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	I.	INTRODUCTION

	II.	OVERVIEW

	A.	HIGHLIGHTS

	B.	TRUST FUND FINANCIAL OPERATIONS IN 2006

	C.	ASSUMPTIONS ABOUT THE FUTURE

	D.	PROJECTIONS OF FUTURE FINANCIAL STATUS

	E.	CONCLUSION

	III.	FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR

	A.	OPERATIONS OF THE OLD-AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2006

	1.	OASI Trust Fund

	2.	DI Trust Fund

	3.	OASI and DI Trust Funds, Combined

	B.	SOCIAL SECURITY AMENDMENTS SINCE THE 2006 REPORT

	IV.	ACTUARIAL ESTIMATES

	A.	SHORT-RANGE ESTIMATES

	1.	Operations of the OASI Trust Fund

	2.	Operations of the DI Trust Fund

	3.	Operations of the Combined OASI and DI Trust Funds

	4.	Factors Underlying Changes in 10-Year Trust Fund Ratio Estimates From the 2006 Report

	B.	LONG-RANGE ESTIMATES

	1.	Annual Income Rates, Cost Rates, and Balances

	2.	Comparison of Workers to Beneficiaries

	3.	Trust Fund Ratios

	4.	Summarized Income Rates, Cost Rates, and Balances

	5.	Additional Measures of OASDI Unfunded Obligations

	6.	Test of Long-Range Close Actuarial Balance

	7.	Reasons for Change in Actuarial Balance From Last Report

	V.	ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES

	A.	DEMOGRAPHIC ASSUMPTIONS AND METHODS

	1.	Fertility Assumptions

	2.	Mortality Assumptions

	3.	Immigration Assumptions

	4.	Total Population Estimates

	5.	Life Expectancy Estimates

	B.	ECONOMIC ASSUMPTIONS AND METHODS

	1.	Productivity Assumptions

	2.	Price Inflation Assumptions

	3.	Average Earnings Assumptions

	4.	Assumed Real-Wage Differentials

	5.	Labor Force and Unemployment Projections

	6.	Gross Domestic Product Projections

	7.	Interest Rates

	C.	PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS

	1.	Automatically Adjusted Program Amounts

	2.	Covered Employment

	3.	Taxable Payroll and Payroll Tax Revenue

	4.	Insured Population

	5.	Old-Age and Survivors Insurance Beneficiaries

	6.	Disability Insurance Beneficiaries

	7.	Average Benefits

	8.	Benefit Payments

	9.	Administrative Expenses	

	10.	Railroad Retirement Financial Interchange

	11.	Benefits to Uninsured Persons

	12.	Military-Service Transfers

	13.	Income From Taxation of Benefits

	VI.	APPENDICES

	A.	HISTORY OF OASI AND DI TRUST FUND OPERATIONS

	B.	HISTORY OF ACTUARIAL BALANCE ESTIMATES

	C.	FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2016

	D.	LONG-RANGE SENSITIVITY ANALYSIS

	1.	Total Fertility Rate

	2.	Death Rates

	3.	Net Immigration

	4.	Real-Wage Differential

	5.	Consumer Price Index

	6.	Real Interest Rate

	7.	Disability Incidence Rates

	8.	Disability Termination Rates

	E.	STOCHASTIC PROJECTIONS

	1.	Background

	2.	Methodology

	3.	Results

	F.	ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED

	1.	Estimates as a Percentage of Taxable Payroll

	2.	Estimates as a Percentage of Gross Domestic Product

	3.	Estimates in Dollars

	G.	ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES

	H.	GLOSSARY

LIST OF TABLES		

LIST OF FIGURES		

INDEX		

STATEMENT OF ACTUARIAL OPINION		

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