Detailed Single Year Tables
Description of Proposed Provision:
C1.2: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year until the NRA reaches 68.
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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.23 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.38 | 12.94 | -1.44 | 214 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.54 | 12.97 | -1.57 | 198 | -0.04 | -0.00 | 0.04 | ||
| 2025 | 14.72 | 12.98 | -1.74 | 181 | -0.06 | -0.00 | 0.06 | ||
| 2026 | 14.91 | 13.11 | -1.80 | 165 | -0.08 | -0.00 | 0.08 | ||
| 2027 | 15.09 | 13.13 | -1.96 | 149 | -0.10 | -0.00 | 0.10 | ||
| 2028 | 15.31 | 13.17 | -2.14 | 133 | -0.13 | -0.00 | 0.12 | ||
| 2029 | 15.48 | 13.19 | -2.29 | 117 | -0.15 | -0.00 | 0.14 | ||
| 2030 | 15.64 | 13.20 | -2.44 | 102 | -0.17 | -0.00 | 0.17 | ||
| 2031 | 15.77 | 13.21 | -2.56 | 86 | -0.20 | -0.01 | 0.19 | ||
| 2032 | 15.87 | 13.22 | -2.65 | 70 | -0.24 | -0.01 | 0.23 | ||
| 2033 | 15.95 | 13.23 | -2.72 | 54 | -0.28 | -0.01 | 0.27 | ||
| 2034 | 16.01 | 13.23 | -2.78 | 37 | -0.31 | -0.01 | 0.30 | ||
| 2035 | 16.06 | 13.24 | -2.82 | 21 | -0.34 | -0.01 | 0.33 | ||
| 2036 | 16.10 | 13.24 | -2.85 | 4 | -0.36 | -0.01 | 0.35 | ||
| 2037 | 16.13 | 13.25 | -2.89 | ---- | -0.38 | -0.01 | 0.37 | ||
| 2038 | 16.16 | 13.25 | -2.91 | ---- | -0.40 | -0.02 | 0.39 | ||
| 2039 | 16.18 | 13.25 | -2.93 | ---- | -0.42 | -0.02 | 0.41 | ||
| 2040 | 16.17 | 13.25 | -2.92 | ---- | -0.44 | -0.02 | 0.42 | ||
| 2041 | 16.15 | 13.25 | -2.90 | ---- | -0.46 | -0.02 | 0.44 | ||
| 2042 | 16.12 | 13.25 | -2.87 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2043 | 16.07 | 13.25 | -2.82 | ---- | -0.49 | -0.02 | 0.47 | ||
| 2044 | 16.02 | 13.25 | -2.77 | ---- | -0.50 | -0.02 | 0.48 | ||
| 2045 | 15.97 | 13.25 | -2.72 | ---- | -0.52 | -0.02 | 0.50 | ||
| 2046 | 15.92 | 13.25 | -2.67 | ---- | -0.54 | -0.02 | 0.51 | ||
| 2047 | 15.87 | 13.24 | -2.63 | ---- | -0.55 | -0.03 | 0.53 | ||
| 2048 | 15.84 | 13.24 | -2.60 | ---- | -0.57 | -0.03 | 0.54 | ||
| 2049 | 15.80 | 13.24 | -2.56 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2050 | 15.77 | 13.24 | -2.53 | ---- | -0.59 | -0.03 | 0.57 | ||
| 2051 | 15.75 | 13.24 | -2.51 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2052 | 15.75 | 13.24 | -2.50 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2053 | 15.74 | 13.24 | -2.50 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2054 | 15.75 | 13.24 | -2.50 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2055 | 15.76 | 13.25 | -2.52 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2056 | 15.78 | 13.25 | -2.54 | ---- | -0.66 | -0.03 | 0.62 | ||
| 2057 | 15.82 | 13.25 | -2.56 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2058 | 15.86 | 13.26 | -2.60 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2059 | 15.90 | 13.26 | -2.64 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2060 | 15.95 | 13.26 | -2.69 | ---- | -0.68 | -0.03 | 0.64 | ||
| 2061 | 16.00 | 13.27 | -2.74 | ---- | -0.68 | -0.03 | 0.64 | ||
| 2062 | 16.06 | 13.27 | -2.78 | ---- | -0.68 | -0.03 | 0.64 | ||
| 2063 | 16.11 | 13.28 | -2.83 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2064 | 16.16 | 13.28 | -2.88 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2065 | 16.21 | 13.28 | -2.93 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2066 | 16.27 | 13.29 | -2.98 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2067 | 16.33 | 13.29 | -3.04 | ---- | -0.69 | -0.03 | 0.65 | ||
| 2068 | 16.38 | 13.29 | -3.09 | ---- | -0.69 | -0.03 | 0.65 | ||
| 2069 | 16.44 | 13.30 | -3.14 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2070 | 16.50 | 13.30 | -3.20 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2071 | 16.55 | 13.31 | -3.24 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2072 | 16.60 | 13.31 | -3.29 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2073 | 16.64 | 13.31 | -3.33 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2074 | 16.69 | 13.32 | -3.37 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2075 | 16.73 | 13.32 | -3.41 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2076 | 16.76 | 13.32 | -3.43 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2077 | 16.77 | 13.32 | -3.45 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2078 | 16.78 | 13.33 | -3.46 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2079 | 16.78 | 13.33 | -3.45 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2080 | 16.77 | 13.32 | -3.44 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2081 | 16.75 | 13.32 | -3.43 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2082 | 16.73 | 13.32 | -3.41 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2083 | 16.71 | 13.32 | -3.39 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2084 | 16.69 | 13.32 | -3.37 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2085 | 16.67 | 13.32 | -3.35 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2086 | 16.65 | 13.32 | -3.33 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2087 | 16.64 | 13.32 | -3.32 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2088 | 16.64 | 13.32 | -3.32 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2089 | 16.64 | 13.32 | -3.33 | ---- | -0.69 | -0.04 | 0.66 | ||
| 2090 | 16.66 | 13.32 | -3.34 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2091 | 16.69 | 13.32 | -3.37 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2092 | 16.72 | 13.32 | -3.40 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2093 | 16.76 | 13.33 | -3.44 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2094 | 16.81 | 13.33 | -3.48 | ---- | -0.71 | -0.04 | 0.68 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.10% | 13.79% | -2.31% | 2036 | -0.49% | -0.02% | 0.47% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.