Detailed Single Year Tables
Description of Proposed Provision:
C2.7: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 starting in 2021 by 3 months per year until EEA reaches 64 in 2028 and NRA reaches 69 in 2030.
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 | 14.03 | 12.90 | -1.13 | 248 | -0.02 | 0.00 | 0.02 | ||
| 2022 | 14.22 | 12.93 | -1.28 | 233 | -0.03 | 0.01 | 0.04 | ||
| 2023 | 14.38 | 12.95 | -1.43 | 218 | -0.05 | 0.01 | 0.06 | ||
| 2024 | 14.58 | 12.99 | -1.59 | 202 | -0.07 | 0.01 | 0.08 | ||
| 2025 | 14.79 | 13.01 | -1.78 | 185 | -0.09 | 0.01 | 0.10 | ||
| 2026 | 14.99 | 13.14 | -1.85 | 168 | -0.12 | 0.01 | 0.14 | ||
| 2027 | 15.18 | 13.17 | -2.01 | 152 | -0.17 | 0.02 | 0.18 | ||
| 2028 | 15.37 | 13.21 | -2.15 | 135 | -0.22 | 0.02 | 0.24 | ||
| 2029 | 15.56 | 13.25 | -2.31 | 119 | -0.27 | 0.02 | 0.29 | ||
| 2030 | 15.70 | 13.26 | -2.43 | 103 | -0.33 | 0.02 | 0.35 | ||
| 2031 | 15.78 | 13.27 | -2.51 | 87 | -0.40 | 0.02 | 0.42 | ||
| 2032 | 15.86 | 13.28 | -2.58 | 71 | -0.47 | 0.02 | 0.49 | ||
| 2033 | 15.92 | 13.29 | -2.63 | 55 | -0.53 | 0.01 | 0.54 | ||
| 2034 | 15.98 | 13.30 | -2.68 | 39 | -0.58 | 0.01 | 0.59 | ||
| 2035 | 16.01 | 13.30 | -2.71 | 23 | -0.62 | 0.01 | 0.62 | ||
| 2036 | 16.04 | 13.30 | -2.74 | 6 | -0.64 | 0.01 | 0.65 | ||
| 2037 | 16.07 | 13.31 | -2.76 | ---- | -0.67 | 0.00 | 0.67 | ||
| 2038 | 16.09 | 13.31 | -2.78 | ---- | -0.70 | 0.00 | 0.70 | ||
| 2039 | 16.09 | 13.31 | -2.78 | ---- | -0.72 | -0.00 | 0.72 | ||
| 2040 | 16.10 | 13.31 | -2.78 | ---- | -0.75 | -0.00 | 0.75 | ||
| 2041 | 16.08 | 13.31 | -2.77 | ---- | -0.77 | -0.00 | 0.77 | ||
| 2042 | 16.06 | 13.31 | -2.75 | ---- | -0.80 | -0.01 | 0.79 | ||
| 2043 | 16.03 | 13.31 | -2.72 | ---- | -0.82 | -0.01 | 0.81 | ||
| 2044 | 15.99 | 13.31 | -2.68 | ---- | -0.84 | -0.01 | 0.84 | ||
| 2045 | 15.95 | 13.31 | -2.64 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2046 | 15.91 | 13.31 | -2.60 | ---- | -0.89 | -0.01 | 0.88 | ||
| 2047 | 15.88 | 13.31 | -2.57 | ---- | -0.91 | -0.01 | 0.90 | ||
| 2048 | 15.85 | 13.31 | -2.55 | ---- | -0.93 | -0.01 | 0.92 | ||
| 2049 | 15.83 | 13.31 | -2.52 | ---- | -0.96 | -0.01 | 0.94 | ||
| 2050 | 15.81 | 13.31 | -2.50 | ---- | -0.98 | -0.02 | 0.96 | ||
| 2051 | 15.79 | 13.31 | -2.48 | ---- | -1.01 | -0.02 | 0.99 | ||
| 2052 | 15.78 | 13.31 | -2.47 | ---- | -1.03 | -0.02 | 1.01 | ||
| 2053 | 15.78 | 13.31 | -2.47 | ---- | -1.05 | -0.02 | 1.03 | ||
| 2054 | 15.79 | 13.31 | -2.48 | ---- | -1.06 | -0.02 | 1.05 | ||
| 2055 | 15.82 | 13.32 | -2.50 | ---- | -1.08 | -0.02 | 1.06 | ||
| 2056 | 15.84 | 13.32 | -2.53 | ---- | -1.09 | -0.02 | 1.07 | ||
| 2057 | 15.88 | 13.32 | -2.56 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2058 | 15.92 | 13.33 | -2.60 | ---- | -1.10 | -0.02 | 1.08 | ||
