Proposed Provision: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, 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) by the same amount as the NRA starting for those age 62 in 2022 so as to maintain a 5 year difference between the two ages. Include a hardship exemption with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2011). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2012340340
2013329329
2014315315
2015302302
2016290290
2017277277
2018265265
2019253253
2020240240
2021227227
2022212212
2023197197
2024181181
2025164165
2026147148
2027129130
2028110111
20299092
20307072
20314951
20322729
203358
2034-18-15
2035-41-38
2036-65-61
2037-89-84
2038-114-108
2039-138-132
2040-163-156
2041-189-181
2042-215-206
2043-240-230
2044-266-255
2045-292-280
2046-319-306
2047-346-331
2048-373-357
2049-400-383
2050-428-409
2051-456-436
2052-484-462
2053-512-488
2054-540-515
2055-569-541
2056-598-568
2057-628-595
2058-657-623
2059-688-651
2060-719-679
2061-750-708
2062-782-737
2063-814-767
2064-847-797
2065-880-827
2066-913-857
2067-946-887
2068-980-918
2069-1014-948
2070-1049-980
2071-1084-1011
2072-1120-1043
2073-1156-1076
2074-1193-1109
2075-1230-1143
2076-1268-1176
2077-1307-1211
2078-1346-1247
2079-1385-1283
2080-1425-1319
2081-1465-1357
2082-1505-1395
2083-1547-1432
2084-1588-1468
2085-1631-1505
2086-1673-1540
2087-1717-1576
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