Description of Proposed Provision:
C1.2: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year until the NRA reaches 68.
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 |
|||
| 2017 | 13.41 | 13.03 | -0.38 | 298 | 0.00 | 0.00 | 0.00 | ||
| 2018 | 13.49 | 12.93 | -0.56 | 287 | 0.00 | 0.00 | 0.00 | ||
| 2019 | 13.70 | 12.95 | -0.75 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.85 | 12.96 | -0.89 | 259 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.02 | 12.99 | -1.03 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.26 | 13.02 | -1.23 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.53 | 13.05 | -1.48 | 215 | -0.01 | -0.00 | 0.01 | ||
| 2024 | 14.80 | 13.08 | -1.71 | 199 | -0.03 | -0.00 | 0.03 | ||
| 2025 | 15.05 | 13.10 | -1.95 | 183 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 15.31 | 13.13 | -2.17 | 167 | -0.06 | -0.00 | 0.06 | ||
| 2027 | 15.53 | 13.15 | -2.38 | 150 | -0.08 | -0.00 | 0.08 | ||
| 2028 | 15.75 | 13.17 | -2.59 | 132 | -0.10 | -0.00 | 0.10 | ||
| 2029 | 15.94 | 13.18 | -2.76 | 115 | -0.12 | -0.00 | 0.12 | ||
| 2030 | 16.12 | 13.19 | -2.93 | 98 | -0.14 | -0.00 | 0.14 | ||
| 2031 | 16.23 | 13.20 | -3.03 | 80 | -0.22 | -0.01 | 0.21 | ||
| 2032 | 16.34 | 13.21 | -3.13 | 62 | -0.26 | -0.01 | 0.26 | ||
| 2033 | 16.43 | 13.22 | -3.22 | 44 | -0.31 | -0.01 | 0.30 | ||
| 2034 | 16.51 | 13.22 | -3.28 | 25 | -0.34 | -0.01 | 0.33 | ||
| 2035 | 16.56 | 13.23 | -3.33 | 6 | -0.37 | -0.01 | 0.36 | ||
| 2036 | 16.60 | 13.23 | -3.37 | ---- | -0.39 | -0.01 | 0.38 | ||
| 2037 | 16.61 | 13.23 | -3.38 | ---- | -0.41 | -0.02 | 0.40 | ||
| 2038 | 16.59 | 13.23 | -3.36 | ---- | -0.43 | -0.02 | 0.41 | ||
| 2039 | 16.55 | 13.23 | -3.32 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2040 | 16.50 | 13.23 | -3.27 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2041 | 16.43 | 13.23 | -3.21 | ---- | -0.48 | -0.02 | 0.46 | ||
| 2042 | 16.36 | 13.22 | -3.14 | ---- | -0.50 | -0.02 | 0.48 | ||
| 2043 | 16.29 | 13.22 | -3.08 | ---- | -0.51 | -0.02 | 0.49 | ||
| 2044 | 16.23 | 13.22 | -3.02 | ---- | -0.53 | -0.02 | 0.51 | ||
| 2045 | 16.18 | 13.21 | -2.96 | ---- | -0.54 | -0.02 | 0.52 | ||
| 2046 | 16.12 | 13.21 | -2.91 | ---- | -0.56 | -0.02 | 0.53 | ||
| 2047 | 16.07 | 13.21 | -2.86 | ---- | -0.57 | -0.02 | 0.55 | ||
| 2048 | 16.03 | 13.21 | -2.82 | ---- | -0.59 | -0.03 | 0.56 | ||
| 2049 | 15.99 | 13.21 | -2.78 | ---- | -0.60 | -0.03 | 0.58 | ||
| 2050 | 15.95 | 13.20 | -2.75 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2051 | 15.93 | 13.20 | -2.72 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2052 | 15.91 | 13.20 | -2.71 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2053 | 15.92 | 13.20 | -2.71 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2054 | 15.93 | 13.21 | -2.72 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2055 | 15.95 | 13.21 | -2.74 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2056 | 15.98 | 13.21 | -2.77 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2057 | 16.01 | 13.21 | -2.80 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2058 | 16.05 | 13.21 | -2.83 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2059 | 16.09 | 13.22 | -2.87 | ---- | -0.70 | -0.03 | 0.66 | ||
| 2060 | 16.13 | 13.22 | -2.91 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2061 | 16.18 | 13.22 | -2.95 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2062 | 16.22 | 13.23 | -3.00 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2063 | 16.27 | 13.23 | -3.04 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2064 | 16.31 | 13.23 | -3.08 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2065 | 16.36 | 13.24 | -3.13 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2066 | 16.41 | 13.24 | -3.17 | ---- | -0.71 | -0.03 | 0.67 | ||
| 2067 | 16.46 | 13.24 | -3.22 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2068 | 16.51 | 13.25 | -3.27 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2069 | 16.56 | 13.25 | -3.31 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2070 | 16.61 | 13.25 | -3.36 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2071 | 16.65 | 13.25 | -3.40 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2072 | 16.69 | 13.26 | -3.44 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2073 | 16.73 | 13.26 | -3.47 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2074 | 16.76 | 13.26 | -3.50 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2075 | 16.78 | 13.26 | -3.52 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2076 | 16.80 | 13.26 | -3.54 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2077 | 16.81 | 13.26 | -3.55 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2078 | 16.81 | 13.26 | -3.55 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2079 | 16.81 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2080 | 16.80 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2081 | 16.80 | 13.26 | -3.53 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2082 | 16.80 | 13.26 | -3.53 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2083 | 16.80 | 13.26 | -3.54 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2084 | 16.81 | 13.26 | -3.55 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2085 | 16.83 | 13.27 | -3.57 | ---- | -0.72 | -0.03 | 0.68 | ||
| 2086 | 16.86 | 13.27 | -3.59 | ---- | -0.72 | -0.03 | 0.69 | ||
| 2087 | 16.89 | 13.27 | -3.62 | ---- | -0.73 | -0.03 | 0.69 | ||
| 2088 | 16.93 | 13.27 | -3.66 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2089 | 16.97 | 13.27 | -3.69 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2090 | 17.01 | 13.28 | -3.74 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2091 | 17.06 | 13.28 | -3.78 | ---- | -0.74 | -0.03 | 0.70 | ||
| 2092 | 17.11 | 13.28 | -3.82 | ---- | -0.74 | -0.03 | 0.70 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2017-2091 | 16.19% | 13.82% | -2.37% | 2035 | -0.48% | -0.02% | 0.46% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2017 Trustees Report.