Detailed Single Year Tables
Description of Proposed Provision:
C2.5: Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2020 until the NRA reaches 70 in 2033. 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 2022 through 2029. Keep EEA at 64 thereafter.
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 | 13.93 | 12.87 | -1.06 | 260 | -0.01 | 0.00 | 0.01 | ||
| 2021 | 14.07 | 12.90 | -1.17 | 245 | -0.02 | 0.01 | 0.02 | ||
| 2022 | 14.20 | 12.93 | -1.28 | 230 | -0.02 | 0.01 | 0.03 | ||
| 2023 | 14.36 | 12.95 | -1.41 | 214 | -0.03 | 0.01 | 0.05 | ||
| 2024 | 14.54 | 12.98 | -1.56 | 198 | -0.04 | 0.02 | 0.06 | ||
| 2025 | 14.73 | 13.00 | -1.73 | 182 | -0.05 | 0.02 | 0.07 | ||
| 2026 | 14.87 | 13.13 | -1.74 | 166 | -0.12 | 0.02 | 0.13 | ||
| 2027 | 15.00 | 13.15 | -1.85 | 151 | -0.19 | 0.02 | 0.21 | ||
| 2028 | 15.16 | 13.19 | -1.97 | 136 | -0.27 | 0.02 | 0.28 | ||
| 2029 | 15.27 | 13.21 | -2.07 | 122 | -0.35 | 0.02 | 0.37 | ||
| 2030 | 15.36 | 13.22 | -2.15 | 108 | -0.44 | 0.01 | 0.46 | ||
| 2031 | 15.44 | 13.23 | -2.21 | 93 | -0.53 | 0.01 | 0.54 | ||
| 2032 | 15.49 | 13.24 | -2.26 | 80 | -0.61 | 0.01 | 0.62 | ||
| 2033 | 15.53 | 13.24 | -2.29 | 66 | -0.70 | 0.01 | 0.70 | ||
| 2034 | 15.55 | 13.25 | -2.30 | 52 | -0.78 | 0.00 | 0.78 | ||
| 2035 | 15.54 | 13.25 | -2.29 | 38 | -0.85 | -0.00 | 0.85 | ||
| 2036 | 15.52 | 13.25 | -2.27 | 24 | -0.94 | -0.01 | 0.94 | ||
| 2037 | 15.50 | 13.25 | -2.25 | 10 | -1.02 | -0.01 | 1.01 | ||
| 2038 | 15.49 | 13.25 | -2.23 | ---- | -1.08 | -0.01 | 1.06 | ||
| 2039 | 15.48 | 13.25 | -2.22 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2040 | 15.45 | 13.25 | -2.19 | ---- | -1.17 | -0.02 | 1.15 | ||
| 2041 | 15.42 | 13.25 | -2.16 | ---- | -1.19 | -0.02 | 1.17 | ||
| 2042 | 15.37 | 13.25 | -2.12 | ---- | -1.22 | -0.02 | 1.20 | ||
| 2043 | 15.31 | 13.25 | -2.06 | ---- | -1.25 | -0.02 | 1.23 | ||
| 2044 | 15.24 | 13.25 | -1.99 | ---- | -1.28 | -0.03 | 1.26 | ||
| 2045 | 15.17 | 13.24 | -1.92 | ---- | -1.32 | -0.03 | 1.29 | ||
| 2046 | 15.09 | 13.24 | -1.85 | ---- | -1.36 | -0.03 | 1.33 | ||
| 2047 | 15.02 | 13.24 | -1.78 | ---- | -1.40 | -0.03 | 1.37 | ||
| 2048 | 14.96 | 13.24 | -1.72 | ---- | -1.44 | -0.03 | 1.41 | ||
| 2049 | 14.90 | 13.23 | -1.66 | ---- | -1.49 | -0.03 | 1.45 | ||
| 2050 | 14.84 | 13.23 | -1.60 | ---- | -1.53 | -0.04 | 1.49 | ||
| 2051 | 14.78 | 13.23 | -1.55 | ---- | -1.58 | -0.04 | 1.54 | ||
| 2052 | 14.74 | 13.23 | -1.51 | ---- | -1.62 | -0.04 | 1.58 | ||
| 2053 | 14.71 | 13.23 | -1.48 | ---- | -1.66 | -0.04 | 1.62 | ||
| 2054 | 14.68 | 13.23 | -1.45 | ---- | -1.70 | -0.04 | 1.66 | ||
| 2055 | 14.67 | 13.23 | -1.44 | ---- | -1.74 | -0.05 | 1.69 | ||
| 2056 | 14.67 | 13.23 | -1.43 | ---- | -1.77 | -0.05 | 1.73 | ||
