Proposed Provision: Increase the normal retirement age (NRA) from 66 to 67 one year earlier than current law, starting for those reaching age 62 in 2016 and ending for those reaching age 62 in 2021. Then, after 2021, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20).

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2010355355
2011353353
2012350350
2013346346
2014341341
2015335335
2016330330
2017324324
2018317317
2019309309
2020299300
2021289289
2022277278
2023264265
2024251252
2025237238
2026221223
2027205207
2028189190
2029171174
2030154156
2031136139
2032117121
203398102
20347984
20355965
20363946
20371927
2038-18
2039-21-11
2040-42-30
2041-63-50
2042-84-69
2043-105-88
2044-126-108
2045-147-127
2046-168-146
2047-189-165
2048-211-185
2049-233-204
2050-255-224
2051-277-243
2052-299-263
2053-321-282
2054-344-301
2055-366-321
2056-389-341
2057-412-361
2058-436-381
2059-460-401
2060-485-422
2061-509-443
2062-534-464
2063-560-485
2064-586-507
2065-612-528
2066-638-550
2067-665-572
2068-692-594
2069-720-617
2070-748-640
2071-776-664
2072-805-688
2073-834-712
2074-864-736
2075-894-760
2076-925-785
2077-957-810
2078-989-835
2079-1021-861
2080-1054-888
2081-1087-916
2082-1121-944
2083-1156-972
2084-1191-999
2085-1227-1027
back