Office of the Chief Actuary 

Social Security AdministraƟon 

 Based on the 2023 Trustees Report Intermediate AssumpƟons 

These provisions modify: 

 the normal reƟrement age (NRA), the age at which 

individuals can reƟre and receive their full Primary Insurance 

Amount (PIA); or 

 the earliest eligibility age (EEA), the age at which individuals 

can first begin receiving reƟrement benefits, currently age 

62; or 

 both of the above. 

For each provision, we provide an esƟmate of the financial effect on the OASDI 

program over the long-range period (the next 75 years) and for the 75th year. We 

base all esƟmates on the intermediate assumpƟons described in the 2023 Trustees 

Report. 

We group these provisions as follows: 

 C1: NRA changes only; 

 C2: EEA changes, with or without NRA changes. 

C Provisions AffecƟng ReƟrement Age 
Long-range 

actuarial 

balance

Annual 

balance in 

75th year

Long-range 

actuarial 

balance

Annual 

balance in 

75th year

C1.1 0.43 0.69 12% 16%

C1.2 0.53 0.69 15% 16%

C1.3 0.68 1.73 19% 40%

C1.4 1.33 2.47 37% 57%

C1.6 0.64 1.31 18% 30%

C1.7 1.01 1.32 28% 30%

C2.1 -0.10 -0.43 -3% -10%

C2.2 0.65 1.52 18% 35%

C2.3 0.49 1.17 14% 27%

C2.4 Starting for those age 62 in 2024, increase both the normal retirement 0.89 1.80 25% 41%

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.

Description of proposed provisions

Change from current law

(percent of payroll)

Shortfall eliminated

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.

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.

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.

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).

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.

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 (wageindexed from 2013). The hardship exemption is phased out for those with 

AIME above 400 percent of the poverty level.

Category C: Retirement Age (2023 Trustees Report intermediate assumptions)

Current law shortfall in long-range actuarial balance is 3.61 percent of payroll and in annual balance for the 75th year is 4.35 percent of payroll.

Starting with those age 62 in 2024, increase the normal retirement age 

(NRA) 1 month every 2 years until the NRA reaches 68.

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).

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.

Office of the Chief Actuary

Social Security Administration

Based on the 2023 Trustees Report Intermediate Assumptions
Long-range 

actuarial 

balance

Annual 

balance in 

75th year

Long-range 

actuarial 

balance

Annual 

balance in 

75th year

C2.3 0.49 1.17 14% 27%

C2.4 0.89 1.80 25% 41%

C2.5 1.62 2.76 45% 63%

C2.6 0.91 1.08 25% 25%

C2.7 0.87 1.08 24% 25%

C2.8 0.40 0.70 11% 16%

Category C: Retirement Age (continued)

Current law shortfall in long-range actuarial balance is 3.61 percent of payroll and in annual balance for the 75th year is 4.35 percent of payroll.

Description of proposed provisions

Change from current law

(percent of payroll)

Shortfall eliminated

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 (wageindexed from 2013). The hardship exemption is phased out for those with 

AIME above 400 percent of the poverty level.

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.

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.

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.

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.

Starting in 2026, convert all disabled-worker beneficiaries to retiredworker 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.

Office of the Chief Actuary

Social Security Administration

Based on the 2023 Trustees Report Intermediate Assumptions