Proposed Provision: After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20). We assume the NRA will increase 1 month every 2 years. Also, increase the earliest eligibility age (EEA) by the same amount as the NRA starting for those age 62 in 2022 so as to maintain a 5 year difference between the two ages. Include a "hardship exemption" with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2014 | 320 | 320 |
2015 | 306 | 306 |
2016 | 292 | 292 |
2017 | 277 | 277 |
2018 | 262 | 262 |
2019 | 248 | 248 |
2020 | 233 | 233 |
2021 | 219 | 219 |
2022 | 203 | 203 |
2023 | 187 | 188 |
2024 | 171 | 171 |
2025 | 154 | 155 |
2026 | 137 | 137 |
2027 | 119 | 120 |
2028 | 101 | 102 |
2029 | 83 | 84 |
2030 | 64 | 65 |
2031 | 44 | 45 |
2032 | 23 | 25 |
2033 | 2 | 4 |
2034 | -20 | -17 |
2035 | -42 | -39 |
2036 | -65 | -61 |
2037 | -88 | -84 |
2038 | -112 | -107 |
2039 | -136 | -130 |
2040 | -160 | -154 |
2041 | -185 | -178 |
2042 | -210 | -202 |
2043 | -235 | -226 |
2044 | -260 | -250 |
2045 | -285 | -274 |
2046 | -310 | -298 |
2047 | -336 | -323 |
2048 | -362 | -348 |
2049 | -388 | -373 |
2050 | -415 | -398 |
2051 | -442 | -424 |
2052 | -468 | -449 |
2053 | -495 | -475 |
2054 | -523 | -500 |
2055 | -550 | -526 |
2056 | -578 | -552 |
2057 | -606 | -578 |
2058 | -635 | -605 |
2059 | -664 | -632 |
2060 | -694 | -659 |
2061 | -725 | -687 |
2062 | -756 | -716 |
2063 | -787 | -745 |
2064 | -819 | -775 |
2065 | -852 | -804 |
2066 | -885 | -835 |
2067 | -918 | -866 |
2068 | -952 | -897 |
2069 | -987 | -928 |
2070 | -1022 | -960 |
2071 | -1057 | -992 |
2072 | -1094 | -1026 |
2073 | -1132 | -1060 |
2074 | -1171 | -1096 |
2075 | -1210 | -1132 |
2076 | -1251 | -1169 |
2077 | -1293 | -1207 |
2078 | -1335 | -1246 |
2079 | -1378 | -1286 |
2080 | -1421 | -1326 |
2081 | -1464 | -1367 |
2082 | -1507 | -1408 |
2083 | -1550 | -1448 |
2084 | -1593 | -1487 |
2085 | -1636 | -1526 |
2086 | -1680 | -1564 |
2087 | -1724 | -1604 |
2088 | -1769 | -1644 |
2089 | -1814 | -1685 |
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