Description of Proposed Provision:
C1.4: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year until it reaches 69 for individuals attaining age 62 in 2034. Thereafter, increase the NRA 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 |
|||
| 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 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.79 | 13.08 | -1.71 | 199 | -0.03 | -0.00 | 0.03 | ||
| 2025 | 15.05 | 13.10 | -1.94 | 183 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 15.30 | 13.13 | -2.17 | 167 | -0.07 | -0.00 | 0.07 | ||
| 2027 | 15.52 | 13.15 | -2.38 | 150 | -0.09 | -0.00 | 0.09 | ||
| 2028 | 15.74 | 13.17 | -2.57 | 133 | -0.11 | -0.00 | 0.11 | ||
| 2029 | 15.93 | 13.18 | -2.75 | 115 | -0.14 | -0.00 | 0.13 | ||
| 2030 | 16.11 | 13.19 | -2.92 | 98 | -0.16 | -0.00 | 0.15 | ||
| 2031 | 16.22 | 13.20 | -3.02 | 80 | -0.23 | -0.01 | 0.22 | ||
| 2032 | 16.31 | 13.21 | -3.10 | 63 | -0.30 | -0.01 | 0.29 | ||
| 2033 | 16.38 | 13.22 | -3.16 | 45 | -0.36 | -0.01 | 0.35 | ||
| 2034 | 16.42 | 13.22 | -3.20 | 26 | -0.43 | -0.01 | 0.41 | ||
| 2035 | 16.43 | 13.22 | -3.21 | 7 | -0.49 | -0.02 | 0.48 | ||
| 2036 | 16.42 | 13.23 | -3.20 | ---- | -0.56 | -0.02 | 0.54 | ||
| 2037 | 16.39 | 13.23 | -3.17 | ---- | -0.63 | -0.02 | 0.61 | ||
| 2038 | 16.33 | 13.22 | -3.11 | ---- | -0.69 | -0.03 | 0.67 | ||
| 2039 | 16.25 | 13.22 | -3.03 | ---- | -0.75 | -0.03 | 0.72 | ||
| 2040 | 16.15 | 13.22 | -2.94 | ---- | -0.81 | -0.03 | 0.78 | ||
| 2041 | 16.05 | 13.21 | -2.84 | ---- | -0.86 | -0.03 | 0.83 | ||
| 2042 | 15.95 | 13.21 | -2.74 | ---- | -0.91 | -0.04 | 0.88 | ||
| 2043 | 15.84 | 13.20 | -2.64 | ---- | -0.97 | -0.04 | 0.93 | ||
| 2044 | 15.74 | 13.20 | -2.54 | ---- | -1.02 | -0.04 | 0.98 | ||
| 2045 | 15.65 | 13.19 | -2.46 | ---- | -1.07 | -0.04 | 1.02 | ||
| 2046 | 15.56 | 13.19 | -2.37 | ---- | -1.12 | -0.05 | 1.07 | ||
| 2047 | 15.48 | 13.19 | -2.30 | ---- | -1.16 | -0.05 | 1.12 | ||
| 2048 | 15.40 | 13.18 | -2.22 | ---- | -1.21 | -0.05 | 1.16 | ||
| 2049 | 15.33 | 13.18 | -2.15 | ---- | -1.26 | -0.05 | 1.21 | ||
| 2050 | 15.26 | 13.18 | -2.08 | ---- | -1.31 | -0.06 | 1.25 | ||
| 2051 | 15.20 | 13.17 | -2.03 | ---- | -1.35 | -0.06 | 1.30 | ||
| 2052 | 15.16 | 13.17 | -1.98 | ---- | -1.40 | -0.06 | 1.34 | ||
| 2053 | 15.12 | 13.17 | -1.95 | ---- | -1.45 | -0.06 | 1.38 | ||
| 2054 | 15.10 | 13.17 | -1.93 | ---- | -1.49 | -0.06 | 1.43 | ||
| 2055 | 15.09 | 13.17 | -1.91 | ---- | -1.53 | -0.07 | 1.47 | ||
| 2056 | 15.07 | 13.17 | -1.90 | ---- | -1.58 | -0.07 | 1.51 | ||
