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 |
|||
| 2018 | 13.81 | 12.64 | -1.17 | 288 | 0.00 | 0.00 | 0.00 | ||
| 2019 | 13.95 | 12.87 | -1.08 | 272 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 14.12 | 12.89 | -1.23 | 256 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.27 | 12.92 | -1.35 | 239 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.44 | 12.95 | -1.49 | 223 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.60 | 12.97 | -1.64 | 206 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.77 | 12.99 | -1.78 | 189 | -0.03 | -0.00 | 0.03 | ||
| 2025 | 14.93 | 13.01 | -1.92 | 172 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 15.09 | 13.13 | -1.95 | 155 | -0.07 | -0.00 | 0.07 | ||
| 2027 | 15.27 | 13.15 | -2.12 | 139 | -0.09 | -0.00 | 0.09 | ||
| 2028 | 15.47 | 13.17 | -2.30 | 123 | -0.11 | -0.00 | 0.11 | ||
| 2029 | 15.66 | 13.19 | -2.47 | 107 | -0.14 | -0.00 | 0.13 | ||
| 2030 | 15.82 | 13.20 | -2.63 | 90 | -0.16 | -0.00 | 0.15 | ||
| 2031 | 15.94 | 13.21 | -2.73 | 74 | -0.22 | -0.01 | 0.21 | ||
| 2032 | 16.04 | 13.22 | -2.82 | 57 | -0.28 | -0.01 | 0.27 | ||
| 2033 | 16.11 | 13.23 | -2.88 | 41 | -0.34 | -0.01 | 0.33 | ||
| 2034 | 16.16 | 13.23 | -2.93 | 24 | -0.40 | -0.01 | 0.39 | ||
| 2035 | 16.18 | 13.24 | -2.94 | 6 | -0.47 | -0.02 | 0.45 | ||
| 2036 | 16.18 | 13.24 | -2.94 | ---- | -0.54 | -0.02 | 0.52 | ||
| 2037 | 16.18 | 13.24 | -2.93 | ---- | -0.61 | -0.02 | 0.58 | ||
| 2038 | 16.15 | 13.24 | -2.91 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2039 | 16.10 | 13.24 | -2.86 | ---- | -0.73 | -0.03 | 0.70 | ||
| 2040 | 16.04 | 13.24 | -2.80 | ---- | -0.79 | -0.03 | 0.75 | ||
| 2041 | 15.97 | 13.24 | -2.73 | ---- | -0.84 | -0.03 | 0.80 | ||
| 2042 | 15.89 | 13.23 | -2.65 | ---- | -0.89 | -0.04 | 0.85 | ||
| 2043 | 15.79 | 13.23 | -2.56 | ---- | -0.94 | -0.04 | 0.90 | ||
| 2044 | 15.70 | 13.23 | -2.48 | ---- | -0.99 | -0.04 | 0.95 | ||
| 2045 | 15.62 | 13.22 | -2.39 | ---- | -1.04 | -0.05 | 1.00 | ||
| 2046 | 15.53 | 13.22 | -2.31 | ---- | -1.09 | -0.05 | 1.05 | ||
| 2047 | 15.46 | 13.22 | -2.24 | ---- | -1.14 | -0.05 | 1.09 | ||
| 2048 | 15.38 | 13.21 | -2.17 | ---- | -1.19 | -0.05 | 1.14 | ||
| 2049 | 15.31 | 13.21 | -2.10 | ---- | -1.24 | -0.06 | 1.18 | ||
| 2050 | 15.25 | 13.21 | -2.05 | ---- | -1.29 | -0.06 | 1.23 | ||
| 2051 | 15.20 | 13.21 | -1.99 | ---- | -1.33 | -0.06 | 1.27 | ||
| 2052 | 15.16 | 13.21 | -1.95 | ---- | -1.38 | -0.06 | 1.31 | ||
| 2053 | 15.12 | 13.21 | -1.92 | ---- | -1.42 | -0.07 | 1.36 | ||
| 2054 | 15.09 | 13.20 | -1.89 | ---- | -1.47 | -0.07 | 1.40 | ||
| 2055 | 15.08 | 13.21 | -1.87 | ---- | -1.51 | -0.07 | 1.44 | ||
