| 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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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2-earner couple | 1-earner couple |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Scaled Low Earner |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 10.4 | 11.8 | 9.0 | 7.5 | 6.9 | 7.9 | 6.0 | 5.0 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 32.6 | 39.6 | 26.7 | 20.5 | 22.0 | 26.7 | 18.0 | 13.8 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 63.6 | 82.4 | 49.0 | 35.0 | 43.0 | 55.6 | 33.1 | 23.6 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 100.2 | 138.1 | 72.8 | 48.4 | 67.7 | 93.3 | 49.2 | 32.7 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 113.2 | 159.8 | 80.4 | 52.1 | 76.5 | 107.9 | 54.3 | 35.2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Scaled Medium Earner |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 12.1 | 13.8 | 10.5 | 8.7 | 8.1 | 9.3 | 7.1 | 5.9 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 36.8 | 44.7 | 30.2 | 23.2 | 24.8 | 30.1 | 20.4 | 15.7 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 71.5 | 92.5 | 55.1 | 39.4 | 48.3 | 62.5 | 37.2 | 26.6 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 114.1 | 157.4 | 82.8 | 55.0 | 77.0 | 106.3 | 55.9 | 37.2 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 130.5 | 184.6 | 92.5 | 59.8 | 88.1 | 124.6 | 62.4 | 40.4 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Scaled High Earner |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 12.1 | 13.8 | 10.6 | 8.8 | 8.1 | 9.3 | 7.1 | 5.9 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 35.0 | 42.4 | 28.8 | 22.2 | 23.6 | 28.6 | 19.4 | 15.0 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 67.5 | 87.2 | 52.1 | 37.3 | 45.6 | 58.9 | 35.2 | 25.2 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 109.9 | 151.8 | 79.7 | 52.9 | 74.2 | 102.5 | 53.8 | 35.7 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 128.1 | 181.9 | 90.4 | 58.2 | 86.5 | 122.9 | 61.1 | 39.3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Steady Maximum Earner |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 10.5 | 12.0 | 9.2 | 7.6 | 7.0 | 8.0 | 6.1 | 5.1 |
| 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 28.3 | 34.2 | 23.3 | 18.0 | 19.1 | 23.0 | 15.7 | 12.2 |
| 2034                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 53.5 | 69.0 | 41.4 | 29.8 | 36.1 | 46.6 | 28.0 | 20.1 |
| 2044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 89.3 | 123.5 | 64.7 | 42.9 | 60.3 | 83.4 | 43.7 | 29.0 |
| 2054                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 106.7 | 152.2 | 75.1 | 48.2 | 72.1 | 102.8 | 50.7 | 32.5 |
| **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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