | -1.95 | ---- | -2.77 | -0.12 | 2.65 | ||
2089 | 15.18 | 13.30 | -1.88 | ---- | -2.78 | -0.12 | 2.66 | ||
2090 | 15.08 | 13.30 | -1.79 | ---- | -2.81 | -0.12 | 2.69 | ||
2091 | 15.02 | 13.30 | -1.73 | ---- | -2.82 | -0.11 | 2.70 | ||
2092 | 14.98 | 13.30 | -1.68 | ---- | -2.82 | -0.11 | 2.71 | ||
2093 | 14.94 | 13.30 | -1.64 | ---- | -2.83 | -0.11 | 2.72 | ||
2094 | 14.91 | 13.29 | -1.62 | ---- | -2.84 | -0.11 | 2.73 | ||
2095 | 14.89 | 13.29 | -1.60 | ---- | -2.86 | -0.11 | 2.74 | ||
2096 | 14.88 | 13.28 | -1.59 | ---- | -2.87 | -0.12 | 2.75 | ||
2097 | 14.87 | 13.28 | -1.59 | ---- | -2.89 | -0.13 | 2.76 | ||
2098 | 14.86 | 13.27 | -1.59 | ---- | -2.91 | -0.14 | 2.77 |
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 | 15.71% | 13.73% | -1.99% | 2035 | -1.67% | -0.05% | 1.62% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.