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.

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

Year Current Law Provision
2020261261
2021248248
2022233233
2023217217
2024200200
2025183183
2026165166
2027148148
2028130131
2029112113
20309495
20317677
20325859
20333941
20342023
203514
2036-19-15
2037-38-35
2038-59-54
2039-80-75
2040-101-95
2041-122-115
2042-144-136
2043-166-157
2044-188-179
2045-210-200
2046-232-221
2047-255-243
2048-277-264
2049-299-285
2050-322-306
2051-344-328
2052-367-349
2053-389-370
2054-412-391
2055-434-412
2056-457-433
2057-480-454
2058-504-476
2059-527-497
2060-551-519
2061-575-541
2062-599-563
2063-624-586
2064-650-609
2065-676-632
2066-702-656
2067-728-680
2068-755-704
2069-782-729
2070-809-754
2071-837-779
2072-866-805
2073-895-831
2074-925-858
2075-955-885
2076-986-913
2077-1018-941
2078-1051-970
2079-1084-1001
2080-1119-1031
2081-1154-1063
2082-1190-1094
2083-1226-1126
2084-1263-1159
2085-1300-1192
2086-1337-1225
2087-1374-1258
2088-1411-1292
2089-1448-1326
2090-1484-1358
2091-1520-1393
2092-1554-1425
2093-1589-1456
2094-1623-1485
2095-1657-1513
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