Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2022 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 |
| 2021 | 253 | 253 |
| 2022 | 231 | 231 |
| 2023 | 214 | 215 |
| 2024 | 196 | 198 |
| 2025 | 178 | 181 |
| 2026 | 159 | 163 |
| 2027 | 141 | 146 |
| 2028 | 122 | 129 |
| 2029 | 104 | 112 |
| 2030 | 85 | 94 |
| 2031 | 66 | 77 |
| 2032 | 46 | 60 |
| 2033 | 27 | 43 |
| 2034 | 7 | 26 |
| 2035 | -13 | 9 |
| 2036 | -33 | -8 |
| 2037 | -54 | -25 |
| 2038 | -76 | -42 |
| 2039 | -97 | -59 |
| 2040 | -119 | -76 |
| 2041 | -142 | -93 |
| 2042 | -165 | -111 |
| 2043 | -188 | -128 |
| 2044 | -211 | -146 |
| 2045 | -235 | -163 |
| 2046 | -258 | -180 |
| 2047 | -282 | -198 |
| 2048 | -306 | -215 |
| 2049 | -330 | -232 |
| 2050 | -354 | -249 |
| 2051 | -378 | -266 |
| 2052 | -403 | -283 |
| 2053 | -427 | -300 |
| 2054 | -452 | -317 |
| 2055 | -477 | -334 |
| 2056 | -502 | -350 |
| 2057 | -527 | -367 |
| 2058 | -552 | -383 |
| 2059 | -578 | -400 |
| 2060 | -604 | -417 |
| 2061 | -630 | -434 |
| 2062 | -657 | -451 |
| 2063 | -684 | -469 |
| 2064 | -712 | -487 |
| 2065 | -740 | -505 |
| 2066 | -768 | -524 |
| 2067 | -796 | -543 |
| 2068 | -825 | -562 |
| 2069 | -855 | -581 |
| 2070 | -884 | -600 |
| 2071 | -914 | -620 |
| 2072 | -945 | -640 |
| 2073 | -976 | -660 |
| 2074 | -1007 | -680 |
| 2075 | -1039 | -701 |
| 2076 | -1071 | -722 |
| 2077 | -1105 | -744 |
| 2078 | -1139 | -766 |
| 2079 | -1175 | -789 |
| 2080 | -1211 | -812 |
| 2081 | -1248 | -836 |
| 2082 | -1286 | -860 |
| 2083 | -1324 | -884 |
| 2084 | -1363 | -908 |
| 2085 | -1403 | -932 |
| 2086 | -1443 | -958 |
| 2087 | -1483 | -983 |
| 2088 | -1524 | -1008 |
| 2089 | -1564 | -1031 |
| 2090 | -1604 | -1054 |
| 2091 | -1643 | -1077 |
| 2092 | -1681 | -1099 |
| 2093 | -1718 | -1121 |
| 2094 | -1754 | -1143 |
| 2095 | -1789 | -1165 |
| 2096 | -1825 | -1188 |
back