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Summary Measures and Graphs

Description of Proposed Provision:
Increase the normal retirement age (NRA) from 66 to 67 one year earlier than current law, starting for those reaching age 62 in 2016 and ending for those reaching age 62 in 2021. Then, after 2021, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20).

Estimates based on the intermediate assumptions of the 2008 Trustees Report

Summary Measures
[As a percentage of taxable payroll]
Present Law Change from present law Results with this provision
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
-1.70 -4.20 0.38 1.11 -1.32 -3.09


graph of OASDI cost rates and income rates by year, under
                 present law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under present law
                 and provision. click on graph to view underlying data.
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Last reviewed or modified July 16, 2008