Detailed Single Year Tables
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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.23 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.38 | 12.94 | -1.44 | 214 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.54 | 12.97 | -1.57 | 198 | -0.05 | -0.00 | 0.05 | ||
| 2025 | 14.72 | 12.98 | -1.73 | 181 | -0.07 | -0.00 | 0.06 | ||
| 2026 | 14.90 | 13.11 | -1.79 | 165 | -0.09 | -0.00 | 0.08 | ||
| 2027 | 15.08 | 13.13 | -1.95 | 149 | -0.11 | -0.00 | 0.11 | ||
| 2028 | 15.30 | 13.17 | -2.13 | 133 | -0.13 | -0.00 | 0.13 | ||
| 2029 | 15.47 | 13.19 | -2.28 | 118 | -0.15 | -0.00 | 0.15 | ||
| 2030 | 15.63 | 13.20 | -2.43 | 102 | -0.18 | -0.00 | 0.17 | ||
| 2031 | 15.76 | 13.21 | -2.55 | 86 | -0.21 | -0.01 | 0.20 | ||
| 2032 | 15.84 | 13.22 | -2.62 | 70 | -0.27 | -0.01 | 0.26 | ||
| 2033 | 15.90 | 13.23 | -2.68 | 54 | -0.33 | -0.01 | 0.32 | ||
| 2034 | 15.94 | 13.23 | -2.70 | 38 | -0.39 | -0.01 | 0.38 | ||
| 2035 | 15.95 | 13.24 | -2.71 | 22 | -0.45 | -0.02 | 0.44 | ||
| 2036 | 15.94 | 13.24 | -2.70 | 6 | -0.52 | -0.02 | 0.50 | ||
| 2037 | 15.93 | 13.24 | -2.69 | ---- | -0.59 | -0.02 | 0.56 | ||
| 2038 | 15.92 | 13.24 | -2.67 | ---- | -0.65 | -0.02 | 0.62 | ||
| 2039 | 15.90 | 13.24 | -2.65 | ---- | -0.71 | -0.03 | 0.68 | ||
| 2040 | 15.85 | 13.24 | -2.61 | ---- | -0.76 | -0.03 | 0.73 | ||
| 2041 | 15.80 | 13.24 | -2.56 | ---- | -0.81 | -0.03 | 0.78 | ||
| 2042 | 15.73 | 13.24 | -2.49 | ---- | -0.86 | -0.04 | 0.83 | ||
| 2043 | 15.64 | 13.23 | -2.41 | ---- | -0.92 | -0.04 | 0.88 | ||
| 2044 | 15.56 | 13.23 | -2.33 | ---- | -0.97 | -0.04 | 0.92 | ||
| 2045 | 15.47 | 13.23 | -2.25 | ---- | -1.02 | -0.04 | 0.97 | ||
| 2046 | 15.39 | 13.22 | -2.16 | ---- | -1.06 | -0.05 | 1.02 | ||
| 2047 | 15.31 | 13.22 | -2.09 | ---- | -1.11 | -0.05 | 1.06 | ||
| 2048 | 15.24 | 13.22 | -2.03 | ---- | -1.16 | -0.05 | 1.11 | ||
| 2049 | 15.18 | 13.22 | -1.96 | ---- | -1.21 | -0.05 | 1.15 | ||
| 2050 | 15.11 | 13.21 | -1.90 | ---- | -1.25 | -0.06 | 1.20 | ||
| 2051 | 15.06 | 13.21 | -1.85 | ---- | -1.30 | -0.06 | 1.24 | ||
| 2052 | 15.02 | 13.21 | -1.81 | ---- | -1.34 | -0.06 | 1.28 | ||
| 2053 | 14.99 | 13.21 | -1.78 | ---- | -1.39 | -0.06 | 1.32 | ||
| 2054 | 14.96 | 13.21 | -1.75 | ---- | -1.43 | -0.07 | 1.36 | ||
| 2055 | 14.94 | 13.21 | -1.73 | ---- | -1.47 | -0.07 | 1.41 | ||
| 2056 | 14.92 | 13.21 | -1.71 | ---- | -1.52 | -0.07 | 1.45 | ||
| 2057 | 14.92 | 13.21 | -1.70 | ---- | -1.57 | -0.07 | 1.49 | ||
| 2058 | 14.92 | 13.21 | -1.71 | ---- | -1.60 | -0.08 | 1.53 | ||
