| Benefit Offset 100.0% UltimateIA Contribution = 5.1%With Ultimate Real Trust Fund Interest Rate  3.0With Ultimate Real IA Net Yield Rate of: **2.75**With Offset Annuity Net Yield Rate of: **2.75**                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
||
||
| 2003                                                                                                                                                                                                                                                       | 10.89 | 12.70 | 1.81 | 288 |   | 12.40 |   |   |   |   |
| 2004                                                                                                                                                                                                                                                       | 10.82 | 12.69 | 1.88 | 309 |   | 12.40 |   |   |   |   |
| 2005                                                                                                                                                                                                                                                       | 10.73 | 8.41 | -2.32 | 330 | 35 | 8.11 | -40 | 1.50 | 4.29 |   |
| 2006                                                                                                                                                                                                                                                       | 10.65 | 8.16 | -2.50 | 326 | 35 | 7.85 | -47 | 1.58 | 4.55 |   |
| 2007                                                                                                                                                                                                                                                       | 10.67 | 8.08 | -2.58 | 320 | 35 | 7.77 | -53 | 1.61 | 4.63 |   |
| 2008                                                                                                                                                                                                                                                       | 10.73 | 8.02 | -2.71 | 312 | 35 | 7.69 | -61 | 1.63 | 4.71 |   |
| 2009                                                                                                                                                                                                                                                       | 10.84 | 7.96 | -2.88 | 302 | 35 | 7.62 | -74 | 1.65 | 4.78 |   |
| 2010                                                                                                                                                                                                                                                       | 10.99 | 7.91 | -3.07 | 290 | 35 | 7.55 | -88 | 1.67 | 4.85 |   |
| 2011                                                                                                                                                                                                                                                       | 11.16 | 7.91 | -3.25 | 277 | 35 | 7.51 | -104 | 1.68 | 4.89 |   |
| 2012                                                                                                                                                                                                                                                       | 11.33 | 7.89 | -3.44 | 263 | 35 | 7.47 | -122 | 1.68 | 4.93 |   |
| 2013                                                                                                                                                                                                                                                       | 11.54 | 7.87 | -3.66 | 246 | 35 | 7.43 | -144 | 1.67 | 4.97 |   |
| 2014                                                                                                                                                                                                                                                       | 11.76 | 7.86 | -3.89 | 228 | 35 | 7.40 | -169 | 1.66 | 5.00 |   |
| 2015                                                                                                                                                                                                                                                       | 11.99 | 7.85 | -4.13 | 209 | 35 | 7.37 | -197 | 1.64 | 5.03 |   |
| 2016                                                                                                                                                                                                                                                       | 12.25 | 7.86 | -4.39 | 187 | 35 | 7.36 | -229 | 1.62 | 5.04 |   |
| 2017                                                                                                                                                                                                                                                       | 12.52 | 7.87 | -4.65 | 164 | 35 | 7.35 | -265 | 1.60 | 5.05 |   |
| 2018                                                                                                                                                                                                                                                       | 12.81 | 7.88 | -4.92 | 140 | 35 | 7.34 | -303 | 1.57 | 5.06 |   |
| 2019                                                                                                                                                                                                                                                       | 13.08 | 9.80 | -3.28 | 114 | 35 | 9.23 | -344 | 1.54 | 5.07 | 1.90 |
| 2020                                                                                                                                                                                                                                                       | 13.36 | 11.91 | -1.45 | 100 | 35 | 11.33 | -389 | 1.51 | 5.07 | 4.00 |
| 2021                                                                                                                                                                                                                                                       | 13.65 | 12.23 | -1.42 | 100 | 35 | 11.62 | -439 | 1.47 | 5.08 | 4.30 |
| 2022                                                                                                                                                                                                                                                       | 13.92 | 12.45 | -1.47 | 100 | 35 | 11.82 | -489 | 1.44 | 5.08 | 4.50 |
