Description of Proposed Provision:
C2.6: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 in 2020-2021 to 68 and 63, respectively, and then by 3 months per year in 2022-2025 to 69 and 64, respectively.

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
202013.9312.87-1.06
260
-0.010.000.01
202114.0412.90-1.13
246
-0.050.010.06
202214.1212.93-1.19
232
-0.110.010.12
202314.2212.95-1.26
217
-0.180.010.19
202414.3212.98-1.34
203
-0.270.020.28
202514.4213.00-1.42
189
-0.360.020.38
202614.5213.12-1.39
175
-0.470.010.48
202714.6313.14-1.49
162
-0.560.010.57
202814.8013.18-1.61
149
-0.640.010.65
202914.9313.20-1.73
136
-0.690.010.70
203015.0613.21-1.85
124
-0.740.010.75
203115.2013.22-1.98
111
-0.760.010.77
203215.3213.23-2.09
97
-0.780.000.79
203315.4313.24-2.19
84
-0.800.000.81
203415.5113.24-2.26
71
-0.82-0.000.82
203515.5613.25-2.31
57
-0.84-0.000.83
203615.6113.25-2.36
43
-0.85-0.000.84
203715.6613.26-2.40
28
-0.86-0.010.85
203815.6913.26-2.43
14
-0.87-0.010.86
203915.7213.26-2.46
----
-0.89-0.010.88
204015.7213.26-2.45
----
-0.90-0.010.89
204115.7013.26-2.44
----
-0.91-0.010.90
204215.6613.26-2.40
----
-0.93-0.010.91
204315.6213.26-2.36
----
-0.94-0.010.93
204415.5713.26-2.31
----
-0.95-0.010.94
204515.5213.26-2.26
----
-0.97-0.020.95
204615.4713.25-2.22
----
-0.98-0.020.97
204715.4313.25-2.18
----
-0.99-0.020.98
204815.4013.25-2.15
----
-1.01-0.020.99
204915.3613.25-2.11
----
-1.02-0.021.00
205015.3413.25-2.08
----
-1.03-0.021.01
205115.3213.25-2.06
----
-1.05-0.021.03
205215.3113.25-2.05
----
-1.06-0.021.04
205315.3113.25-2.05
----
-1.07-0.021.05
205415.3113.26-2.06
----
-1.07-0.021.05
205515.3313.26-2.07
----
-1.08-0.021.06
205615.3613.26-2.10
----
-1.08-0.021.06
205715.4013.27-2.13
----
-1.08-0.021.06
205815.4413.27-2.17
----
-1.08-0.021.06
205915.4913.27-2.22
----
-1.08-0.021.06
206015.5513.28-2.27
----
-1.08-0.021.06
206115.6013.28-2.32
----
-1.08-0.021.06
206215.6513.28-2.37
----
-1.08-0.021.06
206315.7113.29-2.42
----
-1.08-0.021.06
206415.7613.29-2.47
----
-1.08-0.021.06
206515.8213.30-2.52
----
-1.08-0.021.06
206615.8713.30-2.57
----
-1.08-0.021.06
206715.9313.30-2.62
----
-1.09-0.021.07
206815.9813.31-2.67
----
-1.09-0.021.07
206916.0413.31-2.73
----
-1.10-0.021.07
207016.1013.32-2.78
----
-1.10-0.021.08
207116.1513.32-2.83
----
-1.10-0.021.08
207216.2013.32-2.88
----
-1.10-0.021.08
207316.2513.33-2.92
----
-1.10-0.021.08
207416.2913.33-2.96
----
-1.10-0.021.08
207516.3413.33-3.00
----
-1.09-0.021.07
207616.3713.34-3.03
----
-1.09-0.021.07
207716.3913.34-3.06
----
-1.08-0.021.06
207816.4013.34-3.07
----
-1.08-0.021.06
207916.4013.34-3.07
----
-1.07-0.021.05
208016.3913.34-3.06
----
-1.07-0.021.05
208116.3813.34-3.05
----
-1.06-0.021.04
208216.3613.33-3.03
----
-1.06-0.021.03
208316.3413.33-3.01
----
-1.06-0.021.03
208416.3213.33-2.99
----
-1.06-0.021.03
208516.3013.33-2.97
----
-1.06-0.021.03
208616.2813.33-2.95
----
-1.06-0.021.04
208716.2613.33-2.94
----
-1.06-0.021.04
208816.2613.33-2.93
----
-1.07-0.021.04
208916.2613.33-2.93
----
-1.07-0.021.05
209016.2813.33-2.95
----
-1.08-0.021.06
209116.3013.33-2.96
----
-1.09-0.021.07
209216.3313.33-2.99
----
-1.10-0.021.07
209316.3713.34-3.03
----
-1.10-0.021.08
209416.4213.34-3.07
----
-1.11-0.021.08


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 15.70% 13.80% -1.90%
2038
-0.90% -0.01% 0.89%

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