Description of Proposed Provision:
C1.2: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase the NRA 2 months per year until the NRA reaches 68.
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 |
|||
| 2018 | 13.81 | 12.64 | -1.17 | 288 | 0.00 | 0.00 | 0.00 | ||
| 2019 | 13.95 | 12.87 | -1.08 | 272 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 14.12 | 12.89 | -1.23 | 256 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.27 | 12.92 | -1.35 | 239 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.44 | 12.95 | -1.49 | 223 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.60 | 12.97 | -1.64 | 206 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.77 | 12.99 | -1.78 | 189 | -0.03 | -0.00 | 0.03 | ||
| 2025 | 14.93 | 13.01 | -1.92 | 172 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 15.09 | 13.13 | -1.95 | 155 | -0.07 | -0.00 | 0.07 | ||
| 2027 | 15.27 | 13.15 | -2.12 | 139 | -0.09 | -0.00 | 0.09 | ||
| 2028 | 15.47 | 13.17 | -2.30 | 123 | -0.11 | -0.00 | 0.11 | ||
| 2029 | 15.66 | 13.19 | -2.47 | 107 | -0.13 | -0.00 | 0.13 | ||
| 2030 | 15.83 | 13.20 | -2.63 | 90 | -0.15 | -0.00 | 0.15 | ||
| 2031 | 15.96 | 13.21 | -2.75 | 74 | -0.20 | -0.01 | 0.20 | ||
| 2032 | 16.07 | 13.22 | -2.85 | 57 | -0.25 | -0.01 | 0.24 | ||
| 2033 | 16.16 | 13.23 | -2.93 | 40 | -0.29 | -0.01 | 0.28 | ||
| 2034 | 16.24 | 13.24 | -3.01 | 23 | -0.32 | -0.01 | 0.31 | ||
| 2035 | 16.30 | 13.24 | -3.06 | 5 | -0.35 | -0.01 | 0.34 | ||
| 2036 | 16.35 | 13.25 | -3.10 | ---- | -0.38 | -0.01 | 0.36 | ||
| 2037 | 16.39 | 13.25 | -3.14 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2038 | 16.41 | 13.25 | -3.15 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2039 | 16.40 | 13.25 | -3.14 | ---- | -0.44 | -0.02 | 0.42 | ||
| 2040 | 16.38 | 13.25 | -3.12 | ---- | -0.45 | -0.02 | 0.43 | ||
| 2041 | 16.34 | 13.25 | -3.09 | ---- | -0.47 | -0.02 | 0.45 | ||
| 2042 | 16.29 | 13.25 | -3.04 | ---- | -0.48 | -0.02 | 0.46 | ||
| 2043 | 16.23 | 13.25 | -2.99 | ---- | -0.50 | -0.02 | 0.48 | ||
| 2044 | 16.18 | 13.25 | -2.93 | ---- | -0.52 | -0.02 | 0.49 | ||
| 2045 | 16.13 | 13.24 | -2.88 | ---- | -0.53 | -0.02 | 0.51 | ||
| 2046 | 16.08 | 13.24 | -2.84 | ---- | -0.55 | -0.03 | 0.52 | ||
| 2047 | 16.04 | 13.24 | -2.80 | ---- | -0.56 | -0.03 | 0.54 | ||
| 2048 | 16.00 | 13.24 | -2.76 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2049 | 15.96 | 13.24 | -2.72 | ---- | -0.59 | -0.03 | 0.57 | ||
| 2050 | 15.93 | 13.24 | -2.70 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2051 | 15.91 | 13.24 | -2.67 | ---- | -0.62 | -0.03 | 0.59 | ||
| 2052 | 15.90 | 13.24 | -2.66 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2053 | 15.90 | 13.24 | -2.66 | ---- | -0.64 | -0.03 | 0.61 | ||
| 2054 | 15.91 | 13.24 | -2.67 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2055 | 15.93 | 13.24 | -2.68 | ---- | -0.66 | -0.03 | 0.63 | ||
| 2056 | 15.95 | 13.25 | -2.71 | ---- | -0.67 | -0.03 | 0.64 | ||
| 2057 | 15.99 | 13.25 | -2.74 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2058 | 16.03 | 13.25 | -2.77 | ---- | -0.68 | -0.03 | 0.65 | ||
| 2059 | 16.07 | 13.26 | -2.81 | ---- | -0.69 | -0.03 | 0.65 | ||
| 2060 | 16.12 | 13.26 | -2.86 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2061 | 16.17 | 13.26 | -2.90 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2062 | 16.22 | 13.27 | -2.95 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2063 | 16.27 | 13.27 | -3.00 | ---- | -0.69 | -0.03 | 0.66 | ||
| 2064 | 16.32 | 13.28 | -3.04 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2065 | 16.37 | 13.28 | -3.09 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2066 | 16.43 | 13.28 | -3.14 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2067 | 16.48 | 13.29 | -3.19 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2068 | 16.54 | 13.29 | -3.25 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2069 | 16.60 | 13.30 | -3.30 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2070 | 16.65 | 13.30 | -3.35 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2071 | 16.70 | 13.30 | -3.40 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2072 | 16.75 | 13.31 | -3.44 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2073 | 16.79 | 13.31 | -3.48 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2074 | 16.83 | 13.31 | -3.52 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2075 | 16.87 | 13.32 | -3.55 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2076 | 16.89 | 13.32 | -3.58 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2077 | 16.91 | 13.32 | -3.59 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2078 | 16.91 | 13.32 | -3.59 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2079 | 16.91 | 13.32 | -3.59 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2080 | 16.90 | 13.32 | -3.58 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2081 | 16.88 | 13.32 | -3.57 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2082 | 16.87 | 13.32 | -3.55 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2083 | 16.85 | 13.32 | -3.54 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2084 | 16.84 | 13.31 | -3.52 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2085 | 16.83 | 13.31 | -3.51 | ---- | -0.70 | -0.04 | 0.67 | ||
| 2086 | 16.82 | 13.31 | -3.51 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2087 | 16.82 | 13.31 | -3.51 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2088 | 16.84 | 13.31 | -3.52 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2089 | 16.85 | 13.32 | -3.54 | ---- | -0.71 | -0.04 | 0.68 | ||
| 2090 | 16.88 | 13.32 | -3.56 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2091 | 16.91 | 13.32 | -3.59 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2092 | 16.95 | 13.32 | -3.63 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2093 | 17.00 | 13.33 | -3.67 | ---- | -0.73 | -0.04 | 0.69 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2018-2092 | 16.20% | 13.82% | -2.38% | 2035 | -0.49% | -0.02% | 0.46% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2018 Trustees Report.