| 2023                                                                                                                                                                                                                                                       | 14.14 | 12.77 | -1.38 | 100 | 35 | 12.12 | -538 | 1.40 | 5.08 | 4.80 |
| 2024                                                                                                                                                                                                                                                       | 14.36 | 12.98 | -1.37 | 100 | 35 | 12.31 | -590 | 1.36 | 5.09 | 5.00 |
| 2025                                                                                                                                                                                                                                                       | 14.55 | 13.20 | -1.35 | 100 | 35 | 12.51 | -643 | 1.31 | 5.09 | 5.20 |
| 2026                                                                                                                                                                                                                                                       | 14.72 | 13.42 | -1.30 | 100 | 35 | 12.71 | -697 | 1.27 | 5.09 | 5.40 |
| 2027                                                                                                                                                                                                                                                       | 14.87 | 13.53 | -1.34 | 100 | 35 | 12.81 | -752 | 1.22 | 5.09 | 5.50 |
| 2028                                                                                                                                                                                                                                                       | 15.00 | 13.65 | -1.35 | 100 | 35 | 12.91 | -809 | 1.17 | 5.09 | 5.60 |
| 2029                                                                                                                                                                                                                                                       | 15.10 | 13.77 | -1.33 | 100 | 35 | 13.00 | -864 | 1.12 | 5.10 | 5.70 |
| 2030                                                                                                                                                                                                                                                       | 15.16 | 13.88 | -1.28 | 100 | 35 | 13.10 | -919 | 1.06 | 5.10 | 5.80 |
| 2031                                                                                                                                                                                                                                                       | 15.20 | 13.99 | -1.21 | 100 | 35 | 13.20 | -972 | 1.01 | 5.10 | 5.90 |
| 2032                                                                                                                                                                                                                                                       | 15.20 | 14.00 | -1.20 | 100 | 35 | 13.20 | -1,024 | 0.95 | 5.10 | 5.90 |
| 2033                                                                                                                                                                                                                                                       | 15.18 | 14.01 | -1.17 | 100 | 35 | 13.20 | -1,074 | 0.89 | 5.10 | 5.90 |
| 2034                                                                                                                                                                                                                                                       | 15.13 | 13.92 | -1.21 | 100 | 35 | 13.10 | -1,122 | 0.83 | 5.10 | 5.80 |
| 2035                                                                                                                                                                                                                                                       | 15.06 | 13.93 | -1.13 | 100 | 35 | 13.10 | -1,169 | 0.77 | 5.10 | 5.80 |
| 2036                                                                                                                                                                                                                                                       | 14.96 | 13.94 | -1.02 | 100 | 35 | 13.10 | -1,213 | 0.71 | 5.10 | 5.80 |
| 2037                                                                                                                                                                                                                                                       | 14.84 | 13.84 | -1.00 | 100 | 35 | 13.00 | -1,256 | 0.65 | 5.10 | 5.70 |
| 2038                                                                                                                                                                                                                                                       | 14.71 | 13.75 | -0.96 | 100 | 35 | 12.90 | -1,296 | 0.58 | 5.10 | 5.60 |
| 2039                                                                                                                                                                                                                                                       | 14.56 | 13.65 | -0.91 | 100 | 35 | 12.80 | -1,334 | 0.52 | 5.10 | 5.50 |
| 2040                                                                                                                                                                                                                                                       | 14.41 | 13.56 | -0.85 | 100 | 35 | 12.70 | -1,371 | 0.45 | 5.10 | 5.40 |
| 2041                                                                                                                                                                                                                                                       | 14.25 | 13.46 | -0.79 | 100 | 35 | 12.60 | -1,409 | 0.38 | 5.10 | 5.30 |
| 2042                                                                                                                                                                                                                                                       | 14.08 | 13.36 | -0.72 | 100 | 35 | 12.50 | -1,446 | 0.31 | 5.10 | 5.20 |
