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Summary Measures and Graphs
Retirement Age

Description of Proposed Provision:
After the normal retirement age (NRA) reaches age 67, index NRA to maintain a constant ratio of life expectancy at NRA to potential work years (NRA-20) and maintain the earliest eligibility age (EEA) at 5 years less than the normal retirement age in the future. Also, include a hardship exemption with no EEA/NRA change if a worker has 25 years of earnings of at least the level needed for 4 quarters of coverage, and average indexed monthly earnings (AIME) less than 250% of the individual aged Federal poverty level (wage-indexed from 2009). The hardship exemption is phased out for those with AIME above 400% of the poverty level.

Estimates based on the intermediate assumptions of the 2010 Trustees Report

Summary Measures
[As a percentage of taxable payroll]
Present Law Change from present law Results with this provision
Long-range
actuarial
balance		 Annual
balance in
75th year		 Long-range
actuarial
balance		 Annual
balance in
75th year		 Long-range
actuarial
balance		 Annual
balance in
75th year
-1.92 -4.12 0.34 1.22 -1.58 -2.90


graph of OASDI cost rates and income rates by year, under present law and provision. click on graph to view underlying data. graph of OASDI trust fund ratio by year, under present law and provision. click on graph to view underlying data.
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Last reviewed or modified March 17, 2011