Detailed Single Year Tables
Description of Proposed Provision:
C1.1: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 1 month every 2 years until the NRA reaches 68.
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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.51 | 214 | -0.00 | 0.00 | 0.00 | ||
| 2024 | 14.63 | 12.94 | -1.69 | 196 | -0.01 | 0.00 | 0.01 | ||
| 2025 | 14.84 | 12.96 | -1.89 | 178 | -0.01 | 0.00 | 0.01 | ||
| 2026 | 15.09 | 13.08 | -2.01 | 160 | -0.02 | -0.00 | 0.02 | ||
| 2027 | 15.34 | 13.10 | -2.24 | 141 | -0.02 | -0.00 | 0.02 | ||
| 2028 | 15.60 | 13.14 | -2.46 | 123 | -0.02 | -0.00 | 0.02 | ||
| 2029 | 15.84 | 13.17 | -2.67 | 104 | -0.03 | -0.00 | 0.03 | ||
| 2030 | 16.07 | 13.19 | -2.88 | 86 | -0.04 | -0.00 | 0.03 | ||
| 2031 | 16.23 | 13.20 | -3.03 | 67 | -0.05 | -0.00 | 0.05 | ||
| 2032 | 16.37 | 13.22 | -3.16 | 48 | -0.06 | -0.00 | 0.06 | ||
| 2033 | 16.48 | 13.23 | -3.25 | 29 | -0.08 | -0.00 | 0.08 | ||
| 2034 | 16.57 | 13.23 | -3.33 | 9 | -0.09 | -0.00 | 0.09 | ||
| 2035 | 16.63 | 13.24 | -3.39 | ---- | -0.11 | -0.00 | 0.10 | ||
| 2036 | 16.67 | 13.25 | -3.43 | ---- | -0.13 | -0.00 | 0.12 | ||
| 2037 | 16.72 | 13.25 | -3.46 | ---- | -0.14 | -0.00 | 0.14 | ||
| 2038 | 16.75 | 13.26 | -3.49 | ---- | -0.16 | -0.01 | 0.16 | ||
| 2039 | 16.77 | 13.26 | -3.51 | ---- | -0.19 | -0.01 | 0.18 | ||
| 2040 | 16.78 | 13.26 | -3.51 | ---- | -0.20 | -0.01 | 0.19 | ||
| 2041 | 16.80 | 13.27 | -3.53 | ---- | -0.22 | -0.01 | 0.21 | ||
| 2042 | 16.80 | 13.27 | -3.53 | ---- | -0.24 | -0.01 | 0.23 | ||
| 2043 | 16.78 | 13.27 | -3.51 | ---- | -0.26 | -0.01 | 0.25 | ||
| 2044 | 16.76 | 13.27 | -3.49 | ---- | -0.28 | -0.01 | 0.27 | ||
| 2045 | 16.74 | 13.27 | -3.47 | ---- | -0.31 | -0.01 | 0.30 | ||
| 2046 | 16.72 | 13.27 | -3.45 | ---- | -0.34 | -0.01 | 0.33 | ||
| 2047 | 16.71 | 13.27 | -3.44 | ---- | -0.37 | -0.01 | 0.35 | ||
| 2048 | 16.70 | 13.27 | -3.43 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2049 | 16.70 | 13.27 | -3.42 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2050 | 16.69 | 13.27 | -3.42 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2051 | 16.69 | 13.27 | -3.42 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2052 | 16.69 | 13.27 | -3.42 | ---- | -0.49 | -0.02 | 0.47 | ||
| 2053 | 16.70 | 13.28 | -3.43 | ---- | -0.52 | -0.02 | 0.49 | ||
| 2054 | 16.72 | 13.28 | -3.44 | ---- | -0.54 | -0.02 | 0.51 | ||
| 2055 | 16.74 | 13.28 | -3.45 | ---- | -0.56 | -0.02 | 0.53 | ||
| 2056 | 16.76 | 13.28 | -3.48 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2057 | 16.79 | 13.29 | -3.50 | ---- | -0.59 | -0.03 | 0.57 | ||
| 2058 | 16.83 | 13.29 | -3.54 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2059 | 16.87 | 13.29 | -3.57 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2060 | 16.91 | 13.30 | -3.61 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2061 | 16.95 | 13.30 | -3.65 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2062 | 17.00 | 13.31 | -3.69 | ---- | -0.66 | -0.03 | 0.62 | ||
| 2063 | 17.04 | 13.31 | -3.73 | ---- | -0.67 | -0.03 | 0.63 | ||
| 2064 | 17.08 | 13.31 | -3.76 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2065 | 17.12 | 13.32 | -3.80 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2066 | 17.17 | 13.32 | -3.85 | ---- | -0.69 | -0.03 | 0.65 | ||
| 2067 | 17.21 | 13.32 | -3.89 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2068 | 17.26 | 13.33 | -3.93 | ---- | -0.70 | -0.03 | 0.67 | ||
| 2069 | 17.30 | 13.33 | -3.97 | ---- | -0.71 | -0.03 | 0.67 | ||
| 2070 | 17.35 | 13.33 | -4.02 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2071 | 17.40 | 13.34 | -4.06 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2072 | 17.45 | 13.34 | -4.10 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2073 | 17.49 | 13.35 | -4.15 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2074 | 17.54 | 13.35 | -4.19 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2075 | 17.58 | 13.35 | -4.23 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2076 | 17.61 | 13.36 | -4.26 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2077 | 17.63 | 13.36 | -4.27 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2078 | 17.64 | 13.36 | -4.28 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2079 | 17.63 | 13.36 | -4.27 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2080 | 17.62 | 13.36 | -4.26 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2081 | 17.59 | 13.36 | -4.24 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2082 | 17.56 | 13.36 | -4.21 | ---- | -0.73 | -0.04 | 0.70 | ||
| 2083 | 17.52 | 13.35 | -4.17 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2084 | 17.47 | 13.35 | -4.12 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2085 | 17.42 | 13.35 | -4.07 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2086 | 17.36 | 13.34 | -4.02 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2087 | 17.30 | 13.34 | -3.96 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2088 | 17.23 | 13.34 | -3.90 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2089 | 17.17 | 13.33 | -3.84 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2090 | 17.11 | 13.33 | -3.79 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2091 | 17.07 | 13.33 | -3.74 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2092 | 17.03 | 13.32 | -3.71 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2093 | 17.01 | 13.32 | -3.69 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2094 | 17.00 | 13.32 | -3.67 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2095 | 16.99 | 13.32 | -3.67 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2096 | 16.99 | 13.32 | -3.67 | ---- | -0.71 | -0.04 | 0.68 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 16.87% | 13.76% | -3.12% | 2034 | -0.44% | -0.02% | 0.42% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.