Description of Proposed Provision:
C2.7: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 starting in 2020 by 3 months per year until EEA reaches 64 in 2027 and NRA reaches 69 in 2029.

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
202114.0812.90-1.18
245
-0.000.010.01
202214.2112.93-1.28
230
-0.020.010.03
202314.3612.95-1.41
214
-0.040.010.05
202414.5112.98-1.53
198
-0.080.010.09
202514.6713.00-1.67
183
-0.120.010.13
202614.8313.13-1.70
167
-0.160.020.18
202714.9813.16-1.82
152
-0.210.020.23
202815.1713.20-1.97
137
-0.260.020.29
202915.3113.21-2.10
122
-0.320.020.34
203015.4313.22-2.20
108
-0.380.020.40
203115.5113.23-2.28
94
-0.450.020.47
203215.5913.24-2.35
79
-0.520.020.53
203315.6613.25-2.41
65
-0.570.010.59
203415.7113.26-2.45
50
-0.620.010.63
203515.7513.26-2.49
35
-0.650.010.66
203615.7913.26-2.53
20
-0.670.010.67
203715.8413.27-2.57
5
-0.680.000.69
203815.8613.27-2.59
----
-0.700.000.70
203915.8813.27-2.61
----
-0.72-0.000.72
204015.8713.27-2.60
----
-0.75-0.000.75
204115.8413.27-2.57
----
-0.77-0.000.76
204215.8013.27-2.53
----
-0.79-0.000.78
204315.7513.27-2.48
----
-0.81-0.010.80
204415.6913.26-2.42
----
-0.83-0.010.82
204515.6313.26-2.37
----
-0.85-0.010.85
204615.5813.26-2.32
----
-0.87-0.010.86
204715.5313.26-2.27
----
-0.89-0.010.88
204815.4913.26-2.23
----
-0.91-0.010.90
204915.4513.26-2.19
----
-0.94-0.010.92
205015.4113.26-2.15
----
-0.96-0.010.94
205115.3813.26-2.13
----
-0.98-0.010.97
205215.3613.26-2.11
----
-1.00-0.020.98
205315.3613.26-2.10
----
-1.02-0.021.00
205415.3513.26-2.10
----
-1.03-0.021.01
205515.3713.26-2.11
----
-1.04-0.021.03
205615.3913.26-2.13
----
-1.05-0.021.04
205715.4213.27-2.15
----
-1.06-0.021.04
205815.4613.27-2.19
----
-1.07-0.021.05
205915.5113.27-2.23
----
-1.07-0.021.05
206015.5513.28-2.28
----
-1.07-0.021.05
206115.6113.28-2.32
----
-1.07-0.021.05
206215.6613.29-2.37
----
-1.07-0.021.05
206315.7213.29-2.43
----
-1.07-0.021.05
206415.7713.29-2.47
----
-1.07-0.021.05
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 15.79% 13.80% -1.99%
2037
-0.81% -0.01% 0.80%

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