Proposed Provision: Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2017 until the NRA reaches 70 in 2032. Thereafter, 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) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2021 through 2028. Keep EEA at 64 thereafter.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201112.512.513.313.3
201212.912.913.213.2
201312.912.913.213.2
201412.912.913.213.2
201512.912.913.213.2
201613.013.013.313.3
201713.013.013.513.4
201813.013.013.613.6
201913.013.013.913.8
202013.113.114.214.1
202113.113.114.514.4
202213.113.114.814.7
202313.113.115.114.9
202413.113.115.415.2
202513.113.215.715.4
202613.213.215.915.6
202713.213.216.115.7
202813.213.216.315.8
202913.213.216.515.9
203013.213.216.715.9
203113.213.216.815.9
203213.213.216.915.9
203313.213.216.915.9
203413.213.217.015.8
203513.213.217.015.8
203613.213.217.015.7
203713.213.217.015.6
203813.213.217.015.5
203913.213.217.015.5
204013.213.217.015.4
204113.213.216.915.3
204213.213.216.915.2
204313.213.216.815.1
204413.213.216.815.1
204513.213.216.815.0
204613.213.216.815.0
204713.213.216.714.9
204813.213.216.714.8
204913.213.216.714.8
205013.213.216.714.7
205113.213.216.714.7
205213.213.216.714.6
205313.213.216.714.6
205413.213.216.714.6
205513.313.216.714.5
205613.313.216.714.5
205713.313.216.814.5
205813.313.216.814.5
205913.313.216.814.5
206013.313.216.814.5
206113.313.216.814.5
206213.313.216.814.5
206313.313.216.814.5
206413.313.216.814.4
206513.313.216.914.4
206613.313.216.914.4
206713.313.216.914.4
206813.313.216.914.4
206913.313.217.014.4
207013.313.217.014.4
207113.313.217.014.4
207213.313.217.114.5
207313.313.217.114.5
207413.313.217.114.5
207513.313.217.214.5
207613.313.217.214.5
207713.313.217.214.5
207813.313.217.314.5
207913.313.217.314.5
208013.313.217.414.5
208113.313.217.414.6
208213.313.217.414.6
208313.313.217.514.6
208413.313.217.514.6
208513.313.217.614.6
208613.313.217.614.6
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