Description of Proposed Provision:
C2.4: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, increase both the NRA and the earliest eligibility age (EEA) by 36/47 of a month per year until the NRA and EEA reach 70 and 65 respectively. For each year, the computed NRA and EEA round down to the next lower full month.
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 | 14.61 | 12.97 | -1.65 | 206 | -0.01 | 0.00 | 0.01 | ||
| 2024 | 14.78 | 12.99 | -1.79 | 189 | -0.02 | 0.00 | 0.02 | ||
| 2025 | 14.95 | 13.01 | -1.94 | 172 | -0.03 | 0.00 | 0.03 | ||
| 2026 | 15.12 | 13.13 | -1.98 | 155 | -0.04 | 0.00 | 0.04 | ||
| 2027 | 15.31 | 13.16 | -2.16 | 138 | -0.05 | 0.00 | 0.05 | ||
| 2028 | 15.52 | 13.17 | -2.35 | 122 | -0.06 | 0.00 | 0.06 | ||
| 2029 | 15.72 | 13.19 | -2.53 | 105 | -0.07 | 0.00 | 0.08 | ||
| 2030 | 15.90 | 13.21 | -2.69 | 89 | -0.09 | 0.00 | 0.09 | ||
| 2031 | 16.06 | 13.22 | -2.84 | 72 | -0.10 | 0.00 | 0.11 | ||
| 2032 | 16.19 | 13.23 | -2.96 | 55 | -0.13 | 0.00 | 0.13 | ||
| 2033 | 16.30 | 13.24 | -3.06 | 37 | -0.15 | 0.00 | 0.15 | ||
| 2034 | 16.39 | 13.25 | -3.14 | 19 | -0.17 | 0.00 | 0.17 | ||
| 2035 | 16.46 | 13.26 | -3.20 | 0 | -0.20 | 0.00 | 0.20 | ||
| 2036 | 16.51 | 13.26 | -3.25 | ---- | -0.21 | 0.00 | 0.21 | ||
| 2037 | 16.55 | 13.27 | -3.28 | ---- | -0.24 | 0.00 | 0.24 | ||
| 2038 | 16.56 | 13.27 | -3.29 | ---- | -0.26 | 0.00 | 0.26 | ||
| 2039 | 16.54 | 13.27 | -3.26 | ---- | -0.30 | -0.00 | 0.30 | ||
| 2040 | 16.50 | 13.27 | -3.23 | ---- | -0.33 | -0.00 | 0.33 | ||
| 2041 | 16.46 | 13.27 | -3.19 | ---- | -0.35 | -0.00 | 0.35 | ||
| 2042 | 16.40 | 13.27 | -3.12 | ---- | -0.38 | -0.00 | 0.38 | ||
| 2043 | 16.32 | 13.27 | -3.06 | ---- | -0.41 | -0.00 | 0.41 | ||
| 2044 | 16.25 | 13.27 | -2.98 | ---- | -0.44 | -0.00 | 0.44 | ||
| 2045 | 16.18 | 13.27 | -2.92 | ---- | -0.48 | -0.00 | 0.48 | ||
| 2046 | 16.11 | 13.26 | -2.85 | ---- | -0.52 | -0.00 | 0.51 | ||
| 2047 | 16.05 | 13.26 | -2.78 | ---- | -0.55 | -0.00 | 0.55 | ||
| 2048 | 15.98 | 13.26 | -2.72 | ---- | -0.59 | -0.01 | 0.59 | ||
| 2049 | 15.92 | 13.26 | -2.66 | ---- | -0.63 | -0.01 | 0.63 | ||
| 2050 | 15.87 | 13.26 | -2.61 | ---- | -0.67 | -0.01 | 0.67 | ||
| 2051 | 15.82 | 13.26 | -2.56 | ---- | -0.71 | -0.01 | 0.71 | ||
| 2052 | 15.78 | 13.26 | -2.52 | ---- | -0.75 | -0.01 | 0.75 | ||
| 2053 | 15.75 | 13.26 | -2.49 | ---- | -0.79 | -0.01 | 0.79 | ||
| 2054 | 15.73 | 13.26 | -2.47 | ---- | -0.83 | -0.01 | 0.82 | ||
| 2055 | 15.72 | 13.27 | -2.46 | ---- | -0.87 | -0.01 | 0.86 | ||
| 2056 | 15.73 | 13.27 | -2.46 | ---- | -0.90 | -0.01 | 0.89 | ||