| 2057 | 15.07 | 13.17 | -1.90 | ---- | -1.62 | -0.07 | 1.55 | ||
| 2058 | 15.08 | 13.17 | -1.90 | ---- | -1.66 | -0.07 | 1.59 | ||
| 2059 | 15.09 | 13.18 | -1.91 | ---- | -1.70 | -0.07 | 1.62 | ||
| 2060 | 15.10 | 13.18 | -1.93 | ---- | -1.73 | -0.08 | 1.65 | ||
| 2061 | 15.13 | 13.18 | -1.95 | ---- | -1.75 | -0.08 | 1.67 | ||
| 2062 | 15.15 | 13.18 | -1.97 | ---- | -1.77 | -0.08 | 1.69 | ||
| 2063 | 15.18 | 13.18 | -1.99 | ---- | -1.79 | -0.08 | 1.71 | ||
| 2064 | 15.20 | 13.18 | -2.02 | ---- | -1.82 | -0.08 | 1.73 | ||
| 2065 | 15.23 | 13.19 | -2.04 | ---- | -1.84 | -0.08 | 1.75 | ||
| 2066 | 15.27 | 13.19 | -2.08 | ---- | -1.85 | -0.08 | 1.77 | ||
| 2067 | 15.30 | 13.19 | -2.11 | ---- | -1.87 | -0.08 | 1.78 | ||
| 2068 | 15.33 | 13.19 | -2.14 | ---- | -1.89 | -0.08 | 1.80 | ||
| 2069 | 15.37 | 13.20 | -2.17 | ---- | -1.91 | -0.08 | 1.82 | ||
| 2070 | 15.40 | 13.20 | -2.20 | ---- | -1.93 | -0.09 | 1.84 | ||
| 2071 | 15.41 | 13.20 | -2.21 | ---- | -1.96 | -0.09 | 1.88 | ||
| 2072 | 15.42 | 13.20 | -2.22 | ---- | -1.99 | -0.09 | 1.90 | ||
| 2073 | 15.44 | 13.20 | -2.23 | ---- | -2.01 | -0.09 | 1.92 | ||
| 2074 | 15.45 | 13.21 | -2.25 | ---- | -2.02 | -0.09 | 1.93 | ||
| 2075 | 15.47 | 13.21 | -2.26 | ---- | -2.04 | -0.09 | 1.95 | ||
| 2076 | 15.47 | 13.21 | -2.27 | ---- | -2.05 | -0.09 | 1.96 | ||
| 2077 | 15.47 | 13.21 | -2.27 | ---- | -2.05 | -0.09 | 1.96 | ||
| 2078 | 15.47 | 13.21 | -2.26 | ---- | -2.06 | -0.09 | 1.96 | ||
| 2079 | 15.45 | 13.20 | -2.24 | ---- | -2.07 | -0.09 | 1.98 | ||
| 2080 | 15.43 | 13.20 | -2.22 | ---- | -2.09 | -0.09 | 1.99 | ||
| 2081 | 15.40 | 13.20 | -2.20 | ---- | -2.10 | -0.09 | 2.01 | ||
| 2082 | 15.38 | 13.20 | -2.18 | ---- | -2.12 | -0.09 | 2.03 | ||
| 2083 | 15.37 | 13.20 | -2.17 | ---- | -2.15 | -0.10 | 2.05 | ||
| 2084 | 15.36 | 13.20 | -2.16 | ---- | -2.17 | -0.10 | 2.07 | ||
| 2085 | 15.36 | 13.20 | -2.15 | ---- | -2.20 | -0.10 | 2.10 | ||
| 2086 | 15.35 | 13.20 | -2.15 | ---- | -2.23 | -0.10 | 2.13 | ||
| 2087 | 15.36 | 13.20 | -2.16 | ---- | -2.26 | -0.10 | 2.16 | ||
| 2088 | 15.38 | 13.20 | -2.17 | ---- | -2.28 | -0.10 | 2.18 | ||
| 2089 | 15.41 | 13.20 | -2.20 | ---- | -2.30 | -0.10 | 2.19 | ||
| 2090 | 15.44 | 13.21 | -2.23 | ---- | -2.31 | -0.10 | 2.20 | ||
| 2091 | 15.46 | 13.21 | -2.25 | ---- | -2.34 | -0.11 | 2.23 | ||
| 2092 | 15.48 | 13.21 | -2.27 | ---- | -2.37 | -0.11 | 2.26 | ||
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 | 15.52% | 13.79% | -1.73% | 2035 | -1.15% | -0.05% | 1.10% | ||
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.