Description of Proposed Provision:
C2.6: Increase the normal retirement age (NRA) and the earliest eligibility age (EEA) for those age 62 in 2020-2021 to 68 and 63, respectively, and then by 3 months per year in 2022-2025 to 69 and 64, respectively.
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 | 14.11 | 12.90 | -1.21 | 256 | -0.01 | 0.00 | 0.02 | ||
2021 | 14.22 | 12.93 | -1.29 | 241 | -0.06 | 0.01 | 0.06 | ||
2022 | 14.32 | 12.96 | -1.36 | 225 | -0.12 | 0.01 | 0.13 | ||
2023 | 14.43 | 12.98 | -1.45 | 210 | -0.19 | 0.01 | 0.20 | ||
2024 | 14.52 | 13.01 | -1.52 | 195 | -0.28 | 0.01 | 0.29 | ||
2025 | 14.61 | 13.02 | -1.58 | 180 | -0.38 | 0.02 | 0.39 | ||
2026 | 14.67 | 13.14 | -1.53 | 166 | -0.49 | 0.01 | 0.50 | ||
2027 | 14.79 | 13.16 | -1.62 | 153 | -0.58 | 0.01 | 0.59 | ||
2028 | 14.93 | 13.18 | -1.75 | 140 | -0.65 | 0.01 | 0.66 | ||
2029 | 15.08 | 13.20 | -1.88 | 126 | -0.71 | 0.01 | 0.72 | ||
2030 | 15.22 | 13.21 | -2.01 | 113 | -0.76 | 0.01 | 0.77 | ||
2031 | 15.37 | 13.22 | -2.15 | 100 | -0.79 | 0.00 | 0.79 | ||
2032 | 15.51 | 13.23 | -2.28 | 86 | -0.81 | 0.00 | 0.81 | ||
2033 | 15.62 | 13.24 | -2.38 | 72 | -0.83 | -0.00 | 0.83 | ||
2034 | 15.72 | 13.24 | -2.47 | 58 | -0.85 | -0.00 | 0.85 | ||
2035 | 15.79 | 13.25 | -2.54 | 43 | -0.86 | -0.00 | 0.86 | ||
2036 | 15.85 | 13.25 | -2.59 | 27 | -0.87 | -0.01 | 0.87 | ||
2037 | 15.90 | 13.26 | -2.64 | 12 | -0.89 | -0.01 | 0.88 | ||
2038 | 15.92 | 13.26 | -2.66 | ---- | -0.90 | -0.01 | 0.89 | ||
2039 | 15.92 | 13.26 | -2.66 | ---- | -0.91 | -0.01 | 0.90 | ||
2040 | 15.90 | 13.26 | -2.64 | ---- | -0.93 | -0.01 | 0.91 | ||
2041 | 15.87 | 13.26 | -2.61 | ---- | -0.94 | -0.01 | 0.93 | ||
2042 | 15.82 | 13.26 | -2.56 | ---- | -0.96 | -0.01 | 0.94 | ||
2043 | 15.76 | 13.26 | -2.51 | ---- | -0.97 | -0.02 | 0.96 | ||
2044 | 15.71 | 13.25 | -2.45 | ---- | -0.99 | -0.02 | 0.97 | ||
2045 | 15.66 | 13.25 | -2.41 | ---- | -1.00 | -0.02 | 0.98 | ||
2046 | 15.61 | 13.25 | -2.36 | ---- | -1.01 | -0.02 | 1.00 | ||
2047 | 15.57 | 13.25 | -2.32 | ---- | -1.03 | -0.02 | 1.01 | ||
2048 | 15.54 | 13.25 | -2.29 | ---- | -1.04 | -0.02 | 1.02 | ||
2049 | 15.50 | 13.25 | -2.25 | ---- | -1.05 | -0.02 | 1.03 | ||
2050 | 15.48 | 13.25 | -2.23 | ---- | -1.07 | -0.02 | 1.05 | ||
2051 | 15.45 | 13.25 | -2.21 | ---- | -1.08 | -0.02 | 1.06 | ||
2052 | 15.44 | 13.25 | -2.19 | ---- | -1.09 | -0.02 | 1.07 | ||
2053 | 15.44 | 13.25 | -2.19 | ---- | -1.10 | -0.02 | 1.08 | ||
2054 | 15.45 | 13.25 | -2.20 | ---- | -1.11 | -0.02 | 1.09 | ||
2055 | 15.48 | 13.25 | -2.22 | ---- | -1.11 | -0.02 | 1.09 | ||