| 2057 | 15.74 | 13.27 | -2.46 | ---- | -0.93 | -0.01 | 0.92 | ||
| 2058 | 15.75 | 13.28 | -2.47 | ---- | -0.96 | -0.01 | 0.95 | ||
| 2059 | 15.76 | 13.28 | -2.48 | ---- | -1.00 | -0.01 | 0.99 | ||
| 2060 | 15.78 | 13.28 | -2.49 | ---- | -1.03 | -0.01 | 1.02 | ||
| 2061 | 15.80 | 13.29 | -2.51 | ---- | -1.06 | -0.01 | 1.05 | ||
| 2062 | 15.82 | 13.29 | -2.53 | ---- | -1.09 | -0.01 | 1.08 | ||
| 2063 | 15.83 | 13.29 | -2.54 | ---- | -1.13 | -0.01 | 1.11 | ||
| 2064 | 15.85 | 13.30 | -2.55 | ---- | -1.17 | -0.01 | 1.15 | ||
| 2065 | 15.87 | 13.30 | -2.57 | ---- | -1.20 | -0.01 | 1.19 | ||
| 2066 | 15.88 | 13.30 | -2.58 | ---- | -1.24 | -0.02 | 1.23 | ||
| 2067 | 15.90 | 13.31 | -2.59 | ---- | -1.28 | -0.02 | 1.27 | ||
| 2068 | 15.92 | 13.31 | -2.61 | ---- | -1.32 | -0.02 | 1.30 | ||
| 2069 | 15.95 | 13.31 | -2.64 | ---- | -1.35 | -0.02 | 1.33 | ||
| 2070 | 15.98 | 13.32 | -2.67 | ---- | -1.38 | -0.02 | 1.36 | ||
| 2071 | 16.02 | 13.32 | -2.70 | ---- | -1.40 | -0.02 | 1.39 | ||
| 2072 | 16.04 | 13.32 | -2.71 | ---- | -1.43 | -0.02 | 1.41 | ||
| 2073 | 16.05 | 13.33 | -2.73 | ---- | -1.46 | -0.02 | 1.44 | ||
| 2074 | 16.06 | 13.33 | -2.73 | ---- | -1.49 | -0.02 | 1.47 | ||
| 2075 | 16.06 | 13.33 | -2.73 | ---- | -1.53 | -0.02 | 1.51 | ||
| 2076 | 16.04 | 13.33 | -2.72 | ---- | -1.57 | -0.03 | 1.54 | ||
| 2077 | 16.02 | 13.32 | -2.69 | ---- | -1.60 | -0.03 | 1.57 | ||
| 2078 | 15.99 | 13.32 | -2.67 | ---- | -1.64 | -0.03 | 1.60 | ||
| 2079 | 15.95 | 13.32 | -2.63 | ---- | -1.67 | -0.04 | 1.63 | ||
| 2080 | 15.91 | 13.32 | -2.60 | ---- | -1.69 | -0.04 | 1.65 | ||
| 2081 | 15.87 | 13.31 | -2.56 | ---- | -1.72 | -0.04 | 1.68 | ||
| 2082 | 15.83 | 13.31 | -2.52 | ---- | -1.74 | -0.04 | 1.70 | ||
| 2083 | 15.80 | 13.31 | -2.49 | ---- | -1.76 | -0.05 | 1.71 | ||
| 2084 | 15.77 | 13.31 | -2.46 | ---- | -1.77 | -0.05 | 1.73 | ||
| 2085 | 15.75 | 13.30 | -2.44 | ---- | -1.78 | -0.05 | 1.74 | ||
| 2086 | 15.74 | 13.30 | -2.43 | ---- | -1.79 | -0.05 | 1.74 | ||
| 2087 | 15.74 | 13.31 | -2.43 | ---- | -1.79 | -0.05 | 1.75 | ||
| 2088 | 15.74 | 13.31 | -2.44 | ---- | -1.80 | -0.04 | 1.76 | ||
| 2089 | 15.76 | 13.31 | -2.45 | ---- | -1.81 | -0.04 | 1.76 | ||
| 2090 | 15.78 | 13.31 | -2.47 | ---- | -1.81 | -0.04 | 1.77 | ||
| 2091 | 15.82 | 13.31 | -2.50 | ---- | -1.82 | -0.04 | 1.78 | ||
| 2092 | 15.85 | 13.32 | -2.53 | ---- | -1.83 | -0.04 | 1.78 | ||
| 2093 | 15.89 | 13.32 | -2.57 | ---- | -1.84 | -0.04 | 1.79 | ||
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 | 15.92% | 13.83% | -2.09% | 2035 | -0.77% | -0.01% | 0.75% | ||
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.