| 2057 | 14.67 | 13.24 | -1.44 | ---- | -1.81 | -0.05 | 1.76 | ||
| 2058 | 14.69 | 13.24 | -1.45 | ---- | -1.84 | -0.05 | 1.79 | ||
| 2059 | 14.71 | 13.24 | -1.47 | ---- | -1.86 | -0.05 | 1.81 | ||
| 2060 | 14.74 | 13.24 | -1.49 | ---- | -1.89 | -0.05 | 1.84 | ||
| 2061 | 14.77 | 13.25 | -1.53 | ---- | -1.91 | -0.06 | 1.85 | ||
| 2062 | 14.80 | 13.25 | -1.55 | ---- | -1.93 | -0.06 | 1.88 | ||
| 2063 | 14.83 | 13.25 | -1.58 | ---- | -1.96 | -0.06 | 1.90 | ||
| 2064 | 14.85 | 13.25 | -1.60 | ---- | -1.99 | -0.06 | 1.93 | ||
| 2065 | 14.87 | 13.25 | -1.62 | ---- | -2.02 | -0.06 | 1.96 | ||
| 2066 | 14.89 | 13.26 | -1.64 | ---- | -2.06 | -0.07 | 2.00 | ||
| 2067 | 14.91 | 13.26 | -1.66 | ---- | -2.10 | -0.07 | 2.03 | ||
| 2068 | 14.94 | 13.26 | -1.68 | ---- | -2.14 | -0.07 | 2.07 | ||
| 2069 | 14.96 | 13.26 | -1.70 | ---- | -2.17 | -0.07 | 2.10 | ||
| 2070 | 14.98 | 13.27 | -1.72 | ---- | -2.21 | -0.07 | 2.14 | ||
| 2071 | 15.00 | 13.27 | -1.73 | ---- | -2.25 | -0.07 | 2.18 | ||
| 2072 | 15.01 | 13.27 | -1.74 | ---- | -2.29 | -0.08 | 2.21 | ||
| 2073 | 15.03 | 13.27 | -1.75 | ---- | -2.32 | -0.08 | 2.25 | ||
| 2074 | 15.04 | 13.27 | -1.76 | ---- | -2.35 | -0.08 | 2.28 | ||
| 2075 | 15.04 | 13.27 | -1.77 | ---- | -2.39 | -0.08 | 2.30 | ||
| 2076 | 15.04 | 13.27 | -1.77 | ---- | -2.42 | -0.08 | 2.33 | ||
| 2077 | 15.03 | 13.27 | -1.76 | ---- | -2.45 | -0.09 | 2.36 | ||
| 2078 | 15.01 | 13.27 | -1.74 | ---- | -2.47 | -0.09 | 2.38 | ||
| 2079 | 14.98 | 13.27 | -1.71 | ---- | -2.49 | -0.09 | 2.40 | ||
| 2080 | 14.95 | 13.27 | -1.68 | ---- | -2.52 | -0.09 | 2.42 | ||
| 2081 | 14.91 | 13.26 | -1.65 | ---- | -2.53 | -0.10 | 2.44 | ||
| 2082 | 14.88 | 13.26 | -1.62 | ---- | -2.55 | -0.10 | 2.45 | ||
| 2083 | 14.84 | 13.26 | -1.58 | ---- | -2.56 | -0.10 | 2.46 | ||
| 2084 | 14.79 | 13.26 | -1.53 | ---- | -2.59 | -0.10 | 2.49 | ||
| 2085 | 14.74 | 13.25 | -1.49 | ---- | -2.61 | -0.10 | 2.51 | ||
| 2086 | 14.70 | 13.25 | -1.44 | ---- | -2.64 | -0.10 | 2.54 | ||
| 2087 | 14.66 | 13.25 | -1.40 | ---- | -2.67 | -0.10 | 2.57 | ||
| 2088 | 14.62 | 13.25 | -1.38 | ---- | -2.70 | -0.10 | 2.60 | ||
| 2089 | 14.61 | 13.25 | -1.36 | ---- | -2.73 | -0.10 | 2.63 | ||
| 2090 | 14.60 | 13.25 | -1.35 | ---- | -2.76 | -0.10 | 2.65 | ||
| 2091 | 14.60 | 13.25 | -1.35 | ---- | -2.79 | -0.11 | 2.69 | ||
| 2092 | 14.60 | 13.25 | -1.35 | ---- | -2.83 | -0.11 | 2.72 | ||
| 2093 | 14.60 | 13.25 | -1.35 | ---- | -2.87 | -0.11 | 2.76 | ||
| 2094 | 14.61 | 13.25 | -1.35 | ---- | -2.92 | -0.11 | 2.81 | ||
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 | 15.09% | 13.77% | -1.32% | 2037 | -1.51% | -0.04% | 1.47% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2019 Trustees Report.