## Summary Measures and Graphs

__Description of Proposed Provision__:

C2.5: Increase the normal retirement age (NRA) 3 months per year for those age 62 starting in 2024 and ending in 2035 (NRA reaches 70 for those age 62 in 2035). 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 2024 through 2031. Keep EEA at 64 thereafter.

__Description of Proposed Provision__:

C2.5: Increase the normal retirement age (NRA) 3 months per year for those age 62 starting in 2024 and ending in 2035 (NRA reaches 70 for those age 62 in 2035). 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 2024 through 2031. Keep EEA at 64 thereafter.

*Estimates based on the intermediate assumptions of the 2023 Trustees Report*

Summary Measures | |||||||
---|---|---|---|---|---|---|---|

Current law [percent of payroll] |
Change from current law [percent of payroll] |
Shortfall eliminated | |||||

Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
||

-3.61 | -4.35 | 1.62 | 2.76 | 45% | 63% |