Detailed Single Year Tables
Description of Proposed Provision:
C2.2: 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, raise the earliest eligibility age (EEA) for retired-workers, aged widow(er)s, and disabled widow(er)s by the same amount as the NRA starting for those attaining 62 in 2021.
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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | -0.00 | 0.00 | 0.00 | ||
| 2022 | 14.24 | 12.93 | -1.31 | 233 | -0.01 | 0.00 | 0.01 | ||
| 2023 | 14.42 | 12.95 | -1.47 | 217 | -0.01 | 0.00 | 0.02 | ||
| 2024 | 14.62 | 12.98 | -1.64 | 201 | -0.02 | 0.00 | 0.03 | ||
| 2025 | 14.85 | 13.00 | -1.85 | 184 | -0.03 | 0.00 | 0.04 | ||
| 2026 | 15.07 | 13.13 | -1.94 | 166 | -0.04 | 0.00 | 0.05 | ||
| 2027 | 15.30 | 13.15 | -2.14 | 149 | -0.05 | 0.00 | 0.06 | ||
| 2028 | 15.52 | 13.19 | -2.33 | 132 | -0.06 | 0.01 | 0.07 | ||
| 2029 | 15.76 | 13.23 | -2.53 | 114 | -0.07 | 0.01 | 0.08 | ||
| 2030 | 15.94 | 13.25 | -2.69 | 96 | -0.08 | 0.01 | 0.09 | ||
| 2031 | 16.09 | 13.26 | -2.83 | 79 | -0.09 | 0.01 | 0.10 | ||
| 2032 | 16.22 | 13.27 | -2.95 | 61 | -0.11 | 0.01 | 0.12 | ||
| 2033 | 16.33 | 13.28 | -3.05 | 43 | -0.12 | 0.01 | 0.13 | ||
| 2034 | 16.42 | 13.29 | -3.12 | 25 | -0.14 | 0.01 | 0.14 | ||
| 2035 | 16.48 | 13.30 | -3.18 | 6 | -0.15 | 0.01 | 0.15 | ||
| 2036 | 16.52 | 13.30 | -3.22 | ---- | -0.16 | 0.01 | 0.17 | ||
| 2037 | 16.56 | 13.31 | -3.25 | ---- | -0.18 | 0.01 | 0.18 | ||
| 2038 | 16.59 | 13.31 | -3.28 | ---- | -0.19 | 0.01 | 0.20 | ||
| 2039 | 16.61 | 13.32 | -3.29 | ---- | -0.21 | 0.01 | 0.21 | ||
| 2040 | 16.63 | 13.32 | -3.30 | ---- | -0.22 | 0.01 | 0.23 | ||
| 2041 | 16.62 | 13.32 | -3.30 | ---- | -0.24 | 0.01 | 0.24 | ||
| 2042 | 16.61 | 13.32 | -3.28 | ---- | -0.25 | 0.00 | 0.26 | ||
| 2043 | 16.58 | 13.32 | -3.26 | ---- | -0.27 | 0.00 | 0.27 | ||
| 2044 | 16.54 | 13.32 | -3.22 | ---- | -0.29 | 0.00 | 0.29 | ||
| 2045 | 16.51 | 13.32 | -3.18 | ---- | -0.31 | 0.00 | 0.31 | ||
| 2046 | 16.47 | 13.32 | -3.15 | ---- | -0.33 | 0.00 | 0.34 | ||
| 2047 | 16.44 | 13.32 | -3.11 | ---- | -0.35 | 0.00 | 0.36 | ||
| 2048 | 16.41 | 13.32 | -3.08 | ---- | -0.38 | 0.00 | 0.38 | ||
| 2049 | 16.38 | 13.32 | -3.05 | ---- | -0.41 | 0.00 | 0.41 | ||
| 2050 | 16.35 | 13.33 | -3.03 | ---- | -0.43 | 0.00 | 0.44 | ||
| 2051 | 16.33 | 13.33 | -3.00 | ---- | -0.47 | 0.00 | 0.47 | ||
| 2052 | 16.31 | 13.33 | -2.98 | ---- | -0.50 | 0.00 | 0.50 | ||
| 2053 | 16.30 | 13.33 | -2.97 | ---- | -0.53 | 0.00 | 0.53 | ||
| 2054 | 16.30 | 13.33 | -2.97 | ---- | -0.55 | 0.00 | 0.55 | ||
| 2055 | 16.31 | 13.33 | -2.98 | ---- | -0.58 | 0.00 | 0.58 | ||
| 2056 | 16.33 | 13.34 | -2.99 | ---- | -0.60 | 0.00 | 0.60 | ||
