Proposed Provision: 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. Also, increase the earliest eligibility age (EEA) by the same amount as the NRA starting for those age 62 in 2022 so as to maintain a 5 year difference between the two ages. Include a "hardship exemption" with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.

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

Year Present Law Provision
2014320320
2015306306
2016292292
2017277277
2018262262
2019248248
2020233233
2021219219
2022203203
2023187188
2024171171
2025154155
2026137137
2027119120
2028101102
20298384
20306465
20314445
20322325
203324
2034-20-17
2035-42-39
2036-65-61
2037-88-84
2038-112-107
2039-136-130
2040-160-154
2041-185-178
2042-210-202
2043-235-226
2044-260-250
2045-285-274
2046-310-298
2047-336-323
2048-362-348
2049-388-373
2050-415-398
2051-442-424
2052-468-449
2053-495-475
2054-523-500
2055-550-526
2056-578-552
2057-606-578
2058-635-605
2059-664-632
2060-694-659
2061-725-687
2062-756-716
2063-787-745
2064-819-775
2065-852-804
2066-885-835
2067-918-866
2068-952-897
2069-987-928
2070-1022-960
2071-1057-992
2072-1094-1026
2073-1132-1060
2074-1171-1096
2075-1210-1132
2076-1251-1169
2077-1293-1207
2078-1335-1246
2079-1378-1286
2080-1421-1326
2081-1464-1367
2082-1507-1408
2083-1550-1448
2084-1593-1487
2085-1636-1526
2086-1680-1564
2087-1724-1604
2088-1769-1644
2089-1814-1685
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