## Provisions Affecting Retirement Age

- Office of the Chief Actuary
- Individual Provisions
- Information on normal                retirement age (NRA)

        - the normal retirement age (NRA), the age for          which individuals can retire and receive the full Primary          Insurance Amount (PIA); or
        - the earliest eligibility age (EEA), the age for which          individuals can first begin receiving retirement benefits,          currently age 62; or
        - both of the above.

          We provide a summary list of all          options          (printer-friendly PDF version)           in this category. For each provision listed below, we          provide an estimate of the financial effect on the OASDI program          over the long-range period (the next 75 years) and for the 75th          year. In addition, we provide graphs and detailed single year tables.          We base all estimates on the intermediate assumptions          described in the           2023 Trustees Report.         

          Choose the type of estimates (summary or detailed) from          the list of provisions.         
        - C1: NRA changes only.
        - C2: EEA changes, with or without NRA changes.

| Number | Table and graph selection                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| C1.1   | Starting with those age 62 in 2024, increase the normal retirement age 		(NRA) 1 month every 2 years until the NRA reaches 68.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Social Security Advisory Board 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| C1.2   | Increase the normal retirement age (NRA) 2 months per year for those age 		62 starting in 2024 and ending in 2029 (NRA reaches 68 for those age 62 in 2029).              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Liebman, MacGuineas, Samwick 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| C1.3   | Starting for those age 62 in 2024, index the normal retirement age (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.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memoranda containing this or a similar provision:- Ryan 2010
- AARP 2008
- Ryan 2008
- Social Security Advisory Board 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| C1.4   | Increase the normal retirement age (NRA) 2 months per year for those 		age 62 starting in 2024 and ending in 2035 (NRA reaches 69 for those 		age 62 in 2035). Thereafter, increase the NRA 1 month every 2 years.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memoranda containing this or a similar provision:- Ribble 2016
- Chaffetz 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| C1.6   | Starting with those age 62 in 2024, increase the normal retirement age (NRA) 		1 month every 2 years until the NRA reaches 69. Also increase the age up to 		which the delayed retirement credit may be earned at the same rate (from 70 		to 72). No change to earliest eligibility age.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memoranda containing this or a similar provision:- Bipartisan Policy Center October 2016
- Bipartisan Policy Center June 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| C1.7   | Increase the normal retirement age (NRA) 3 months per year for those age 		62 starting in 2024 and ending in 2031 (NRA reaches 69 for those age 62 		in 2031). 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.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Johnson 2016                                                                                                                                                                                                                                                                                                                                                                                                            |
| C2.1   | Increase the earliest eligibility age (EEA) by 2 months per year for 		those age 62 starting in 2025 and ending in 2042 (EEA reaches 65 for 		those age 62 in 2042).              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- AARP 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| C2.2   | Starting for those age 62 in 2024, index the normal retirement age (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, raise the earliest eligibility age 		(EEA) for retired-workers, aged widow(er)s, and disabled widow(er)s by the 		same amount as the NRA starting for those attaining 62 in 2024.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memoranda containing this or a similar provision:-               National Research Council & National Academy of Public Administration 2010
- Warshawsky 2008                                                                                                                                                                                                                                                                         |
| C2.3   | Starting for those age 62 in 2024, index the normal retirement age (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 2024 		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.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Fiscal Commission 2010 |
| C2.4   | Starting for those age 62 in 2024, increase both the normal retirement age 		(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.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Lummis 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| C2.5   | Increase the normal retirement age (NRA) 3 months per year for those age 		62 starting in 2024 and ending in 2035 (NRA reaches 70 for those age 62 		in 2035). Thereafter, 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) from 62 to 64 at the same time 		the NRA increases from 67 to 69; that is, for those attaining age 62 in 		2024 through 2031. Keep EEA at 64 thereafter.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Graham, Paul, Lee 2011                                                                                                                                                                                                                        |
| C2.6   | Increase the normal retirement age (NRA) and the earliest eligibility age 		(EEA) for those age 62 in 2024-2025 to 68 and 63, respectively, and then 		by 3 months per year in 2026-2029 to 69 and 64, respectively.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Hutchison 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| C2.7   | Increase the normal retirement age (NRA) and the earliest eligibility 		age (EEA) for those age 62 starting in 2024 by 3 months per year until 		EEA reaches 64 in 2031 and NRA reaches 69 in 2031.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)       Memorandum containing this or a similar provision:- Hutchison 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| C2.8   | Starting in 2026, convert all disabled-worker beneficiaries to retired-worker 		status upon attainment of their earliest eligibility age (EEA) rather than their 		normal retirement age (NRA). After conversion, apply the early retirement reduction 		for retirement at EEA (currently 30 percent for those age 62 in 2026) phased 		in over 40 years.              Summary measures and graphs         (PDF version)       Detailed single year tables         (PDF version)        Memorandum containing this or a similar provision:- Warshawsky 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|        | Summary list of all options in this category                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |