Detailed Single Year Tables
Description of Proposed Provision:
C2.6: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 in 2020-2021 to 68 and 63, respectively, and then by 3 months per year in 2022-2025 to 69 and 64, respectively.
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 | 13.93 | 12.87 | -1.06 | 260 | -0.01 | 0.00 | 0.01 | ||
| 2021 | 14.04 | 12.90 | -1.13 | 246 | -0.05 | 0.01 | 0.06 | ||
| 2022 | 14.12 | 12.93 | -1.19 | 232 | -0.11 | 0.01 | 0.12 | ||
| 2023 | 14.22 | 12.95 | -1.26 | 217 | -0.18 | 0.01 | 0.19 | ||
| 2024 | 14.32 | 12.98 | -1.34 | 203 | -0.27 | 0.02 | 0.28 | ||
| 2025 | 14.42 | 13.00 | -1.42 | 189 | -0.36 | 0.02 | 0.38 | ||
| 2026 | 14.52 | 13.12 | -1.39 | 175 | -0.47 | 0.01 | 0.48 | ||
| 2027 | 14.63 | 13.14 | -1.49 | 162 | -0.56 | 0.01 | 0.57 | ||
| 2028 | 14.80 | 13.18 | -1.61 | 149 | -0.64 | 0.01 | 0.65 | ||
| 2029 | 14.93 | 13.20 | -1.73 | 136 | -0.69 | 0.01 | 0.70 | ||
| 2030 | 15.06 | 13.21 | -1.85 | 124 | -0.74 | 0.01 | 0.75 | ||
| 2031 | 15.20 | 13.22 | -1.98 | 111 | -0.76 | 0.01 | 0.77 | ||
| 2032 | 15.32 | 13.23 | -2.09 | 97 | -0.78 | 0.00 | 0.79 | ||
| 2033 | 15.43 | 13.24 | -2.19 | 84 | -0.80 | 0.00 | 0.81 | ||
| 2034 | 15.51 | 13.24 | -2.26 | 71 | -0.82 | -0.00 | 0.82 | ||
| 2035 | 15.56 | 13.25 | -2.31 | 57 | -0.84 | -0.00 | 0.83 | ||
| 2036 | 15.61 | 13.25 | -2.36 | 43 | -0.85 | -0.00 | 0.84 | ||
| 2037 | 15.66 | 13.26 | -2.40 | 28 | -0.86 | -0.01 | 0.85 | ||
| 2038 | 15.69 | 13.26 | -2.43 | 14 | -0.87 | -0.01 | 0.86 | ||
| 2039 | 15.72 | 13.26 | -2.46 | ---- | -0.89 | -0.01 | 0.88 | ||
| 2040 | 15.72 | 13.26 | -2.45 | ---- | -0.90 | -0.01 | 0.89 | ||
| 2041 | 15.70 | 13.26 | -2.44 | ---- | -0.91 | -0.01 | 0.90 | ||
| 2042 | 15.66 | 13.26 | -2.40 | ---- | -0.93 | -0.01 | 0.91 | ||
| 2043 | 15.62 | 13.26 | -2.36 | ---- | -0.94 | -0.01 | 0.93 | ||
| 2044 | 15.57 | 13.26 | -2.31 | ---- | -0.95 | -0.01 | 0.94 | ||
| 2045 | 15.52 | 13.26 | -2.26 | ---- | -0.97 | -0.02 | 0.95 | ||
| 2046 | 15.47 | 13.25 | -2.22 | ---- | -0.98 | -0.02 | 0.97 | ||
| 2047 | 15.43 | 13.25 | -2.18 | ---- | -0.99 | -0.02 | 0.98 | ||
| 2048 | 15.40 | 13.25 | -2.15 | ---- | -1.01 | -0.02 | 0.99 | ||
| 2049 | 15.36 | 13.25 | -2.11 | ---- | -1.02 | -0.02 | 1.00 | ||
| 2050 | 15.34 | 13.25 | -2.08 | ---- | -1.03 | -0.02 | 1.01 | ||
| 2051 | 15.32 | 13.25 | -2.06 | ---- | -1.05 | -0.02 | 1.03 | ||
| 2052 | 15.31 | 13.25 | -2.05 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2053 | 15.31 | 13.25 | -2.05 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2054 | 15.31 | 13.26 | -2.06 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2055 | 15.33 | 13.26 | -2.07 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2056 | 15.36 | 13.26 | -2.10 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2057 | 15.40 | 13.27 | -2.13 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2058 | 15.44 | 13.27 | -2.17 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2059 | 15.49 | 13.27 | -2.22 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2060 | 15.55 | 13.28 | -2.27 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2061 | 15.60 | 13.28 | -2.32 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2062 | 15.65 | 13.28 | -2.37 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2063 | 15.71 | 13.29 | -2.42 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2064 | 15.76 | 13.29 | -2.47 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2065 | 15.82 | 13.30 | -2.52 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2066 | 15.87 | 13.30 | -2.57 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2067 | 15.93 | 13.30 | -2.62 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2068 | 15.98 | 13.31 | -2.67 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2069 | 16.04 | 13.31 | -2.73 | ---- | -1.10 | -0.02 | 1.07 | ||
| 2070 | 16.10 | 13.32 | -2.78 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2071 | 16.15 | 13.32 | -2.83 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2072 | 16.20 | 13.32 | -2.88 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2073 | 16.25 | 13.33 | -2.92 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2074 | 16.29 | 13.33 | -2.96 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2075 | 16.34 | 13.33 | -3.00 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2076 | 16.37 | 13.34 | -3.03 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2077 | 16.39 | 13.34 | -3.06 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2078 | 16.40 | 13.34 | -3.07 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2079 | 16.40 | 13.34 | -3.07 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2080 | 16.39 | 13.34 | -3.06 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2081 | 16.38 | 13.34 | -3.05 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2082 | 16.36 | 13.33 | -3.03 | ---- | -1.06 | -0.02 | 1.03 | ||
| 2083 | 16.34 | 13.33 | -3.01 | ---- | -1.06 | -0.02 | 1.03 | ||
| 2084 | 16.32 | 13.33 | -2.99 | ---- | -1.06 | -0.02 | 1.03 | ||
| 2085 | 16.30 | 13.33 | -2.97 | ---- | -1.06 | -0.02 | 1.03 | ||
| 2086 | 16.28 | 13.33 | -2.95 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2087 | 16.26 | 13.33 | -2.94 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2088 | 16.26 | 13.33 | -2.93 | ---- | -1.07 | -0.02 | 1.04 | ||
| 2089 | 16.26 | 13.33 | -2.93 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2090 | 16.28 | 13.33 | -2.95 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2091 | 16.30 | 13.33 | -2.96 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2092 | 16.33 | 13.33 | -2.99 | ---- | -1.10 | -0.02 | 1.07 | ||
| 2093 | 16.37 | 13.34 | -3.03 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2094 | 16.42 | 13.34 | -3.07 | ---- | -1.11 | -0.02 | 1.08 | ||
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 | 15.70% | 13.80% | -1.90% | 2038 | -0.90% | -0.01% | 0.89% | ||
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.