Cost Rate

Income 

Rate

Annual 

Balance Cost Rate

Income 

Rate

Annual 

Balance

14.53 13.29 -1.24 204 0.00 0.00 0.00

14.84 12.89 -1.95 187 -0.03 0.00 0.03

14.98 12.98 -2.00 169 -0.06 0.00 0.07

15.14 13.09 -2.05 151 -0.09 0.01 0.10

15.25 13.10 -2.15 134 -0.13 0.01 0.14

15.39 13.14 -2.25 117 -0.16 0.01 0.17

15.52 13.17 -2.35 100 -0.20 0.01 0.21

15.63 13.20 -2.44 84 -0.24 0.01 0.25

15.71 13.23 -2.48 67 -0.29 0.01 0.31

15.77 13.25 -2.52 51 -0.37 0.01 0.39

15.81 13.26 -2.55 35 -0.46 0.01 0.47

15.84 13.27 -2.57 20 -0.55 0.01 0.56

15.84 13.27 -2.57 4 -0.64 0.01 0.64

15.81 13.27 -2.53 ---- -0.75 -0.00 0.75

15.79 13.28 -2.51 ---- -0.85 -0.01 0.84

15.77 13.28 -2.49 ---- -0.93 -0.01 0.92

15.75 13.28 -2.47 ---- -1.00 -0.01 0.99

15.72 13.28 -2.44 ---- -1.06 -0.02 1.05

15.70 13.28 -2.41 ---- -1.11 -0.02 1.09

15.66 13.28 -2.38 ---- -1.15 -0.02 1.13

15.63 13.28 -2.35 ---- -1.20 -0.02 1.18

15.60 13.28 -2.32 ---- -1.25 -0.02 1.22

15.57 13.28 -2.29 ---- -1.29 -0.03 1.27

15.54 13.28 -2.26 ---- -1.34 -0.03 1.31

15.52 13.28 -2.24 ---- -1.39 -0.03 1.35

15.49 13.28 -2.21 ---- -1.43 -0.03 1.40

15.47 13.28 -2.19 ---- -1.48 -0.04 1.45

15.45 13.28 -2.17 ---- -1.53 -0.04 1.50

15.43 13.28 -2.15 ---- -1.59 -0.04 1.55

15.42 13.29 -2.14 ---- -1.64 -0.04 1.59

15.42 13.29 -2.14 ---- -1.69 -0.04 1.64

15.43 13.29 -2.14 ---- -1.73 -0.05 1.69

15.45 13.29 -2.16 ---- -1.78 -0.05 1.73

15.47 13.30 -2.18 ---- -1.83 -0.05 1.78

15.51 13.30 -2.21 ---- -1.87 -0.05 1.82

15.55 13.30 -2.24 ---- -1.91 -0.06 1.86

15.59 13.31 -2.28 ---- -1.95 -0.06 1.89

15.64 13.31 -2.32 ---- -1.98 -0.06 1.92

15.69 13.32 -2.37 ---- -2.00 -0.06 1.94

15.73 13.32 -2.41 ---- -2.03 -0.06 1.97

15.76 13.32 -2.44 ---- -2.06 -0.07 2.00

15.79 13.33 -2.46 ---- -2.09 -0.07 2.03

15.82 13.33 -2.49 ---- -2.13 -0.07 2.06

15.84 13.33 -2.51 ---- -2.16 -0.07 2.09

15.86 13.33 -2.53 ---- -2.20 -0.08 2.12

15.88 13.34 -2.54 ---- -2.24 -0.08 2.16

15.90 13.34 -2.56 ---- -2.27 -0.08 2.19

15.92 13.34 -2.58 ---- -2.31 -0.08 2.23

15.93 13.34 -2.59 ---- -2.35 -0.08 2.27

15.94 13.35 -2.60 ---- -2.39 -0.08 2.30

15.96 13.35 -2.61 ---- -2.43 -0.09 2.34

15.97 13.35 -2.62 ---- -2.46 -0.09 2.37

15.97 13.35 -2.62 ---- -2.50 -0.09 2.41

15.95 13.35 -2.60 ---- -2.53 -0.09 2.44

15.94 13.35 -2.58 ---- -2.57 -0.10 2.47

15.91 13.35 -2.56 ---- -2.60 -0.10 2.50

15.87 13.35 -2.52 ---- -2.62 -0.10 2.52

15.82 13.34 -2.48 ---- -2.64 -0.10 2.54

15.77 13.34 -2.43 ---- -2.66 -0.11 2.56

15.71 13.34 -2.38 ---- -2.68 -0.11 2.57

15.65 13.33 -2.32 ---- -2.70 -0.11 2.59

15.58 13.33 -2.25 ---- -2.71 -0.11 2.60

15.50 13.32 -2.18 ---- -2.72 -0.11 2.61

15.41 13.32 -2.10 ---- -2.75 -0.11 2.63

15.33 13.31 -2.02 ---- -2.76 -0.12 2.64

15.25 13.30 -1.95 ---- -2.77 -0.12 2.65

15.18 13.30 -1.88 ---- -2.78 -0.12 2.66

15.08 13.30 -1.79 ---- -2.81 -0.12 2.69

15.02 13.30 -1.73 ---- -2.82 -0.11 2.70

14.98 13.30 -1.68 ---- -2.82 -0.11 2.71

14.94 13.30 -1.64 ---- -2.83 -0.11 2.72

14.91 13.29 -1.62 ---- -2.84 -0.11 2.73

14.89 13.29 -1.60 ---- -2.86 -0.11 2.74

14.88 13.28 -1.59 ---- -2.87 -0.12 2.75

14.87 13.28 -1.59 ---- -2.89 -0.13 2.76

14.86 13.27 -1.59 ---- -2.91 -0.14 2.77

Cost Rate Income Rate

Actuarial 

Balance Cost Rate Income Rate

Actuarial 

Balance

15.71% 13.73% -1.99% 2035 -1.67% -0.05% 1.62%

1

Office of the Chief Actuary

Social Security Administration

August 1, 2023

Year of reserve 

depletion1

Summarized Estimates: Change from Current Law

2023

-2097

Under current law, the year of Trust Fund reserve depletion is 2034.

Estimates based on Intermediate Assumptions of the 2023 Trustees Report

Summarized Estimates: Proposal

2095

2096

2097

2098

2094

2083

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

2082

2071

2072

2073

2074

2075

2076

2077

2078

2079

2080

2081

2070

2059

2060

2061

2062

2063

2064

2065

2066

2067

2068

2069

2058

2047

2048

2049

2050

2051

2052

2053

2054

2055

2056

2057

2046

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2034

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

Detailed Single Year Tables

Category of Change: Retirement Age

Proposal Change from Current Law

Proposed Provision: 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.

Expressed as a percentage of

current-law taxable payroll Trust Fund 

Ratio 

1-1-year

Expressed as a percentage of

current-law taxable payroll

Year