Policy Option Projections
Below are our projections of the effects of various retirement policy proposals on Social Security beneficiaries. For each proposal, we also link to SSA's actuarial projections of the effects on the Social Security trust fund.
- Benefit Formula
- Cost of Living
- Covered Worker
Retirement Age Increases
|Proposal||Start/End Date(s)||Proposed by?||Projected Effects on…|
|Beneficiaries in…||Trust Fundsa|
|Increase the EEA from 62 and the FRA from 67|
|At a rate of 1 month every 2 years starting in 2017 (EEA) and 2023 (FRA)||2017/NA||SSAB||2030 | 2050 | 2070||OACT C2.2|
|Increase the FRA from 67|
|At a rate of 1 month every 2 years starting in 2023||2023/NA||SSAB||2030 | 2050 | 2070||OACT C1.3|
|To 68, at a rate of 1 month every 2 years||2023/2049||SSAB||2030 | 2050 | 2070||OACT C1.1|
NOTE: EEA = early eligibility age, FRA = full retirement age, OACT = Office of the Chief Actuary, SSAB = Social Security Advisory Board.
a. Because the timing of OACT updates to Trust Fund projections may not coincide with the timing of our updates, the specifications used to make these projections (e.g., years and amounts) may differ.