Proposed Provision: 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, increase the earliest eligibility age (EEA) by the same amount as the NRA starting for those age 62 in 2022 so as to maintain a 5 year difference between the two ages. Include a "hardship exemption" with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.

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

Year Present Law Provision
2016303303
2017293293
2018277277
2019262262
2020246246
2021231231
2022216216
2023200200
2024183183
2025165166
2026149149
2027132132
2028115116
20299899
20308182
20316465
20324647
20332729
2034811
2035-11-8
2036-30-27
2037-50-46
2038-71-66
2039-91-86
2040-112-106
2041-133-126
2042-154-147
2043-176-167
2044-197-187
2045-218-208
2046-240-228
2047-262-249
2048-283-269
2049-305-290
2050-327-310
2051-349-331
2052-371-351
2053-393-372
2054-415-392
2055-437-412
2056-460-433
2057-482-454
2058-506-475
2059-529-496
2060-553-518
2061-578-540
2062-603-562
2063-628-585
2064-654-608
2065-680-632
2066-706-656
2067-733-680
2068-760-704
2069-788-729
2070-816-754
2071-845-780
2072-874-806
2073-905-833
2074-935-861
2075-967-889
2076-1000-919
2077-1033-949
2078-1068-980
2079-1102-1011
2080-1138-1042
2081-1173-1074
2082-1208-1106
2083-1243-1137
2084-1279-1167
2085-1314-1198
2086-1349-1228
2087-1384-1259
2088-1419-1290
2089-1455-1321
2090-1491-1353
2091-1528-1385
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