Sec. 4. Increase in retirement age
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Section 216(l) of the Social Security Act ( 42 U.S.C. 416(l) ) is amended— in paragraph (1)— in subparagraph (D), by striking and at the end; in subparagraph (E), by striking , 67 years of age. and inserting and before January 1, 2023, 67 years of age; ; and by adding at the end the following: with respect to an individual who attains early retirement age after December 31, 2022, and before January 1, 2035, 67 years of age plus the number of months in the age increase factor (as determined under paragraph (3)) for the calendar year in which such individual attains early retirement age; with respect to an individual who attains early retirement age in any calendar year after 2034, the longevity indexed retirement age applicable for individuals who attain early retirement age in such calendar year (as determined under paragraph (4)). ; and in paragraph (3)— by striking subparagraph
(B)or
(D)and inserting subparagraph (B), (D), or
(F); and by adding at the end the following: With respect to an individual who attains early retirement age in the 12-year period consisting of the calendar years 2023 through 2034, the age increase factor shall be equal to two-twelfths of the number of months in the period beginning with January 2023 and ending with December of the year in which the individual attains early retirement age. ; by adding at the end the following: The longevity indexed retirement age applicable for individuals who attain early retirement age in a calendar year after 2034 is— in the case of calendar years 2035 through 2044, 69 years of age plus one twenty-fourth of the number of months in the period beginning with January 2035 and ending with December of the year in which the individual attains early retirement age, rounded down to the nearest month; and in the case of a calendar year after 2044, the appropriate number of years of age (including any fraction rounded to the nearest month) determined by the Commissioner such that the ratio of— the number of months by which the average number of years (including any fraction rounded to the nearest month) in life expectancy for an individual attaining early retirement age in such calendar year (as determined under subparagraph (C)) exceeds such appropriate number of years of age, to the number of months by which such appropriate number of years of age exceeds 20 years of age, is equal to the baseline retirement-to-employment ratio (described in subparagraph (B)). For purposes of subparagraph (A), the baseline retirement-to-employment ratio is equal to the ratio of— the number of months by which the average number of years (including any fraction rounded to the nearest month) in life expectancy for an individual attaining early retirement age in 2044 (as determined under subparagraph (C)) exceeds 69 years of age and 5 months, to 49 years of age and 5 months. At the beginning of each 10-year period beginning with the 10-year period that begins on January 1, 2044, the Commissioner of Social Security shall determine (using generally accepted actuarial principles and based on the intermediate assumptions in the most recent Trustees Report and such other data as the Commissioner determines appropriate) and publish in the Federal Register— an estimate of the average number of years (including any fraction rounded to the nearest month) in life expectancy for an individual attaining early retirement age in each year of such 10-year period; and the longevity indexed retirement age applicable for individuals who attain early retirement age in each year (after 2044) of such 10-year period (as determined under subparagraph (A)). . Section 202(w)(2)(A) of such Act ( 42 U.S.C. 402(w)(2)(A) ) is amended— by striking prior to the month in which such individual attained age 70, and and inserting prior to the later of— ; and by adding at the end the following: the month in which such individual would attain age 70, or the month which ends 36 months after the end of the month in which such individual attained retirement age (as defined in section 216(l)), and . Section 202(z)(1)(A)(ii) of such Act ( 42 U.S.C. 402(z)(1)(A)(ii) ) is amended by striking the month in which the individual attains the age of 70 and inserting the later of the month in which the individual attains the age of 70 or the month which ends 36 months after the end of the month in which such individual attained retirement age (as defined in section 216(l)) .
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