Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2021 until the NRA reaches 70 in 2034. Thereafter, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20). We assume the NRA will increase 1 month every 2 years. Also, increase the earliest eligibility age (EEA) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2022 through 2029. Keep EEA at 64 thereafter.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2020261261
2021248248
2022233233
2023217218
2024200202
2025183186
2026165169
2027148152
2028130136
2029112119
203094102
20317686
20325869
20333953
20342038
2035122
2036-196
2037-38-11
2038-59-27
2039-80-43
2040-101-59
2041-122-76
2042-144-92
2043-166-108
2044-188-124
2045-210-140
2046-232-156
2047-255-172
2048-277-187
2049-299-202
2050-322-218
2051-344-233
2052-367-247
2053-389-262
2054-412-276
2055-434-290
2056-457-304
2057-480-318
2058-504-332
2059-527-346
2060-551-361
2061-575-375
2062-599-390
2063-624-405
2064-650-421
2065-676-436
2066-702-452
2067-728-469
2068-755-485
2069-782-502
2070-809-519
2071-837-536
2072-866-554
2073-895-572
2074-925-590
2075-955-608
2076-986-628
2077-1018-647
2078-1051-667
2079-1084-688
2080-1119-708
2081-1154-729
2082-1190-750
2083-1226-772
2084-1263-793
2085-1300-815
2086-1337-836
2087-1374-858
2088-1411-879
2089-1448-902
2090-1484-923
2091-1520-945
2092-1554-965
2093-1589-985
2094-1623-1004
2095-1657-1022
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