Proposed Provision: Gradually raise the earliest eligibility age (EEA) for Social Security retirement benefits from 62 to 65. The EEA would be increased by 2 months for individuals reaching age 62 in every year, starting in 2012. The EEA of 65 would apply for those reaching age 62 in 2029 and later (those reaching age 65 in 2032 and later). As under current law, the PIA formula applicable for any individual would depend on the year in which eligibility age is attained. It should be noted that the elimination of retirement eligibility between ages 62 and 65 would increase the number of individuals who would apply for disabled worker benefits at those ages.

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

Year Present Law Provision
2010355355
2011353353
2012350351
2013346347
2014341344
2015335340
2016330336
2017324332
2018317327
2019309322
2020299315
2021289307
2022277299
2023264290
2024251279
2025237267
2026221253
2027205238
2028189223
2029171206
2030154189
2031136172
2032117154
203398135
203479116
20355997
20363977
20371957
2038-137
2039-2116
2040-42-4
2041-63-25
2042-84-46
2043-105-67
2044-126-89
2045-147-110
2046-168-132
2047-189-154
2048-211-176
2049-233-198
2050-255-221
2051-277-244
2052-299-267
2053-321-290
2054-344-313
2055-366-336
2056-389-360
2057-412-384
2058-436-409
2059-460-434
2060-485-460
2061-509-485
2062-534-512
2063-560-539
2064-586-566
2065-612-593
2066-638-621
2067-665-649
2068-692-678
2069-720-707
2070-748-736
2071-776-766
2072-805-796
2073-834-827
2074-864-858
2075-894-890
2076-925-922
2077-957-955
2078-989-988
2079-1021-1022
2080-1054-1056
2081-1087-1091
2082-1121-1127
2083-1156-1163
2084-1191-1199
2085-1227-1237
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