Description of Proposed Provision:
C1.7: After the normal retirement age (NRA) reaches 67 for those attaining age 62 in 2022, increase the NRA by 3 months per year starting for attaining age 62 in 2023 until it reaches 69 for those attaining age 62 in 2030. Increase the age up to which delayed retirement credits may be earned from 70 to 72 on the same schedule. Increase the widow(er) NRA in the same manner. The earliest eligibility age (EEA) for worker's and widow(er)'s benefit is unchanged.
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 | 12.96 | -1.63 | 206 | -0.02 | -0.00 | 0.02 | ||
| 2024 | 14.75 | 12.99 | -1.76 | 189 | -0.05 | -0.00 | 0.05 | ||
| 2025 | 14.91 | 13.01 | -1.90 | 172 | -0.08 | -0.00 | 0.07 | ||
| 2026 | 15.06 | 13.13 | -1.93 | 156 | -0.10 | -0.00 | 0.10 | ||
| 2027 | 15.23 | 13.15 | -2.08 | 140 | -0.13 | -0.00 | 0.13 | ||
| 2028 | 15.42 | 13.17 | -2.26 | 124 | -0.16 | -0.00 | 0.16 | ||
| 2029 | 15.60 | 13.18 | -2.42 | 108 | -0.19 | -0.01 | 0.19 | ||
| 2030 | 15.76 | 13.20 | -2.56 | 92 | -0.22 | -0.01 | 0.22 | ||
| 2031 | 15.83 | 13.21 | -2.63 | 76 | -0.33 | -0.01 | 0.32 | ||
| 2032 | 15.90 | 13.21 | -2.68 | 60 | -0.42 | -0.01 | 0.41 | ||
| 2033 | 15.95 | 13.22 | -2.72 | 44 | -0.51 | -0.02 | 0.49 | ||
| 2034 | 15.98 | 13.23 | -2.76 | 28 | -0.58 | -0.02 | 0.56 | ||
| 2035 | 16.00 | 13.23 | -2.77 | 11 | -0.65 | -0.02 | 0.63 | ||
| 2036 | 16.02 | 13.23 | -2.79 | ---- | -0.70 | -0.03 | 0.68 | ||
| 2037 | 16.03 | 13.24 | -2.79 | ---- | -0.75 | -0.03 | 0.72 | ||
| 2038 | 16.02 | 13.24 | -2.78 | ---- | -0.80 | -0.03 | 0.77 | ||
| 2039 | 15.99 | 13.24 | -2.75 | ---- | -0.84 | -0.03 | 0.81 | ||
| 2040 | 15.94 | 13.24 | -2.71 | ---- | -0.89 | -0.04 | 0.85 | ||
| 2041 | 15.90 | 13.23 | -2.66 | ---- | -0.91 | -0.04 | 0.87 | ||
| 2042 | 15.83 | 13.23 | -2.60 | ---- | -0.94 | -0.04 | 0.90 | ||
| 2043 | 15.77 | 13.23 | -2.54 | ---- | -0.97 | -0.04 | 0.93 | ||
| 2044 | 15.70 | 13.23 | -2.47 | ---- | -1.00 | -0.04 | 0.95 | ||
| 2045 | 15.63 | 13.22 | -2.41 | ---- | -1.03 | -0.05 | 0.98 | ||
| 2046 | 15.57 | 13.22 | -2.35 | ---- | -1.05 | -0.05 | 1.01 | ||
| 2047 | 15.52 | 13.22 | -2.30 | ---- | -1.08 | -0.05 | 1.03 | ||
| 2048 | 15.47 | 13.22 | -2.25 | ---- | -1.11 | -0.05 | 1.06 | ||
| 2049 | 15.42 | 13.21 | -2.20 | ---- | -1.14 | -0.05 | 1.08 | ||
| 2050 | 15.38 | 13.21 | -2.17 | ---- | -1.16 | -0.05 | 1.11 | ||
| 2051 | 15.35 | 13.21 | -2.13 | ---- | -1.19 | -0.06 | 1.13 | ||
| 2052 | 15.32 | 13.21 | -2.11 | ---- | -1.21 | -0.06 | 1.15 | ||
| 2053 | 15.31 | 13.21 | -2.10 | ---- | -1.23 | -0.06 | 1.17 | ||
| 2054 | 15.31 | 13.21 | -2.10 | ---- | -1.25 | -0.06 | 1.19 | ||
| 2055 | 15.32 | 13.22 | -2.10 | ---- | -1.27 | -0.06 | 1.21 | ||
