| Retire at 65 -- PRELIMINARY 1Contribution Rate: 8% for $1, 3% for Maximum Earnings Percent of Present Law OASDI Retirement Benefit Provided with Annuity from Specified Percent Individual Account (IA) Contributions Start in 2005, or Age 21, if Later, Through Age 64Annual Administrative Expenses (as Percent of Assets)        During Accumulation = 0.25%         During Annuitization = 0.25% |
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| Scaled Low Earner                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11.0 | 12.5 | 9.6 | 8.0 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 34.6 | 41.9 | 28.5 | 22.0 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 67.5 | 87.1 | 52.3 | 37.5 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 106.3 | 145.9 | 77.5 | 51.9 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 119.9 | 168.5 | 85.5 | 55.8 |
| Scaled Medium Earner                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 12.9 | 14.6 | 11.3 | 9.4 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 39.1 | 47.3 | 32.2 | 25.0 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 75.9 | 97.8 | 58.8 | 42.3 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 120.9 | 166.2 | 88.2 | 59.0 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 138.1 | 194.6 | 98.3 | 64.0 |
| Scaled High Earner                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 12.9 | 14.7 | 11.3 | 9.4 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 37.2 | 44.9 | 30.7 | 23.9 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 71.6 | 92.2 | 55.6 | 40.0 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 116.5 | 160.3 | 84.8 | 56.7 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 135.6 | 191.9 | 96.2 | 62.3 |
| Steady Maximum Earner                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11.2 | 12.7 | 9.8 | 8.2 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 30.1 | 36.2 | 24.9 | 19.4 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 56.8 | 73.0 | 44.2 | 32.0 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 94.7 | 130.4 | 68.8 | 46.0 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 113.0 | 160.5 | 79.9 | 51.5 |
| **Note:  "Self Annuitization" presumes that retirees would continue to invest their assets in the same manner as before retirement, and make monthly withdrawals that, on average, roughly match the pattern of a CPI-indexed life annuity.****Earnings Scale Factors #2: using cross section data of all fully insured for 1990-99**                                                                                                                                       |
|  1 Values may be somewhat overstated due to use of general population mortality for annuity calculations.2 The balance of each portfolio is assumed to be invested in Long-Term U.S. Government Bonds.Based on the intermediate assumptions of the 2003 Trustees Report                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Office of the Chief ActuarySocial Security AdministrationSeptember 9, 2003 |

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