| 2056 | 15.06 | 13.21 | -1.86 | ---- | -1.56 | -0.07 | 1.49 | ||
| 2057 | 15.06 | 13.21 | -1.86 | ---- | -1.60 | -0.08 | 1.53 | ||
| 2058 | 15.07 | 13.21 | -1.86 | ---- | -1.64 | -0.08 | 1.56 | ||
| 2059 | 15.08 | 13.21 | -1.87 | ---- | -1.68 | -0.08 | 1.60 | ||
| 2060 | 15.10 | 13.21 | -1.89 | ---- | -1.71 | -0.08 | 1.62 | ||
| 2061 | 15.13 | 13.22 | -1.91 | ---- | -1.73 | -0.08 | 1.65 | ||
| 2062 | 15.15 | 13.22 | -1.94 | ---- | -1.76 | -0.09 | 1.67 | ||
| 2063 | 15.18 | 13.22 | -1.96 | ---- | -1.78 | -0.09 | 1.69 | ||
| 2064 | 15.22 | 13.22 | -1.99 | ---- | -1.80 | -0.09 | 1.71 | ||
| 2065 | 15.25 | 13.23 | -2.02 | ---- | -1.82 | -0.09 | 1.73 | ||
| 2066 | 15.29 | 13.23 | -2.06 | ---- | -1.83 | -0.09 | 1.74 | ||
| 2067 | 15.33 | 13.23 | -2.10 | ---- | -1.85 | -0.09 | 1.76 | ||
| 2068 | 15.37 | 13.24 | -2.14 | ---- | -1.87 | -0.09 | 1.78 | ||
| 2069 | 15.41 | 13.24 | -2.17 | ---- | -1.89 | -0.09 | 1.80 | ||
| 2070 | 15.45 | 13.24 | -2.21 | ---- | -1.92 | -0.09 | 1.82 | ||
| 2071 | 15.47 | 13.24 | -2.22 | ---- | -1.95 | -0.09 | 1.86 | ||
| 2072 | 15.49 | 13.25 | -2.24 | ---- | -1.98 | -0.10 | 1.89 | ||
| 2073 | 15.51 | 13.25 | -2.26 | ---- | -2.01 | -0.10 | 1.91 | ||
| 2074 | 15.53 | 13.25 | -2.28 | ---- | -2.02 | -0.10 | 1.93 | ||
| 2075 | 15.55 | 13.25 | -2.29 | ---- | -2.04 | -0.10 | 1.94 | ||
| 2076 | 15.56 | 13.25 | -2.31 | ---- | -2.05 | -0.10 | 1.95 | ||
| 2077 | 15.57 | 13.25 | -2.31 | ---- | -2.05 | -0.10 | 1.95 | ||
| 2078 | 15.56 | 13.25 | -2.31 | ---- | -2.06 | -0.10 | 1.96 | ||
| 2079 | 15.54 | 13.25 | -2.29 | ---- | -2.08 | -0.10 | 1.97 | ||
| 2080 | 15.52 | 13.25 | -2.27 | ---- | -2.09 | -0.10 | 1.98 | ||
| 2081 | 15.49 | 13.25 | -2.24 | ---- | -2.10 | -0.10 | 2.00 | ||
| 2082 | 15.46 | 13.25 | -2.21 | ---- | -2.11 | -0.10 | 2.01 | ||
| 2083 | 15.42 | 13.25 | -2.18 | ---- | -2.13 | -0.11 | 2.02 | ||
| 2084 | 15.39 | 13.25 | -2.15 | ---- | -2.15 | -0.11 | 2.04 | ||
| 2085 | 15.37 | 13.24 | -2.13 | ---- | -2.16 | -0.11 | 2.05 | ||
| 2086 | 15.35 | 13.24 | -2.11 | ---- | -2.18 | -0.11 | 2.07 | ||
| 2087 | 15.34 | 13.24 | -2.10 | ---- | -2.19 | -0.11 | 2.08 | ||
| 2088 | 15.34 | 13.24 | -2.10 | ---- | -2.21 | -0.11 | 2.10 | ||
| 2089 | 15.35 | 13.24 | -2.10 | ---- | -2.22 | -0.11 | 2.11 | ||
| 2090 | 15.36 | 13.24 | -2.12 | ---- | -2.24 | -0.11 | 2.13 | ||
| 2091 | 15.38 | 13.24 | -2.13 | ---- | -2.26 | -0.11 | 2.15 | ||
| 2092 | 15.40 | 13.25 | -2.15 | ---- | -2.28 | -0.11 | 2.17 | ||
| 2093 | 15.42 | 13.25 | -2.17 | ---- | -2.31 | -0.12 | 2.19 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2018-2092 | 15.52% | 13.79% | -1.73% | 2035 | -1.16% | -0.05% | 1.11% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2018 Trustees Report.