| 2059 | 14.94 | 13.22 | -1.72 | ---- | -1.64 | -0.08 | 1.56 | ||
| 2060 | 14.96 | 13.22 | -1.74 | ---- | -1.67 | -0.08 | 1.59 | ||
| 2061 | 14.99 | 13.22 | -1.77 | ---- | -1.69 | -0.08 | 1.61 | ||
| 2062 | 15.02 | 13.22 | -1.80 | ---- | -1.71 | -0.08 | 1.63 | ||
| 2063 | 15.05 | 13.23 | -1.83 | ---- | -1.74 | -0.08 | 1.65 | ||
| 2064 | 15.08 | 13.23 | -1.85 | ---- | -1.76 | -0.08 | 1.67 | ||
| 2065 | 15.12 | 13.23 | -1.89 | ---- | -1.78 | -0.09 | 1.69 | ||
| 2066 | 15.16 | 13.23 | -1.93 | ---- | -1.79 | -0.09 | 1.70 | ||
| 2067 | 15.21 | 13.24 | -1.97 | ---- | -1.81 | -0.09 | 1.72 | ||
| 2068 | 15.25 | 13.24 | -2.00 | ---- | -1.83 | -0.09 | 1.74 | ||
| 2069 | 15.28 | 13.24 | -2.04 | ---- | -1.85 | -0.09 | 1.76 | ||
| 2070 | 15.32 | 13.25 | -2.07 | ---- | -1.88 | -0.09 | 1.79 | ||
| 2071 | 15.34 | 13.25 | -2.09 | ---- | -1.91 | -0.09 | 1.82 | ||
| 2072 | 15.36 | 13.25 | -2.11 | ---- | -1.94 | -0.09 | 1.85 | ||
| 2073 | 15.38 | 13.26 | -2.13 | ---- | -1.96 | -0.09 | 1.87 | ||
| 2074 | 15.41 | 13.26 | -2.15 | ---- | -1.98 | -0.10 | 1.89 | ||
| 2075 | 15.43 | 13.26 | -2.17 | ---- | -2.00 | -0.10 | 1.90 | ||
| 2076 | 15.44 | 13.26 | -2.18 | ---- | -2.02 | -0.10 | 1.92 | ||
| 2077 | 15.45 | 13.26 | -2.18 | ---- | -2.03 | -0.10 | 1.93 | ||
| 2078 | 15.44 | 13.26 | -2.18 | ---- | -2.04 | -0.10 | 1.94 | ||
| 2079 | 15.43 | 13.26 | -2.17 | ---- | -2.05 | -0.10 | 1.95 | ||
| 2080 | 15.40 | 13.26 | -2.14 | ---- | -2.06 | -0.10 | 1.96 | ||
| 2081 | 15.38 | 13.26 | -2.12 | ---- | -2.07 | -0.10 | 1.97 | ||
| 2082 | 15.35 | 13.26 | -2.09 | ---- | -2.07 | -0.10 | 1.97 | ||
| 2083 | 15.32 | 13.25 | -2.07 | ---- | -2.08 | -0.10 | 1.98 | ||
| 2084 | 15.29 | 13.25 | -2.03 | ---- | -2.09 | -0.10 | 1.99 | ||
| 2085 | 15.24 | 13.25 | -1.99 | ---- | -2.11 | -0.10 | 2.01 | ||
| 2086 | 15.19 | 13.25 | -1.94 | ---- | -2.15 | -0.11 | 2.04 | ||
| 2087 | 15.15 | 13.25 | -1.90 | ---- | -2.18 | -0.11 | 2.07 | ||
| 2088 | 15.12 | 13.24 | -1.88 | ---- | -2.21 | -0.11 | 2.10 | ||
| 2089 | 15.10 | 13.24 | -1.86 | ---- | -2.23 | -0.11 | 2.12 | ||
| 2090 | 15.10 | 13.24 | -1.86 | ---- | -2.26 | -0.11 | 2.15 | ||
| 2091 | 15.11 | 13.25 | -1.86 | ---- | -2.28 | -0.11 | 2.17 | ||
| 2092 | 15.11 | 13.25 | -1.87 | ---- | -2.31 | -0.11 | 2.20 | ||
| 2093 | 15.13 | 13.25 | -1.88 | ---- | -2.35 | -0.11 | 2.23 | ||
| 2094 | 15.14 | 13.25 | -1.89 | ---- | -2.38 | -0.12 | 2.27 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 15.39% | 13.76% | -1.63% | 2036 | -1.21% | -0.06% | 1.15% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.