| 2059 | 15.98 | 13.33 | -2.65 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2060 | 16.03 | 13.33 | -2.70 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2061 | 16.09 | 13.34 | -2.75 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2062 | 16.15 | 13.34 | -2.81 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2063 | 16.22 | 13.35 | -2.87 | ---- | -1.11 | -0.02 | 1.09 | ||
| 2064 | 16.27 | 13.35 | -2.92 | ---- | -1.12 | -0.02 | 1.09 | ||
| 2065 | 16.34 | 13.36 | -2.98 | ---- | -1.12 | -0.02 | 1.10 | ||
| 2066 | 16.40 | 13.36 | -3.04 | ---- | -1.13 | -0.02 | 1.10 | ||
| 2067 | 16.46 | 13.37 | -3.10 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2068 | 16.53 | 13.37 | -3.16 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2069 | 16.59 | 13.38 | -3.22 | ---- | -1.14 | -0.03 | 1.12 | ||
| 2070 | 16.66 | 13.38 | -3.28 | ---- | -1.15 | -0.03 | 1.12 | ||
| 2071 | 16.72 | 13.39 | -3.34 | ---- | -1.15 | -0.02 | 1.12 | ||
| 2072 | 16.78 | 13.39 | -3.39 | ---- | -1.15 | -0.02 | 1.12 | ||
| 2073 | 16.84 | 13.39 | -3.44 | ---- | -1.15 | -0.02 | 1.12 | ||
| 2074 | 16.89 | 13.40 | -3.49 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2075 | 16.94 | 13.40 | -3.54 | ---- | -1.14 | -0.02 | 1.12 | ||
| 2076 | 16.98 | 13.41 | -3.57 | ---- | -1.14 | -0.02 | 1.11 | ||
| 2077 | 17.00 | 13.41 | -3.60 | ---- | -1.13 | -0.02 | 1.11 | ||
| 2078 | 17.02 | 13.41 | -3.61 | ---- | -1.13 | -0.03 | 1.10 | ||
| 2079 | 17.03 | 13.41 | -3.62 | ---- | -1.12 | -0.03 | 1.10 | ||
| 2080 | 17.02 | 13.41 | -3.61 | ---- | -1.12 | -0.03 | 1.09 | ||
| 2081 | 17.01 | 13.41 | -3.60 | ---- | -1.11 | -0.03 | 1.08 | ||
| 2082 | 16.99 | 13.41 | -3.59 | ---- | -1.10 | -0.03 | 1.08 | ||
| 2083 | 16.97 | 13.40 | -3.56 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2084 | 16.94 | 13.40 | -3.54 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2085 | 16.90 | 13.40 | -3.50 | ---- | -1.09 | -0.03 | 1.07 | ||
| 2086 | 16.86 | 13.40 | -3.46 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2087 | 16.82 | 13.39 | -3.43 | ---- | -1.10 | -0.03 | 1.08 | ||
| 2088 | 16.79 | 13.39 | -3.40 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2089 | 16.77 | 13.39 | -3.38 | ---- | -1.10 | -0.03 | 1.07 | ||
| 2090 | 16.76 | 13.39 | -3.37 | ---- | -1.10 | -0.03 | 1.08 | ||
| 2091 | 16.75 | 13.39 | -3.36 | ---- | -1.12 | -0.03 | 1.09 | ||
| 2092 | 16.76 | 13.39 | -3.36 | ---- | -1.12 | -0.03 | 1.10 | ||
| 2093 | 16.77 | 13.39 | -3.38 | ---- | -1.13 | -0.03 | 1.11 | ||
| 2094 | 16.80 | 13.40 | -3.40 | ---- | -1.14 | -0.03 | 1.11 | ||
| 2095 | 16.83 | 13.40 | -3.43 | ---- | -1.14 | -0.03 | 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 |
||
| 2020-2094 | 16.22% | 13.84% | -2.38% | 2036 | -0.84% | -0.01% | 0.83% | ||
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.