Detailed Single Year Tables
Description of Proposed Provision:
C1.3: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, 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.
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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.30 | 13.04 | -1.27 | 211 | -0.01 | -0.00 | 0.01 | ||
| 2024 | 14.43 | 12.95 | -1.48 | 195 | -0.01 | -0.00 | 0.01 | ||
| 2025 | 14.64 | 12.97 | -1.67 | 177 | -0.02 | -0.00 | 0.02 | ||
| 2026 | 14.86 | 13.08 | -1.78 | 160 | -0.03 | -0.00 | 0.03 | ||
| 2027 | 15.07 | 13.10 | -1.97 | 143 | -0.04 | -0.00 | 0.03 | ||
| 2028 | 15.28 | 13.14 | -2.14 | 127 | -0.04 | -0.00 | 0.04 | ||
| 2029 | 15.48 | 13.17 | -2.30 | 110 | -0.05 | -0.00 | 0.05 | ||
| 2030 | 15.66 | 13.20 | -2.46 | 93 | -0.06 | -0.00 | 0.06 | ||
| 2031 | 15.84 | 13.23 | -2.61 | 76 | -0.07 | -0.00 | 0.07 | ||
| 2032 | 15.99 | 13.24 | -2.75 | 59 | -0.08 | -0.00 | 0.08 | ||
| 2033 | 16.11 | 13.25 | -2.86 | 42 | -0.09 | -0.00 | 0.09 | ||
| 2034 | 16.22 | 13.26 | -2.96 | 24 | -0.10 | -0.00 | 0.10 | ||
| 2035 | 16.30 | 13.27 | -3.03 | 7 | -0.12 | -0.00 | 0.11 | ||
| 2036 | 16.36 | 13.28 | -3.09 | ---- | -0.13 | -0.00 | 0.13 | ||
| 2037 | 16.43 | 13.28 | -3.14 | ---- | -0.15 | -0.01 | 0.15 | ||
| 2038 | 16.47 | 13.29 | -3.18 | ---- | -0.17 | -0.01 | 0.16 | ||
| 2039 | 16.50 | 13.29 | -3.21 | ---- | -0.19 | -0.01 | 0.18 | ||
| 2040 | 16.51 | 13.29 | -3.22 | ---- | -0.21 | -0.01 | 0.20 | ||
| 2041 | 16.52 | 13.29 | -3.22 | ---- | -0.22 | -0.01 | 0.21 | ||
| 2042 | 16.52 | 13.29 | -3.23 | ---- | -0.24 | -0.01 | 0.23 | ||
| 2043 | 16.52 | 13.29 | -3.22 | ---- | -0.26 | -0.01 | 0.25 | ||
| 2044 | 16.52 | 13.29 | -3.22 | ---- | -0.29 | -0.01 | 0.28 | ||
| 2045 | 16.51 | 13.30 | -3.21 | ---- | -0.31 | -0.01 | 0.30 | ||
| 2046 | 16.50 | 13.30 | -3.20 | ---- | -0.34 | -0.01 | 0.32 | ||
| 2047 | 16.50 | 13.30 | -3.20 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2048 | 16.50 | 13.30 | -3.20 | ---- | -0.39 | -0.02 | 0.38 | ||
| 2049 | 16.49 | 13.30 | -3.19 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2050 | 16.49 | 13.30 | -3.20 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2051 | 16.49 | 13.30 | -3.19 | ---- | -0.49 | -0.02 | 0.47 | ||
| 2052 | 16.49 | 13.30 | -3.19 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2053 | 16.50 | 13.30 | -3.20 | ---- | -0.55 | -0.03 | 0.53 | ||
| 2054 | 16.52 | 13.30 | -3.21 | ---- | -0.58 | -0.03 | 0.56 | ||
| 2055 | 16.54 | 13.31 | -3.23 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2056 | 16.56 | 13.31 | -3.25 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2057 | 16.59 | 13.31 | -3.28 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2058 | 16.62 | 13.32 | -3.31 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2059 | 16.66 | 13.32 | -3.34 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2060 | 16.69 | 13.32 | -3.37 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2061 | 16.72 | 13.33 | -3.39 | ---- | -0.79 | -0.04 | 0.75 | ||
