Detailed Single Year Tables
Description of Proposed Provision:
C2.2: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, 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, raise the earliest eligibility age (EEA) for retired-workers, aged widow(er)s, and disabled widow(er)s by the same amount as the NRA starting for those attaining 62 in 2022.
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 | 14.42 | 12.91 | -1.51 | 214 | -0.01 | 0.00 | 0.01 | ||
| 2024 | 14.62 | 12.94 | -1.68 | 196 | -0.02 | 0.00 | 0.02 | ||
| 2025 | 14.83 | 12.96 | -1.87 | 178 | -0.02 | 0.00 | 0.03 | ||
| 2026 | 15.07 | 13.08 | -1.99 | 160 | -0.03 | 0.00 | 0.04 | ||
| 2027 | 15.32 | 13.10 | -2.22 | 142 | -0.04 | 0.00 | 0.05 | ||
| 2028 | 15.57 | 13.14 | -2.43 | 124 | -0.05 | 0.00 | 0.06 | ||
| 2029 | 15.81 | 13.17 | -2.64 | 105 | -0.06 | 0.00 | 0.07 | ||
| 2030 | 16.04 | 13.20 | -2.84 | 87 | -0.07 | 0.00 | 0.08 | ||
| 2031 | 16.20 | 13.21 | -2.99 | 68 | -0.08 | 0.00 | 0.09 | ||
| 2032 | 16.34 | 13.22 | -3.11 | 49 | -0.10 | 0.00 | 0.10 | ||
| 2033 | 16.44 | 13.23 | -3.21 | 30 | -0.11 | 0.00 | 0.12 | ||
| 2034 | 16.53 | 13.24 | -3.29 | 11 | -0.13 | 0.00 | 0.13 | ||
| 2035 | 16.59 | 13.25 | -3.35 | ---- | -0.14 | 0.00 | 0.15 | ||
| 2036 | 16.64 | 13.25 | -3.39 | ---- | -0.16 | 0.00 | 0.16 | ||
| 2037 | 16.69 | 13.26 | -3.43 | ---- | -0.17 | 0.00 | 0.18 | ||
| 2038 | 16.73 | 13.27 | -3.46 | ---- | -0.19 | 0.00 | 0.19 | ||
| 2039 | 16.74 | 13.27 | -3.47 | ---- | -0.21 | 0.00 | 0.21 | ||
| 2040 | 16.76 | 13.27 | -3.49 | ---- | -0.22 | 0.00 | 0.22 | ||
| 2041 | 16.78 | 13.28 | -3.51 | ---- | -0.23 | 0.00 | 0.24 | ||
| 2042 | 16.79 | 13.28 | -3.51 | ---- | -0.25 | 0.00 | 0.25 | ||
| 2043 | 16.77 | 13.28 | -3.49 | ---- | -0.27 | 0.00 | 0.27 | ||
| 2044 | 16.76 | 13.28 | -3.48 | ---- | -0.29 | 0.00 | 0.29 | ||
| 2045 | 16.74 | 13.28 | -3.46 | ---- | -0.31 | 0.00 | 0.31 | ||
| 2046 | 16.72 | 13.28 | -3.44 | ---- | -0.33 | 0.00 | 0.34 | ||
| 2047 | 16.72 | 13.28 | -3.43 | ---- | -0.36 | 0.00 | 0.36 | ||
| 2048 | 16.71 | 13.29 | -3.43 | ---- | -0.38 | 0.00 | 0.38 | ||
| 2049 | 16.71 | 13.29 | -3.42 | ---- | -0.41 | 0.00 | 0.41 | ||
| 2050 | 16.70 | 13.29 | -3.41 | ---- | -0.44 | 0.00 | 0.44 | ||
| 2051 | 16.69 | 13.29 | -3.40 | ---- | -0.47 | -0.00 | 0.47 | ||
| 2052 | 16.69 | 13.30 | -3.39 | ---- | -0.50 | -0.00 | 0.50 | ||
| 2053 | 16.69 | 13.30 | -3.39 | ---- | -0.53 | -0.00 | 0.53 | ||
| 2054 | 16.69 | 13.30 | -3.39 | ---- | -0.56 | -0.00 | 0.56 | ||
| 2055 | 16.71 | 13.30 | -3.40 | ---- | -0.59 | -0.00 | 0.58 | ||
| 2056 | 16.73 | 13.31 | -3.42 | ---- | -0.61 | -0.00 | 0.61 | ||
| 2057 | 16.75 | 13.31 | -3.44 | ---- | -0.64 | -0.00 | 0.63 | ||
| 2058 | 16.78 | 13.32 | -3.46 | ---- | -0.66 | -0.00 | 0.66 | ||