| 2056 | 15.34 | 13.22 | -2.12 | ---- | -1.29 | -0.06 | 1.23 | ||
| 2057 | 15.36 | 13.22 | -2.14 | ---- | -1.30 | -0.06 | 1.24 | ||
| 2058 | 15.40 | 13.22 | -2.18 | ---- | -1.31 | -0.06 | 1.25 | ||
| 2059 | 15.44 | 13.23 | -2.21 | ---- | -1.32 | -0.06 | 1.26 | ||
| 2060 | 15.48 | 13.23 | -2.25 | ---- | -1.33 | -0.06 | 1.26 | ||
| 2061 | 15.53 | 13.23 | -2.30 | ---- | -1.33 | -0.06 | 1.26 | ||
| 2062 | 15.58 | 13.24 | -2.34 | ---- | -1.33 | -0.07 | 1.27 | ||
| 2063 | 15.63 | 13.24 | -2.39 | ---- | -1.33 | -0.07 | 1.27 | ||
| 2064 | 15.68 | 13.24 | -2.43 | ---- | -1.34 | -0.07 | 1.27 | ||
| 2065 | 15.73 | 13.25 | -2.48 | ---- | -1.34 | -0.07 | 1.28 | ||
| 2066 | 15.78 | 13.25 | -2.53 | ---- | -1.34 | -0.07 | 1.28 | ||
| 2067 | 15.84 | 13.26 | -2.58 | ---- | -1.34 | -0.07 | 1.28 | ||
| 2068 | 15.89 | 13.26 | -2.63 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2069 | 15.95 | 13.26 | -2.68 | ---- | -1.36 | -0.07 | 1.29 | ||
| 2070 | 16.00 | 13.27 | -2.74 | ---- | -1.36 | -0.07 | 1.29 | ||
| 2071 | 16.05 | 13.27 | -2.78 | ---- | -1.37 | -0.07 | 1.30 | ||
| 2072 | 16.09 | 13.27 | -2.82 | ---- | -1.37 | -0.07 | 1.31 | ||
| 2073 | 16.14 | 13.28 | -2.86 | ---- | -1.38 | -0.07 | 1.31 | ||
| 2074 | 16.18 | 13.28 | -2.90 | ---- | -1.38 | -0.07 | 1.31 | ||
| 2075 | 16.21 | 13.28 | -2.93 | ---- | -1.38 | -0.07 | 1.31 | ||
| 2076 | 16.24 | 13.29 | -2.95 | ---- | -1.37 | -0.07 | 1.30 | ||
| 2077 | 16.26 | 13.29 | -2.97 | ---- | -1.37 | -0.07 | 1.30 | ||
| 2078 | 16.26 | 13.29 | -2.98 | ---- | -1.36 | -0.07 | 1.29 | ||
| 2079 | 16.26 | 13.29 | -2.97 | ---- | -1.36 | -0.07 | 1.29 | ||
| 2080 | 16.25 | 13.29 | -2.97 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2081 | 16.24 | 13.29 | -2.96 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2082 | 16.23 | 13.29 | -2.95 | ---- | -1.34 | -0.07 | 1.27 | ||
| 2083 | 16.22 | 13.28 | -2.93 | ---- | -1.34 | -0.07 | 1.27 | ||
| 2084 | 16.20 | 13.28 | -2.92 | ---- | -1.34 | -0.07 | 1.27 | ||
| 2085 | 16.19 | 13.28 | -2.91 | ---- | -1.34 | -0.07 | 1.27 | ||
| 2086 | 16.19 | 13.28 | -2.90 | ---- | -1.34 | -0.07 | 1.27 | ||
| 2087 | 16.19 | 13.28 | -2.90 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2088 | 16.20 | 13.28 | -2.91 | ---- | -1.35 | -0.07 | 1.28 | ||
| 2089 | 16.21 | 13.28 | -2.93 | ---- | -1.36 | -0.07 | 1.29 | ||
| 2090 | 16.23 | 13.29 | -2.94 | ---- | -1.37 | -0.07 | 1.30 | ||
| 2091 | 16.25 | 13.29 | -2.96 | ---- | -1.38 | -0.07 | 1.31 | ||
| 2092 | 16.29 | 13.29 | -3.00 | ---- | -1.39 | -0.07 | 1.32 | ||
| 2093 | 16.32 | 13.29 | -3.03 | ---- | -1.40 | -0.07 | 1.33 | ||
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 | 15.76% | 13.80% | -1.96% | 2035 | -0.92% | -0.04% | 0.88% | ||
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.