| 2062 | 16.75 | 13.33 | -3.42 | ---- | -0.82 | -0.04 | 0.78 | ||
| 2063 | 16.77 | 13.33 | -3.44 | ---- | -0.85 | -0.04 | 0.81 | ||
| 2064 | 16.79 | 13.34 | -3.46 | ---- | -0.88 | -0.04 | 0.84 | ||
| 2065 | 16.82 | 13.34 | -3.48 | ---- | -0.91 | -0.04 | 0.87 | ||
| 2066 | 16.85 | 13.34 | -3.51 | ---- | -0.94 | -0.05 | 0.89 | ||
| 2067 | 16.87 | 13.34 | -3.53 | ---- | -0.96 | -0.05 | 0.91 | ||
| 2068 | 16.90 | 13.35 | -3.55 | ---- | -0.99 | -0.05 | 0.94 | ||
| 2069 | 16.92 | 13.35 | -3.58 | ---- | -1.02 | -0.05 | 0.97 | ||
| 2070 | 16.95 | 13.35 | -3.60 | ---- | -1.05 | -0.05 | 1.00 | ||
| 2071 | 16.97 | 13.35 | -3.61 | ---- | -1.09 | -0.05 | 1.04 | ||
| 2072 | 16.99 | 13.35 | -3.63 | ---- | -1.12 | -0.06 | 1.07 | ||
| 2073 | 17.00 | 13.36 | -3.65 | ---- | -1.16 | -0.06 | 1.10 | ||
| 2074 | 17.02 | 13.36 | -3.66 | ---- | -1.19 | -0.06 | 1.13 | ||
| 2075 | 17.03 | 13.36 | -3.67 | ---- | -1.22 | -0.06 | 1.16 | ||
| 2076 | 17.04 | 13.36 | -3.68 | ---- | -1.25 | -0.06 | 1.18 | ||
| 2077 | 17.04 | 13.36 | -3.67 | ---- | -1.27 | -0.06 | 1.21 | ||
| 2078 | 17.02 | 13.36 | -3.66 | ---- | -1.30 | -0.07 | 1.23 | ||
| 2079 | 16.99 | 13.36 | -3.63 | ---- | -1.32 | -0.07 | 1.26 | ||
| 2080 | 16.95 | 13.36 | -3.59 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2081 | 16.90 | 13.36 | -3.55 | ---- | -1.37 | -0.07 | 1.30 | ||
| 2082 | 16.85 | 13.35 | -3.50 | ---- | -1.39 | -0.07 | 1.32 | ||
| 2083 | 16.79 | 13.35 | -3.44 | ---- | -1.41 | -0.07 | 1.34 | ||
| 2084 | 16.73 | 13.35 | -3.39 | ---- | -1.43 | -0.07 | 1.35 | ||
| 2085 | 16.67 | 13.34 | -3.32 | ---- | -1.44 | -0.07 | 1.37 | ||
| 2086 | 16.60 | 13.34 | -3.26 | ---- | -1.45 | -0.07 | 1.37 | ||
| 2087 | 16.53 | 13.33 | -3.19 | ---- | -1.45 | -0.08 | 1.38 | ||
| 2088 | 16.45 | 13.33 | -3.12 | ---- | -1.46 | -0.08 | 1.39 | ||
| 2089 | 16.37 | 13.32 | -3.04 | ---- | -1.49 | -0.08 | 1.41 | ||
| 2090 | 16.28 | 13.32 | -2.96 | ---- | -1.52 | -0.08 | 1.44 | ||
| 2091 | 16.19 | 13.31 | -2.88 | ---- | -1.55 | -0.08 | 1.47 | ||
| 2092 | 16.11 | 13.31 | -2.80 | ---- | -1.59 | -0.08 | 1.51 | ||
| 2093 | 16.04 | 13.31 | -2.73 | ---- | -1.63 | -0.08 | 1.55 | ||
| 2094 | 15.97 | 13.30 | -2.67 | ---- | -1.68 | -0.09 | 1.59 | ||
| 2095 | 15.92 | 13.30 | -2.62 | ---- | -1.72 | -0.09 | 1.63 | ||
| 2096 | 15.87 | 13.30 | -2.57 | ---- | -1.77 | -0.09 | 1.68 | ||
| 2097 | 15.83 | 13.30 | -2.53 | ---- | -1.82 | -0.09 | 1.72 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 16.50% | 13.74% | -2.76% | 2035 | -0.70% | -0.03% | 0.67% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.