| 2059 | 16.80 | 13.32 | -3.48 | ---- | -0.69 | -0.00 | 0.68 | ||
| 2060 | 16.84 | 13.32 | -3.51 | ---- | -0.71 | -0.00 | 0.71 | ||
| 2061 | 16.87 | 13.33 | -3.54 | ---- | -0.73 | -0.00 | 0.73 | ||
| 2062 | 16.90 | 13.33 | -3.56 | ---- | -0.76 | -0.00 | 0.75 | ||
| 2063 | 16.92 | 13.34 | -3.59 | ---- | -0.78 | -0.00 | 0.77 | ||
| 2064 | 16.95 | 13.34 | -3.61 | ---- | -0.80 | -0.01 | 0.80 | ||
| 2065 | 16.98 | 13.34 | -3.63 | ---- | -0.83 | -0.01 | 0.82 | ||
| 2066 | 17.00 | 13.35 | -3.66 | ---- | -0.85 | -0.01 | 0.84 | ||
| 2067 | 17.03 | 13.35 | -3.68 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2068 | 17.06 | 13.35 | -3.71 | ---- | -0.89 | -0.01 | 0.89 | ||
| 2069 | 17.10 | 13.36 | -3.74 | ---- | -0.92 | -0.01 | 0.91 | ||
| 2070 | 17.13 | 13.36 | -3.77 | ---- | -0.94 | -0.01 | 0.93 | ||
| 2071 | 17.16 | 13.37 | -3.80 | ---- | -0.96 | -0.01 | 0.95 | ||
| 2072 | 17.19 | 13.37 | -3.82 | ---- | -0.98 | -0.01 | 0.97 | ||
| 2073 | 17.22 | 13.37 | -3.85 | ---- | -1.00 | -0.01 | 1.00 | ||
| 2074 | 17.25 | 13.38 | -3.87 | ---- | -1.03 | -0.01 | 1.02 | ||
| 2075 | 17.27 | 13.38 | -3.89 | ---- | -1.05 | -0.01 | 1.04 | ||
| 2076 | 17.28 | 13.38 | -3.90 | ---- | -1.07 | -0.01 | 1.06 | ||
| 2077 | 17.28 | 13.38 | -3.89 | ---- | -1.09 | -0.01 | 1.08 | ||
| 2078 | 17.27 | 13.39 | -3.88 | ---- | -1.11 | -0.01 | 1.10 | ||
| 2079 | 17.24 | 13.38 | -3.86 | ---- | -1.13 | -0.01 | 1.12 | ||
| 2080 | 17.21 | 13.38 | -3.83 | ---- | -1.14 | -0.01 | 1.13 | ||
| 2081 | 17.18 | 13.38 | -3.79 | ---- | -1.15 | -0.01 | 1.14 | ||
| 2082 | 17.13 | 13.38 | -3.75 | ---- | -1.16 | -0.01 | 1.15 | ||
| 2083 | 17.08 | 13.38 | -3.70 | ---- | -1.17 | -0.01 | 1.16 | ||
| 2084 | 17.02 | 13.37 | -3.64 | ---- | -1.18 | -0.01 | 1.17 | ||
| 2085 | 16.95 | 13.37 | -3.58 | ---- | -1.19 | -0.01 | 1.18 | ||
| 2086 | 16.87 | 13.37 | -3.50 | ---- | -1.21 | -0.01 | 1.19 | ||
| 2087 | 16.79 | 13.36 | -3.43 | ---- | -1.22 | -0.01 | 1.20 | ||
| 2088 | 16.71 | 13.36 | -3.35 | ---- | -1.23 | -0.01 | 1.21 | ||
| 2089 | 16.62 | 13.35 | -3.27 | ---- | -1.25 | -0.02 | 1.23 | ||
| 2090 | 16.54 | 13.35 | -3.19 | ---- | -1.27 | -0.02 | 1.26 | ||
| 2091 | 16.46 | 13.35 | -3.11 | ---- | -1.31 | -0.01 | 1.29 | ||
| 2092 | 16.39 | 13.35 | -3.05 | ---- | -1.34 | -0.01 | 1.32 | ||
| 2093 | 16.34 | 13.34 | -3.00 | ---- | -1.37 | -0.01 | 1.36 | ||
| 2094 | 16.30 | 13.34 | -2.95 | ---- | -1.40 | -0.01 | 1.39 | ||
| 2095 | 16.26 | 13.34 | -2.92 | ---- | -1.44 | -0.01 | 1.42 | ||
| 2096 | 16.23 | 13.34 | -2.88 | ---- | -1.48 | -0.02 | 1.46 | ||
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 | 16.71% | 13.77% | -2.94% | 2034 | -0.60% | -0.00% | 0.60% | ||
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.