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Detailed Single Year Tables

Description of 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.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201213.8312.89-0.93
340
0.000.000.00
201313.9512.83-1.12
329
0.000.000.00
201413.9812.93-1.05
315
0.000.000.00
201513.9712.95-1.01
302
0.000.000.00
201613.9412.98-0.96
290
0.000.000.00
201713.8913.01-0.88
278
-0.020.000.03
201813.9113.04-0.87
267
-0.050.000.05
201914.0613.05-1.00
255
-0.080.000.08
202014.2713.08-1.19
243
-0.100.000.11
202114.5213.11-1.41
231
-0.130.000.14
202214.8113.13-1.68
217
-0.160.000.17
202315.0913.15-1.94
203
-0.200.000.20
202415.3613.17-2.20
189
-0.230.000.23
202515.6113.18-2.43
173
-0.270.000.27
202615.8113.20-2.61
158
-0.340.010.35
202715.9913.22-2.77
143
-0.420.010.43
202816.1213.23-2.88
127
-0.520.010.53
202916.2213.25-2.97
110
-0.620.010.62
203016.2913.26-3.03
93
-0.720.010.73
203116.3113.26-3.05
76
-0.840.000.84
203216.3013.26-3.04
59
-0.950.000.95
203316.2813.27-3.01
41
-1.05-0.011.05
203416.2313.27-2.97
24
-1.15-0.011.14
203516.1713.26-2.91
6
-1.23-0.011.22
203616.1013.26-2.84
----
-1.32-0.021.30
203716.0413.26-2.77
----
-1.40-0.021.37
203815.9613.26-2.70
----
-1.46-0.031.44
203915.8713.25-2.62
----
-1.52-0.031.49
204015.7913.25-2.54
----
-1.57-0.031.54
204115.7213.25-2.47
----
-1.60-0.031.57
204215.6413.24-2.40
----
-1.64-0.031.60
204315.5713.24-2.33
----
-1.67-0.041.64
204415.5013.24-2.26
----
-1.71-0.041.67
204515.4413.24-2.20
----
-1.75-0.041.71
204615.3813.23-2.15
----
-1.78-0.041.74
204715.3213.23-2.09
----
-1.82-0.041.77
204815.2613.23-2.03
----
-1.85-0.051.81
204915.2013.23-1.97
----
-1.89-0.051.85
205015.1413.23-1.92
----
-1.94-0.051.89
205115.0913.22-1.86
----
-1.98-0.051.93
205215.0413.22-1.82
----
-2.03-0.051.97
205315.0113.22-1.79
----
-2.06-0.052.01
205414.9813.22-1.76
----
-2.10-0.052.04
205514.9713.22-1.75
----
-2.12-0.062.07
205614.9613.22-1.74
----
-2.15-0.062.09
205714.9513.22-1.73
----
-2.17-0.062.11
205814.9513.22-1.73
----
-2.19-0.062.13
205914.9413.22-1.72
----
-2.21-0.062.15
206014.9213.22-1.70
----
-2.23-0.062.17
206114.9113.22-1.69
----
-2.25-0.072.19
206214.8913.22-1.67
----
-2.28-0.072.21
206314.8813.22-1.66
----
-2.30-0.072.23
206414.8613.22-1.64
----
-2.33-0.072.26
206514.8513.22-1.63
----
-2.35-0.072.28
206614.8313.22-1.62
----
-2.39-0.072.31
206714.8213.22-1.61
----
-2.42-0.072.34
206814.8213.22-1.60
----
-2.44-0.072.37
206914.8213.22-1.61
----
-2.47-0.082.39
207014.8313.22-1.61
----
-2.50-0.082.42
207114.8313.22-1.61
----
-2.52-0.082.44
207214.8313.22-1.61
----
-2.55-0.082.47
207314.8313.22-1.61
----
-2.57-0.082.49
207414.8313.22-1.61
----
-2.60-0.082.52
207514.8313.22-1.61
----
-2.63-0.082.55
207614.8413.22-1.61
----
-2.65-0.082.57
207714.8313.22-1.61
----
-2.68-0.092.59
207814.8313.22-1.60
----
-2.71-0.092.62
207914.8213.22-1.60
----
-2.75-0.092.66
208014.8213.23-1.59
----
-2.79-0.092.70
208114.8213.23-1.59
----
-2.82-0.092.73
208214.8313.23-1.60
----
-2.85-0.092.76
208314.8413.23-1.60
----
-2.88-0.092.79
208414.8413.23-1.61
----
-2.91-0.092.82
208514.8513.23-1.62
----
-2.94-0.092.85
208614.8613.24-1.63
----
-2.97-0.092.87
208714.8713.24-1.64
----
-3.00-0.102.90



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 15.25% 13.99% -1.27%
2035
-1.43% -0.03% 1.40%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified February 20, 2013