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Detailed Single Year Tables
Retirement Age

Description of Proposed Provision:
Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2017 until the NRA reaches 70 in 2032. 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 2021 through 2028. Keep EEA at 64 thereafter.

 

Financial Estimates for the OASDI Trust Fund Program
 
  Proposal
   Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

 Trust fund
ratio as of
January 1		 Expressed as a percentage of
present-law taxable payroll
Calendar
year		 Cost
rate		 Income
rate		 Annual
balance
Cost
rate		 Income
rate		 Annual
balance
201213.8312.89-0.93
340
0.000.000.00
201313.9512.83-1.12
329
0.000.000.00
201413.9812.93-1.05
315
0.000.000.00
201513.9712.95-1.01
302
0.000.000.00
201613.9412.98-0.96
290
0.000.000.00
201713.8913.01-0.88
278
-0.020.000.03
201813.9113.04-0.87
267
-0.050.000.05
201914.0613.05-1.00
255
-0.080.000.08
202014.2713.08-1.19
243
-0.100.000.11
202114.5213.11-1.41
231
-0.130.000.14
202214.8113.13-1.68
217
-0.160.000.17
202315.0913.15-1.94
203
-0.200.000.20
202415.3613.17-2.20
189
-0.230.000.23
202515.6113.18-2.43
173
-0.270.000.27
202615.8113.20-2.61
158
-0.340.010.35
202715.9913.22-2.77
143
-0.420.010.43
202816.1213.23-2.88
127
-0.520.010.53
202916.2213.25-2.97
110
-0.620.010.62
203016.2913.26-3.03
93
-0.720.010.73
203116.3113.26-3.05
76
-0.840.000.84
203216.3013.26-3.04
59
-0.950.000.95
203316.2813.27-3.01
41
-1.05-0.011.05
203416.2313.27-2.97
24
-1.15-0.011.14
203516.1713.26-2.91
6
-1.23-0.011.22
203616.1013.26-2.84
----
-1.32-0.021.30
203716.0413.26-2.77
----
-1.40-0.021.37
203815.9613.26-2.70
----
-1.46-0.031.44
203915.8713.25-2.62
----
-1.52-0.031.49
204015.7913.25-2.54
----
-1.57-0.031.54
204115.7213.25-2.47
----
-1.60-0.031.57
204215.6413.24-2.40
----
-1.64-0.031.60
204315.5713.24-2.33
----
-1.67-0.041.64
204415.5013.24-2.26
----
-1.71-0.041.67
204515.4413.24-2.20
----
-1.75-0.041.71
204615.3813.23-2.15
----
-1.78-0.041.74
204715.3213.23-2.09
----
-1.82-0.041.77
204815.2613.23-2.03
----
-1.85-0.051.81
204915.2013.23-1.97
----
-1.89-0.051.85
205015.1413.23-1.92
----
-1.94-0.051.89
205115.0913.22-1.86
----
-1.98-0.051.93
205215.0413.22-1.82
----
-2.03-0.051.97
205315.0113.22-1.79
----
-2.06-0.052.01
205414.9813.22-1.76
----
-2.10-0.052.04
205514.9713.22-1.75
----
-2.12-0.062.07
205614.9613.22-1.74
----
-2.15-0.062.09
205714.9513.22-1.73
----
-2.17-0.062.11
205814.9513.22-1.73
----
-2.19-0.062.13
205914.9413.22-1.72
----
-2.21-0.062.15
206014.9213.22-1.70
----
-2.23-0.062.17
206114.9113.22-1.69
----
-2.25-0.072.19
206214.8913.22-1.67
----
-2.28-0.072.21
206314.8813.22-1.66
----
-2.30-0.072.23
206414.8613.22-1.64
----
-2.33-0.072.26
206514.8513.22-1.63
----
-2.35-0.072.28
206614.8313.22-1.62
----
-2.39-0.072.31
206714.8213.22-1.61
----
-2.42-0.072.34
206814.8213.22-1.60
----
-2.44-0.072.37
206914.8213.22-1.61
----
-2.47-0.082.39
207014.8313.22-1.61
----
-2.50-0.082.42
207114.8313.22-1.61
----
-2.52-0.082.44
207214.8313.22-1.61
----
-2.55-0.082.47
207314.8313.22-1.61
----
-2.57-0.082.49
207414.8313.22-1.61
----
-2.60-0.082.52
207514.8313.22-1.61
----
-2.63-0.082.55
207614.8413.22-1.61
----
-2.65-0.082.57
207714.8313.22-1.61
----
-2.68-0.092.59
207814.8313.22-1.60
----
-2.71-0.092.62
207914.8213.22-1.60
----
-2.75-0.092.66
208014.8213.23-1.59
----
-2.79-0.092.70
208114.8213.23-1.59
----
-2.82-0.092.73
208214.8313.23-1.60
----
-2.85-0.092.76
208314.8413.23-1.60
----
-2.88-0.092.79
208414.8413.23-1.61
----
-2.91-0.092.82
208514.8513.23-1.62
----
-2.94-0.092.85
208614.8613.24-1.63
----
-2.97-0.092.87
208714.8713.24-1.64
----
-3.00-0.102.90



 

Summarized Estimates
 
  Proposal
   Change from Present Law
Years Cost
rate		 Income
rate		 Actuarial
balance
Year of reserve
depletion1
Cost
rate		 Income
rate		 Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 15.25% 13.99% -1.27%
2035
-1.43% -0.03% 1.40%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified February 20, 2013