Detailed Single Year Tables
Description of Proposed Provision:
C2.3: 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 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.
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 | 14.39 | 12.94 | -1.45 | 213 | -0.00 | 0.00 | 0.01 | ||
| 2024 | 14.58 | 12.97 | -1.61 | 197 | -0.01 | 0.00 | 0.01 | ||
| 2025 | 14.77 | 12.99 | -1.78 | 181 | -0.02 | 0.00 | 0.02 | ||
| 2026 | 14.97 | 13.11 | -1.85 | 164 | -0.02 | 0.00 | 0.02 | ||
| 2027 | 15.16 | 13.13 | -2.03 | 148 | -0.03 | 0.00 | 0.03 | ||
| 2028 | 15.40 | 13.18 | -2.22 | 131 | -0.03 | 0.00 | 0.03 | ||
| 2029 | 15.59 | 13.19 | -2.39 | 115 | -0.04 | 0.00 | 0.04 | ||
| 2030 | 15.76 | 13.21 | -2.55 | 98 | -0.05 | 0.00 | 0.05 | ||
| 2031 | 15.91 | 13.22 | -2.69 | 82 | -0.05 | 0.00 | 0.06 | ||
| 2032 | 16.04 | 13.23 | -2.81 | 65 | -0.06 | 0.00 | 0.07 | ||
| 2033 | 16.16 | 13.24 | -2.92 | 48 | -0.08 | 0.00 | 0.08 | ||
| 2034 | 16.24 | 13.25 | -2.99 | 31 | -0.09 | 0.00 | 0.09 | ||
| 2035 | 16.30 | 13.25 | -3.05 | 13 | -0.10 | 0.00 | 0.10 | ||
| 2036 | 16.35 | 13.26 | -3.09 | ---- | -0.11 | 0.00 | 0.11 | ||
| 2037 | 16.39 | 13.26 | -3.13 | ---- | -0.13 | 0.00 | 0.13 | ||
| 2038 | 16.43 | 13.27 | -3.16 | ---- | -0.14 | 0.00 | 0.14 | ||
| 2039 | 16.45 | 13.27 | -3.18 | ---- | -0.16 | 0.00 | 0.16 | ||
| 2040 | 16.45 | 13.27 | -3.18 | ---- | -0.17 | -0.00 | 0.17 | ||
| 2041 | 16.43 | 13.27 | -3.16 | ---- | -0.18 | -0.00 | 0.18 | ||
| 2042 | 16.40 | 13.27 | -3.12 | ---- | -0.19 | -0.00 | 0.19 | ||
| 2043 | 16.35 | 13.27 | -3.08 | ---- | -0.21 | -0.00 | 0.21 | ||
| 2044 | 16.30 | 13.27 | -3.03 | ---- | -0.22 | -0.00 | 0.22 | ||
| 2045 | 16.25 | 13.27 | -2.98 | ---- | -0.24 | -0.00 | 0.24 | ||
| 2046 | 16.19 | 13.27 | -2.93 | ---- | -0.26 | -0.00 | 0.26 | ||
| 2047 | 16.15 | 13.27 | -2.88 | ---- | -0.28 | -0.00 | 0.27 | ||
| 2048 | 16.11 | 13.27 | -2.84 | ---- | -0.30 | -0.00 | 0.29 | ||
| 2049 | 16.07 | 13.27 | -2.80 | ---- | -0.32 | -0.00 | 0.31 | ||
| 2050 | 16.03 | 13.27 | -2.76 | ---- | -0.34 | -0.00 | 0.34 | ||
| 2051 | 16.00 | 13.27 | -2.73 | ---- | -0.36 | -0.00 | 0.36 | ||
| 2052 | 15.98 | 13.27 | -2.71 | ---- | -0.39 | -0.00 | 0.38 | ||
| 2053 | 15.96 | 13.27 | -2.69 | ---- | -0.41 | -0.00 | 0.40 | ||
| 2054 | 15.96 | 13.27 | -2.68 | ---- | -0.43 | -0.00 | 0.43 | ||
| 2055 | 15.96 | 13.27 | -2.69 | ---- | -0.45 | -0.01 | 0.45 | ||
| 2056 | 15.97 | 13.28 | -2.70 | ---- | -0.47 | -0.01 | 0.46 | ||
| 2057 | 15.99 | 13.28 | -2.71 | ---- | -0.49 | -0.01 | 0.48 | ||
| 2058 | 16.02 | 13.28 | -2.74 | ---- | -0.51 | -0.01 | 0.50 | ||