| 2043                                                                                                                                                                                                                                                       | 13.92 | 13.27 | -0.65 | 100 | 35 | 12.40 | -1,484 | 0.24 | 5.10 | 5.10 |
| 2044                                                                                                                                                                                                                                                       | 13.76 | 13.17 | -0.59 | 100 | 35 | 12.30 | -1,523 | 0.17 | 5.10 | 5.00 |
| 2045                                                                                                                                                                                                                                                       | 13.60 | 13.17 | -0.43 | 100 | 35 | 12.30 | -1,564 | 0.09 | 5.10 | 5.00 |
| 2046                                                                                                                                                                                                                                                       | 13.46 | 13.08 | -0.38 | 100 | 35 | 12.20 | -1,610 | 0.02 | 5.10 | 4.90 |
| 2047                                                                                                                                                                                                                                                       | 13.31 | 12.98 | -0.33 | 100 | 35 | 12.10 | -1,656 | -0.05 | 5.10 | 4.80 |
| 2048                                                                                                                                                                                                                                                       | 13.17 | 12.89 | -0.28 | 100 | 35 | 12.00 | -1,703 | -0.12 | 5.10 | 4.70 |
| 2049                                                                                                                                                                                                                                                       | 13.01 | 12.79 | -0.22 | 100 | 35 | 11.90 | -1,748 | -0.21 | 5.10 | 4.60 |
| 2050                                                                                                                                                                                                                                                       | 12.86 | 12.80 | -0.06 | 100 | 35 | 11.90 | -1,797 | -0.29 | 5.10 | 4.60 |
| 2051                                                                                                                                                                                                                                                       | 12.73 | 12.81 | 0.07 | 100 | 35 | 11.90 | -1,852 | -0.36 | 5.10 | 4.60 |
| 2052                                                                                                                                                                                                                                                       | 12.62 | 12.71 | 0.10 | 100 | 35 | 11.80 | -1,913 | -0.43 | 5.10 | 4.50 |
| 2053                                                                                                                                                                                                                                                       | 12.54 | 12.82 | 0.28 | 100 | 35 | 11.90 | -1,987 | -0.49 | 5.10 | 4.60 |
| 2054                                                                                                                                                                                                                                                       | 12.47 | 12.72 | 0.25 | 100 | 35 | 11.80 | -2,065 | -0.55 | 5.10 | 4.50 |
| 2055                                                                                                                                                                                                                                                       | 12.41 | 12.73 | 0.32 | 100 | 35 | 11.80 | -2,147 | -0.60 | 5.10 | 4.50 |
| 2056                                                                                                                                                                                                                                                       | 12.35 | 12.73 | 0.38 | 100 | 35 | 11.80 | -2,234 | -0.65 | 5.10 | 4.50 |
| 2057                                                                                                                                                                                                                                                       | 12.29 | 12.74 | 0.45 | 100 | 35 | 11.80 | -2,324 | -0.70 | 5.10 | 4.50 |
| 2058                                                                                                                                                                                                                                                       | 12.24 | 12.65 | 0.41 | 100 | 35 | 11.70 | -2,417 | -0.74 | 5.10 | 4.40 |
| 2059                                                                                                                                                                                                                                                       | 12.18 | 12.75 | 0.57 | 100 | 35 | 11.80 | -2,513 | -0.78 | 5.10 | 4.50 |
| 2060                                                                                                                                                                                                                                                       | 12.13 | 12.65 | 0.53 | 100 | 35 | 11.70 | -2,613 | -0.82 | 5.10 | 4.40 |
| 2061                                                                                                                                                                                                                                                       | 12.08 | 12.66 | 0.58 | 100 | 35 | 11.70 | -2,718 | -0.86 | 5.10 | 4.40 |
| 2062                                                                                                                                                                                                                                                       | 12.04 | 12.76 | 0.72 | 100 | 35 | 11.80 | -2,830 | -0.90 | 5.10 | 4.50 |