| 2057 | 16.35 | 13.34 | -3.01 | ---- | -0.63 | -0.00 | 0.63 | ||
| 2058 | 16.38 | 13.35 | -3.03 | ---- | -0.65 | -0.00 | 0.65 | ||
| 2059 | 16.41 | 13.35 | -3.06 | ---- | -0.68 | -0.00 | 0.67 | ||
| 2060 | 16.45 | 13.36 | -3.09 | ---- | -0.70 | -0.00 | 0.70 | ||
| 2061 | 16.49 | 13.36 | -3.13 | ---- | -0.72 | -0.00 | 0.72 | ||
| 2062 | 16.53 | 13.36 | -3.16 | ---- | -0.74 | -0.00 | 0.74 | ||
| 2063 | 16.57 | 13.37 | -3.20 | ---- | -0.76 | -0.00 | 0.76 | ||
| 2064 | 16.60 | 13.37 | -3.23 | ---- | -0.79 | -0.00 | 0.78 | ||
| 2065 | 16.64 | 13.38 | -3.27 | ---- | -0.81 | -0.00 | 0.81 | ||
| 2066 | 16.68 | 13.38 | -3.30 | ---- | -0.84 | -0.00 | 0.84 | ||
| 2067 | 16.73 | 13.38 | -3.34 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2068 | 16.77 | 13.39 | -3.38 | ---- | -0.89 | -0.01 | 0.89 | ||
| 2069 | 16.82 | 13.39 | -3.42 | ---- | -0.91 | -0.01 | 0.91 | ||
| 2070 | 16.87 | 13.40 | -3.47 | ---- | -0.94 | -0.01 | 0.93 | ||
| 2071 | 16.91 | 13.40 | -3.51 | ---- | -0.96 | -0.01 | 0.95 | ||
| 2072 | 16.95 | 13.41 | -3.54 | ---- | -0.98 | -0.01 | 0.97 | ||
| 2073 | 16.99 | 13.41 | -3.57 | ---- | -1.00 | -0.01 | 0.99 | ||
| 2074 | 17.02 | 13.42 | -3.60 | ---- | -1.02 | -0.01 | 1.01 | ||
| 2075 | 17.04 | 13.42 | -3.62 | ---- | -1.04 | -0.01 | 1.03 | ||
| 2076 | 17.06 | 13.42 | -3.63 | ---- | -1.06 | -0.01 | 1.05 | ||
| 2077 | 17.06 | 13.42 | -3.64 | ---- | -1.08 | -0.01 | 1.07 | ||
| 2078 | 17.05 | 13.42 | -3.63 | ---- | -1.10 | -0.01 | 1.09 | ||
| 2079 | 17.04 | 13.42 | -3.61 | ---- | -1.11 | -0.01 | 1.10 | ||
| 2080 | 17.01 | 13.42 | -3.59 | ---- | -1.13 | -0.01 | 1.12 | ||
| 2081 | 16.98 | 13.42 | -3.56 | ---- | -1.14 | -0.01 | 1.13 | ||
| 2082 | 16.95 | 13.42 | -3.53 | ---- | -1.15 | -0.01 | 1.14 | ||
| 2083 | 16.90 | 13.42 | -3.49 | ---- | -1.16 | -0.01 | 1.15 | ||
| 2084 | 16.85 | 13.42 | -3.44 | ---- | -1.18 | -0.01 | 1.17 | ||
| 2085 | 16.80 | 13.41 | -3.39 | ---- | -1.20 | -0.01 | 1.18 | ||
| 2086 | 16.76 | 13.41 | -3.35 | ---- | -1.20 | -0.01 | 1.19 | ||
| 2087 | 16.70 | 13.41 | -3.30 | ---- | -1.22 | -0.02 | 1.21 | ||
| 2088 | 16.65 | 13.40 | -3.24 | ---- | -1.25 | -0.02 | 1.23 | ||
| 2089 | 16.59 | 13.40 | -3.19 | ---- | -1.28 | -0.02 | 1.27 | ||
| 2090 | 16.54 | 13.40 | -3.14 | ---- | -1.32 | -0.02 | 1.31 | ||
| 2091 | 16.48 | 13.40 | -3.08 | ---- | -1.39 | -0.01 | 1.37 | ||
| 2092 | 16.44 | 13.41 | -3.04 | ---- | -1.44 | -0.01 | 1.43 | ||
| 2093 | 16.43 | 13.41 | -3.02 | ---- | -1.47 | -0.01 | 1.46 | ||
| 2094 | 16.44 | 13.41 | -3.03 | ---- | -1.50 | -0.01 | 1.48 | ||
| 2095 | 16.46 | 13.41 | -3.05 | ---- | -1.51 | -0.01 | 1.49 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 16.47% | 13.85% | -2.63% | 2035 | -0.59% | -0.00% | 0.58% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.