| 2059 | 16.05 | 13.29 | -2.76 | ---- | -0.53 | -0.01 | 0.52 | ||
| 2060 | 16.08 | 13.29 | -2.79 | ---- | -0.55 | -0.01 | 0.54 | ||
| 2061 | 16.12 | 13.29 | -2.82 | ---- | -0.56 | -0.01 | 0.55 | ||
| 2062 | 16.15 | 13.30 | -2.86 | ---- | -0.58 | -0.01 | 0.57 | ||
| 2063 | 16.19 | 13.30 | -2.89 | ---- | -0.60 | -0.01 | 0.59 | ||
| 2064 | 16.22 | 13.30 | -2.92 | ---- | -0.62 | -0.01 | 0.61 | ||
| 2065 | 16.26 | 13.31 | -2.95 | ---- | -0.64 | -0.01 | 0.63 | ||
| 2066 | 16.30 | 13.31 | -2.99 | ---- | -0.66 | -0.01 | 0.65 | ||
| 2067 | 16.34 | 13.32 | -3.02 | ---- | -0.68 | -0.01 | 0.67 | ||
| 2068 | 16.38 | 13.32 | -3.06 | ---- | -0.70 | -0.01 | 0.69 | ||
| 2069 | 16.42 | 13.32 | -3.10 | ---- | -0.72 | -0.01 | 0.70 | ||
| 2070 | 16.46 | 13.33 | -3.13 | ---- | -0.73 | -0.01 | 0.72 | ||
| 2071 | 16.50 | 13.33 | -3.17 | ---- | -0.75 | -0.01 | 0.74 | ||
| 2072 | 16.53 | 13.34 | -3.19 | ---- | -0.77 | -0.01 | 0.76 | ||
| 2073 | 16.56 | 13.34 | -3.22 | ---- | -0.79 | -0.01 | 0.78 | ||
| 2074 | 16.59 | 13.34 | -3.25 | ---- | -0.80 | -0.01 | 0.79 | ||
| 2075 | 16.61 | 13.34 | -3.27 | ---- | -0.82 | -0.01 | 0.81 | ||
| 2076 | 16.62 | 13.35 | -3.28 | ---- | -0.84 | -0.01 | 0.82 | ||
| 2077 | 16.63 | 13.35 | -3.28 | ---- | -0.85 | -0.01 | 0.84 | ||
| 2078 | 16.62 | 13.35 | -3.27 | ---- | -0.86 | -0.01 | 0.85 | ||
| 2079 | 16.60 | 13.35 | -3.25 | ---- | -0.88 | -0.01 | 0.86 | ||
| 2080 | 16.58 | 13.35 | -3.23 | ---- | -0.89 | -0.01 | 0.87 | ||
| 2081 | 16.56 | 13.35 | -3.21 | ---- | -0.89 | -0.01 | 0.88 | ||
| 2082 | 16.53 | 13.34 | -3.19 | ---- | -0.89 | -0.01 | 0.88 | ||
| 2083 | 16.50 | 13.34 | -3.16 | ---- | -0.90 | -0.01 | 0.89 | ||
| 2084 | 16.45 | 13.34 | -3.11 | ---- | -0.92 | -0.01 | 0.91 | ||
| 2085 | 16.40 | 13.34 | -3.07 | ---- | -0.95 | -0.02 | 0.94 | ||
| 2086 | 16.34 | 13.34 | -3.01 | ---- | -1.00 | -0.02 | 0.98 | ||
| 2087 | 16.29 | 13.33 | -2.96 | ---- | -1.03 | -0.02 | 1.01 | ||
| 2088 | 16.26 | 13.33 | -2.93 | ---- | -1.06 | -0.02 | 1.04 | ||
| 2089 | 16.25 | 13.33 | -2.92 | ---- | -1.09 | -0.02 | 1.06 | ||
| 2090 | 16.25 | 13.33 | -2.92 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2091 | 16.27 | 13.33 | -2.94 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2092 | 16.31 | 13.34 | -2.97 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2093 | 16.35 | 13.34 | -3.01 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2094 | 16.39 | 13.34 | -3.05 | ---- | -1.13 | -0.02 | 1.11 | ||
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 | 16.16% | 13.81% | -2.35% | 2035 | -0.44% | -0.01% | 0.43% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2019 Trustees Report.