| 2063                                                                                                                                                                                                                                                       | 12.01 | 12.67 | 0.66 | 100 | 35 | 11.70 | -2,952 | -0.93 | 5.10 | 4.40 |
| 2064                                                                                                                                                                                                                                                       | 11.98 | 12.77 | 0.79 | 100 | 35 | 11.80 | -3,082 | -0.96 | 5.10 | 4.50 |
| 2065                                                                                                                                                                                                                                                       | 11.96 | 12.67 | 0.72 | 100 | 35 | 11.70 | -3,219 | -0.99 | 5.10 | 4.40 |
| 2066                                                                                                                                                                                                                                                       | 11.95 | 12.78 | 0.83 | 100 | 35 | 11.80 | -3,366 | -1.02 | 5.10 | 4.50 |
| 2067                                                                                                                                                                                                                                                       | 11.94 | 12.78 | 0.84 | 100 | 35 | 11.80 | -3,524 | -1.05 | 5.10 | 4.50 |
| 2068                                                                                                                                                                                                                                                       | 11.94 | 12.79 | 0.84 | 100 | 35 | 11.80 | -3,694 | -1.07 | 5.10 | 4.50 |
| 2069                                                                                                                                                                                                                                                       | 11.95 | 12.89 | 0.94 | 100 | 35 | 11.90 | -3,874 | -1.09 | 5.10 | 4.60 |
| 2070                                                                                                                                                                                                                                                       | 11.97 | 12.90 | 0.93 | 100 | 35 | 11.90 | -4,067 | -1.11 | 5.10 | 4.60 |
| 2071                                                                                                                                                                                                                                                       | 11.98 | 12.90 | 0.92 | 100 | 35 | 11.90 | -4,271 | -1.13 | 5.10 | 4.60 |
| 2072                                                                                                                                                                                                                                                       | 12.01 | 12.90 | 0.90 | 100 | 35 | 11.90 | -4,488 | -1.15 | 5.10 | 4.60 |
| 2073                                                                                                                                                                                                                                                       | 12.03 | 13.11 | 1.08 | 100 | 35 | 12.10 | -4,718 | -1.16 | 5.10 | 4.80 |
| 2074                                                                                                                                                                                                                                                       | 12.06 | 13.01 | 0.95 | 100 | 35 | 12.00 | -4,962 | -1.17 | 5.10 | 4.70 |
| 2075                                                                                                                                                                                                                                                       | 12.10 | 13.12 | 1.02 | 100 | 35 | 12.10 | -5,219 | -1.19 | 5.10 | 4.80 |
| 2076                                                                                                                                                                                                                                                       | 12.13 | 13.12 | 0.99 | 100 | 35 | 12.10 | -5,491 | -1.20 | 5.10 | 4.80 |
| 2077                                                                                                                                                                                                                                                       | 12.17 | 13.22 | 1.06 | 100 | 35 | 12.20 | -5,777 | -1.21 | 5.10 | 4.90 |
| 2078                                                                                                                                                                                                                                                       | 12.21 | 13.23 | 1.02 | 100 | 35 | 12.20 | -6,079 | -1.22 | 5.10 | 4.90 |
|                                                                                                                                                                                                                                                       | Summarized |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                       | CostRateOASDI |  IncomeRateOASDI |  ActuarialBalanceOASDI |  Change inActuarialBalance |   |   |   |   |   |   |
| 2003-2077                                                                                                                                                                                                                                                  | 12.95 | 12.33 | -0.62 | 1.30 |   |   |   |   |   |   |
| 1 Net of Benefit Offset.2 Including borrowing from Individual Accounts in Form of Social Security Transition Bonds.3 Excluding reinvestment of interest in Social Security Transition Bonds.Based on Intermediate Assumptions of the 2003 Trustees Report. |
|                                                                                                                                                                                                                                                       | Office of the Chief ActuarySocial Security AdministrationSeptember 9, 2003 |

Return to memorandumReturn to list of memos