Description of Proposed Provision:
C1.7: After the normal retirement age (NRA) reaches 67 for those attaining age 62 in 2022, increase the NRA by 3 months per year starting for attaining age 62 in 2023 until it reaches 69 for those attaining age 62 in 2030. Increase the age up to which delayed retirement credits may be earned from 70 to 72 on the same schedule. Increase the widow(er) NRA in the same manner. The earliest eligibility age (EEA) for worker's and widow(er)'s benefit is unchanged.

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
201913.9112.85-1.06
273
0.000.000.00
202013.9412.87-1.07
260
0.000.000.00
202114.0912.90-1.19
245
0.000.000.00
202214.2312.92-1.31
229
0.000.000.00
202314.3812.94-1.44
214
-0.02-0.000.02
202414.5312.97-1.56
198
-0.05-0.000.05
202514.7112.98-1.73
182
-0.07-0.000.07
202614.8913.11-1.78
165
-0.10-0.000.09
202715.0713.13-1.94
150
-0.12-0.000.12
202815.2913.17-2.12
134
-0.15-0.000.14
202915.4513.19-2.27
118
-0.17-0.000.17
203015.6113.20-2.41
102
-0.20-0.010.19
203115.6513.21-2.45
87
-0.31-0.010.30
203215.7013.22-2.49
72
-0.40-0.010.39
203315.7513.22-2.52
57
-0.49-0.010.47
203415.7713.23-2.54
42
-0.56-0.020.54
203515.7713.23-2.54
26
-0.63-0.020.60
203615.7813.23-2.55
11
-0.68-0.020.66
203715.7913.24-2.55
----
-0.73-0.030.70
203815.7913.24-2.55
----
-0.78-0.030.75
203915.7813.24-2.54
----
-0.82-0.030.79
204015.7513.24-2.52
----
-0.86-0.040.83
204115.7213.24-2.49
----
-0.89-0.040.85
204215.6713.23-2.44
----
-0.92-0.040.88
204315.6113.23-2.38
----
-0.95-0.040.90
204415.5513.23-2.32
----
-0.97-0.040.93
204515.4913.23-2.26
----
-1.00-0.040.96
204615.4213.22-2.20
----
-1.03-0.050.98
204715.3713.22-2.15
----
-1.06-0.051.01
204815.3213.22-2.10
----
-1.08-0.051.03
204915.2713.22-2.06
----
-1.11-0.051.06
205015.2313.22-2.02
----
-1.13-0.051.08
205115.2013.22-1.98
----
-1.16-0.051.11
205215.1813.22-1.96
----
-1.18-0.061.13
205315.1713.22-1.95
----
-1.20-0.061.15
205415.1613.22-1.94
----
-1.22-0.061.17
205515.1713.22-1.95
----
-1.24-0.061.18
205615.1813.22-1.96
----
-1.26-0.061.20
205715.2113.22-1.98
----
-1.27-0.061.21
205815.2413.23-2.01
----
-1.29-0.061.22
205915.2813.23-2.05
----
-1.29-0.061.23
206015.3313.23-2.09
----
-1.30-0.061.24
206115.3813.24-2.14
----
-1.30-0.061.24
206215.4313.24-2.19
----
-1.30-0.061.24
206315.4813.25-2.24
----
-1.31-0.061.24
206415.5313.25-2.28
----
-1.31-0.061.25
206515.5813.25-2.33
----
-1.31-0.061.25
206615.6413.26-2.38
----
-1.31-0.061.25
206715.7013.26-2.44
----
-1.32-0.061.25
206815.7513.26-2.49
----
-1.32-0.071.26
206915.8113.27-2.54
----
-1.33-0.071.26
207015.8613.27-2.59
----
-1.33-0.071.27
207115.9113.28-2.63
----
-1.34-0.071.28
207215.9613.28-2.68
----
-1.35-0.071.28
207316.0013.28-2.72
----
-1.35-0.071.28
207416.0413.29-2.76
----
-1.35-0.071.28
207516.0813.29-2.79
----
-1.35-0.071.28
207616.1113.29-2.82
----
-1.35-0.071.28
207716.1313.29-2.84
----
-1.35-0.071.28
207816.1413.29-2.85
----
-1.34-0.071.27
207916.1413.29-2.85
----
-1.34-0.071.27
208016.1313.29-2.84
----
-1.33-0.071.26
208116.1213.29-2.83
----
-1.32-0.071.26
208216.1113.29-2.81
----
-1.32-0.071.25
208316.0913.29-2.80
----
-1.31-0.071.25
208416.0713.29-2.78
----
-1.31-0.071.24
208516.0513.29-2.76
----
-1.31-0.071.24
208616.0313.29-2.75
----
-1.30-0.071.24
208716.0213.29-2.74
----
-1.30-0.071.24
208816.0213.29-2.73
----
-1.31-0.071.24
208916.0213.29-2.74
----
-1.31-0.071.25
209016.0313.29-2.74
----
-1.33-0.071.26
209116.0513.29-2.76
----
-1.34-0.071.28
209216.0713.29-2.78
----
-1.36-0.071.29
209316.1113.29-2.82
----
-1.36-0.071.30
209416.1513.30-2.86
----
-1.37-0.071.30


Summarized Estimates

  Proposal   Change from Current Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
2019-2093 15.66% 13.77% -1.89%
2036
-0.94% -0.04% 0.89%

1 Under current law, the year of Trust Fund reserve depletion is 2035.
Based on Intermediate Assumptions of the 2019 Trustees Report.