Detailed Single Year Tables
Description of Proposed Provision:
C2.7: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 starting in 2020 by 3 months per year until EEA reaches 64 in 2027 and NRA reaches 69 in 2029.
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 | 14.08 | 12.90 | -1.18 | 245 | -0.00 | 0.01 | 0.01 | ||
| 2022 | 14.21 | 12.93 | -1.28 | 230 | -0.02 | 0.01 | 0.03 | ||
| 2023 | 14.36 | 12.95 | -1.41 | 214 | -0.04 | 0.01 | 0.05 | ||
| 2024 | 14.51 | 12.98 | -1.53 | 198 | -0.08 | 0.01 | 0.09 | ||
| 2025 | 14.67 | 13.00 | -1.67 | 183 | -0.12 | 0.01 | 0.13 | ||
| 2026 | 14.83 | 13.13 | -1.70 | 167 | -0.16 | 0.02 | 0.18 | ||
| 2027 | 14.98 | 13.16 | -1.82 | 152 | -0.21 | 0.02 | 0.23 | ||
| 2028 | 15.17 | 13.20 | -1.97 | 137 | -0.26 | 0.02 | 0.29 | ||
| 2029 | 15.31 | 13.21 | -2.10 | 122 | -0.32 | 0.02 | 0.34 | ||
| 2030 | 15.43 | 13.22 | -2.20 | 108 | -0.38 | 0.02 | 0.40 | ||
| 2031 | 15.51 | 13.23 | -2.28 | 94 | -0.45 | 0.02 | 0.47 | ||
| 2032 | 15.59 | 13.24 | -2.35 | 79 | -0.52 | 0.02 | 0.53 | ||
| 2033 | 15.66 | 13.25 | -2.41 | 65 | -0.57 | 0.01 | 0.59 | ||
| 2034 | 15.71 | 13.26 | -2.45 | 50 | -0.62 | 0.01 | 0.63 | ||
| 2035 | 15.75 | 13.26 | -2.49 | 35 | -0.65 | 0.01 | 0.66 | ||
| 2036 | 15.79 | 13.26 | -2.53 | 20 | -0.67 | 0.01 | 0.67 | ||
| 2037 | 15.84 | 13.27 | -2.57 | 5 | -0.68 | 0.00 | 0.69 | ||
| 2038 | 15.86 | 13.27 | -2.59 | ---- | -0.70 | 0.00 | 0.70 | ||
| 2039 | 15.88 | 13.27 | -2.61 | ---- | -0.72 | -0.00 | 0.72 | ||
| 2040 | 15.87 | 13.27 | -2.60 | ---- | -0.75 | -0.00 | 0.75 | ||
| 2041 | 15.84 | 13.27 | -2.57 | ---- | -0.77 | -0.00 | 0.76 | ||
| 2042 | 15.80 | 13.27 | -2.53 | ---- | -0.79 | -0.00 | 0.78 | ||
| 2043 | 15.75 | 13.27 | -2.48 | ---- | -0.81 | -0.01 | 0.80 | ||
| 2044 | 15.69 | 13.26 | -2.42 | ---- | -0.83 | -0.01 | 0.82 | ||
| 2045 | 15.63 | 13.26 | -2.37 | ---- | -0.85 | -0.01 | 0.85 | ||
| 2046 | 15.58 | 13.26 | -2.32 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2047 | 15.53 | 13.26 | -2.27 | ---- | -0.89 | -0.01 | 0.88 | ||
| 2048 | 15.49 | 13.26 | -2.23 | ---- | -0.91 | -0.01 | 0.90 | ||
| 2049 | 15.45 | 13.26 | -2.19 | ---- | -0.94 | -0.01 | 0.92 | ||
| 2050 | 15.41 | 13.26 | -2.15 | ---- | -0.96 | -0.01 | 0.94 | ||
| 2051 | 15.38 | 13.26 | -2.13 | ---- | -0.98 | -0.01 | 0.97 | ||
| 2052 | 15.36 | 13.26 | -2.11 | ---- | -1.00 | -0.02 | 0.98 | ||
| 2053 | 15.36 | 13.26 | -2.10 | ---- | -1.02 | -0.02 | 1.00 | ||
| 2054 | 15.35 | 13.26 | -2.10 | ---- | -1.03 | -0.02 | 1.01 | ||
| 2055 | 15.37 | 13.26 | -2.11 | ---- | -1.04 | -0.02 | 1.03 | ||
| 2056 | 15.39 | 13.26 | -2.13 | ---- | -1.05 | -0.02 | 1.04 | ||
| 2057 | 15.42 | 13.27 | -2.15 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2058 | 15.46 | 13.27 | -2.19 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2059 | 15.51 | 13.27 | -2.23 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2060 | 15.55 | 13.28 | -2.28 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2061 | 15.61 | 13.28 | -2.32 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2062 | 15.66 | 13.29 | -2.37 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2063 | 15.72 | 13.29 | -2.43 | ---- | -1.07 | -0.02 | 1.05 | ||
| 2064 | 15.77 | 13.29 | -2.47 | ---- | -1.07 | -0.02 | 1.05 | ||
| 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 | 15.79% | 13.80% | -1.99% | 2037 | -0.81% | -0.01% | 0.80% | ||
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.