2056 | 15.51 | 13.26 | -2.25 | ---- | -1.11 | -0.02 | 1.09 | ||
2057 | 15.55 | 13.26 | -2.29 | ---- | -1.12 | -0.02 | 1.09 | ||
2058 | 15.60 | 13.27 | -2.33 | ---- | -1.12 | -0.02 | 1.09 | ||
2059 | 15.64 | 13.27 | -2.37 | ---- | -1.12 | -0.02 | 1.09 | ||
2060 | 15.69 | 13.27 | -2.42 | ---- | -1.12 | -0.02 | 1.09 | ||
2061 | 15.74 | 13.28 | -2.47 | ---- | -1.12 | -0.02 | 1.09 | ||
2062 | 15.79 | 13.28 | -2.51 | ---- | -1.12 | -0.02 | 1.09 | ||
2063 | 15.85 | 13.28 | -2.56 | ---- | -1.12 | -0.02 | 1.09 | ||
2064 | 15.90 | 13.29 | -2.62 | ---- | -1.11 | -0.02 | 1.09 | ||
2065 | 15.95 | 13.29 | -2.66 | ---- | -1.11 | -0.02 | 1.09 | ||
2066 | 16.01 | 13.30 | -2.71 | ---- | -1.12 | -0.02 | 1.09 | ||
2067 | 16.06 | 13.30 | -2.76 | ---- | -1.12 | -0.02 | 1.10 | ||
2068 | 16.12 | 13.30 | -2.81 | ---- | -1.13 | -0.02 | 1.10 | ||
2069 | 16.17 | 13.31 | -2.87 | ---- | -1.13 | -0.02 | 1.11 | ||
2070 | 16.23 | 13.31 | -2.92 | ---- | -1.13 | -0.02 | 1.11 | ||
2071 | 16.28 | 13.31 | -2.97 | ---- | -1.14 | -0.02 | 1.11 | ||
2072 | 16.33 | 13.32 | -3.01 | ---- | -1.14 | -0.02 | 1.11 | ||
2073 | 16.38 | 13.32 | -3.06 | ---- | -1.13 | -0.02 | 1.11 | ||
2074 | 16.42 | 13.33 | -3.09 | ---- | -1.13 | -0.02 | 1.11 | ||
2075 | 16.46 | 13.33 | -3.13 | ---- | -1.13 | -0.02 | 1.10 | ||
2076 | 16.49 | 13.33 | -3.16 | ---- | -1.12 | -0.02 | 1.09 | ||
2077 | 16.51 | 13.33 | -3.18 | ---- | -1.11 | -0.02 | 1.09 | ||
2078 | 16.52 | 13.33 | -3.19 | ---- | -1.11 | -0.03 | 1.08 | ||
2079 | 16.52 | 13.33 | -3.19 | ---- | -1.10 | -0.03 | 1.08 | ||
2080 | 16.51 | 13.33 | -3.18 | ---- | -1.10 | -0.03 | 1.07 | ||
2081 | 16.49 | 13.33 | -3.16 | ---- | -1.10 | -0.03 | 1.07 | ||
2082 | 16.48 | 13.33 | -3.15 | ---- | -1.09 | -0.03 | 1.07 | ||
2083 | 16.46 | 13.33 | -3.13 | ---- | -1.09 | -0.03 | 1.07 | ||
2084 | 16.44 | 13.32 | -3.12 | ---- | -1.10 | -0.03 | 1.07 | ||
2085 | 16.43 | 13.32 | -3.11 | ---- | -1.10 | -0.03 | 1.07 | ||
2086 | 16.42 | 13.32 | -3.10 | ---- | -1.11 | -0.03 | 1.08 | ||
2087 | 16.42 | 13.32 | -3.10 | ---- | -1.11 | -0.03 | 1.09 | ||
2088 | 16.43 | 13.33 | -3.10 | ---- | -1.12 | -0.03 | 1.09 | ||
2089 | 16.45 | 13.33 | -3.12 | ---- | -1.12 | -0.03 | 1.10 | ||
2090 | 16.47 | 13.33 | -3.14 | ---- | -1.13 | -0.03 | 1.10 | ||
2091 | 16.50 | 13.33 | -3.17 | ---- | -1.13 | -0.03 | 1.11 | ||
2092 | 16.54 | 13.33 | -3.20 | ---- | -1.14 | -0.03 | 1.11 | ||
2093 | 16.58 | 13.34 | -3.24 | ---- | -1.14 | -0.03 | 1.12 |
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 | 15.78% | 13.83% | -1.95% | 2037 | -0.90% | -0.01% | 0.89% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2018 Trustees Report.