SOCIAL SECURITY

MEMORANDUM 

Date: August 10, 2005 Refer To: TCC

To: Stephen C. Goss, Chief Actuary 

From: Chris Chaplain, Actuary 

Alice H. Wade, Deputy Chief Actuary 

Subject: Estimated OASDI Long-Range Financial Effects of Several Provisions Requested by the Social 

Security Advisory Board--INFORMATION

This memorandum provides long-range estimates of the effects on trust fund solvency and 

operations of several provisions that would change the current-law OASDI (combined Old-Age 

and Survivors and Disability Insurance) program. The Advisory Board has requested estimates 

for these provisions. Estimates for the provisions in this memorandum are based on the 

intermediate assumptions of the 2005 Trustees Report. This memorandum contains updated 

estimates of the provisions in our earlier February 7, 2005 memorandum (then based on the 

intermediate assumptions of the 2004 Trustees Report), in addition to estimates of several other 

provisions requested by the Advisory Board. 

Each of the provisions would increase (improve) the long-range OASDI actuarial balance. Most 

would reduce the size of the annual deficits at the end of the long-range period, thus contributing 

toward attaining sustainable solvency. The provisions are grouped into the following categories: 

• Reducing the cost-of-living adjustment, 

• Revising the benefit formula, 

• Changing the normal retirement age, 

• Increasing the payroll tax rate or the taxation of Social Security benefits, 

• Revising the benefit and contribution base, 

• Extending OASDI program coverage, and 

• Changing the investment requirements for the combined Old-Age and Survivors 

Insurance (OASI) and Disability Insurance (DI) Trust Funds. 

Table I contains a brief description of each of the provisions and the associated estimated effect 

on the long-range OASDI actuarial balance, as well as on the 75th year annual balance. 

For each of the proposed provisions in table I, a separate detailed table is provided (tables A1 

through G3). These separate tables are numbered corresponding to the provision number in table 

I. It is very important to note that effects are shown for each provision separately, that is, as if 

each provision were enacted alone. Combining several provisions involves complex interactions 

among provisions which can make the combined effect quite different from simply summing the 

individual effects. 
 2

The numbered tables for individual provisions include annual and 75-year-summarized cost 

rates, income rates, and balances for the OASDI program assuming enactment of each of the 

provisions. In addition, the numbered tables also provide the projected trust fund ratio (TFR) for 

each year until the combined OASI and DI Trust Funds are projected to be exhausted. The TFR 

is defined as the amount of assets in the combined OASI and DI Trust Funds as of the beginning 

of the year, expressed as a percentage of the cost of the OASDI program during the year. Under 

present law, the combined OASI and DI Trust Funds are projected to be exhausted in 2041. 

Under each proposed provision, the year of exhaustion would be extended beyond the projected 

exhaustion year of 2041 under current law. Four of the proposed provisions (provisions B6, D1, 

D2, and E1) would result in the combined OASI and DI Trust Funds remaining solvent through 

the end of the 75-year period. However, as the corresponding numbered tables show, sustainable 

solvency would be achieved under only one of these proposed provisions (provision B6, which 

reduces all PIA formula factors for real wage growth). Sustainable solvency is indicated if the 

TFR is projected to be: 

1. Positive throughout the 75-year projection period, and 

2. Either stable or rising at the end of the 75-year period. 

Tables G1, G2, and G3 provide financial estimates for a provision to invest 40 percent of the 

combined OASI and DI Trust Funds in equities. Estimates between the tables differ because 

different real rates of return on equities are assumed. Estimates in table G1 assume an 

“expected” long-term average of 6.5-percent real rate of return on equities (our standard 

assumption for the future). Table G2 provides a sensitivity illustration by assuming an 

“expected” long-term average 5.5-percent real rate of return for equities. The annual income

rates, cost rates, and balances are identical between the two tables because non-interest income

and projected cost are the same. However, the amount of interest earned by the combined OASI 

and DI Trust Funds differs between the two tables, resulting in differing TFRs and a later 

projected exhaustion year in table G1. Table G3 illustrates the effect of investing 40 percent of 

the Trust Funds in equities assuming that equities in fact have a yield in the future no higher than 

the expected yield on Treasury bonds. This is equivalent to assuming a “risk-adjusted” yield. 

This estimate shows no change from the present-law estimates under the intermediate 

assumptions of the 2005 Trustees Report as a result of investing a portion of Trust Fund assets in 

equities. 

 Chris Chaplain

 Alice H. Wade 

Attachments: 27
Table I—Estimated Long-Range OASDI Financial Effects of Several Individual Provisions1

 Using the 

Intermediate Assumptions of the 2005 Trustees Report 

Number Provision

Estimated Change in 

Long-Range OASDI 

Actuarial Balance2

 

(as a percent of payroll) 

Estimated Change in

Annual Balance in 

75th year3 (as a percent 

of payroll)

A. Reducing the cost-of-living adjustment 

A1 Reduce the COLA for OASDI benefits by 0.5 percentage points 

beginning December 2006................................................................ 0.76 1.20 

A2 Reduce the COLA for OASDI benefits by 1 percentage point 

beginning December 2006................................................................ 1.49 2.30 

A3 Use the “superlative” (or “chained”) CPI for COLAs beginning 

December 2006, estimated to reduce the COLA by 0.22 

percentage point................................................................................ 0.34 0.54 

B. Revising the benefit formula 

B1 Increase the number of years used to calculate benefits for 

retirees and survivors (but not for disabled workers) from 35 to 

38 (phased in 2006-2010); i.e., 36 for 2006-07, 37 for 2008-09, 

and 38 for 2010 and later .................................................................. 0.28 0.43 

B2 Increase the number of years used to calculate benefits for 

retirees and survivors (but not for disabled workers) from 35 to 

40 (phased in 2006-2014); i.e., 36 for 2006-07, 37 for 2008-09, 

38 for 2010-11, 39 for 2012-13, and 40 for 2014 and later .............. 0.46 0.73 

B3 For each year from 2006-2036, multiply the 32 and 15 percent 

benefit formula factors by 0.987, reducing the factors to 21 and 

10 percent respectively, for new eligibles in 2036 and later............. 1.60 3.29 

B4 Reduce benefits across the board by 3 percent for those newly 

eligible for benefits in 2006 and later ............................................... 0.37 0.54 

B5 Reduce benefits across the board by 5 percent for those newly 

eligible for benefits in 2006 and later ............................................... 0.61 0.90 

B6 Starting for those newly eligible for OASDI benefits in 2012 and 

later, reduce the PIA formula factors by real wage growth (i.e., 

“CPI-index” the formula factors) ..................................................... 2.38 7.85 

B7 Create a new bend point at the level of the career-average 

earnings at the 30th percentile of those becoming newly eligible 

for OASDI benefits in 2012 and later (estimated to be 28.6% of 

the way between the present law first and second bend points). 

Maintain the lower two formula factors of 90% and 32%. 

Reduce the upper two formula factors (32% and 15%) such that 

the maximum worker benefit grows from one generation to the 

next by inflation, rather than by the growth in average wages ......... 1.43 4.62 
Table I—Estimated Long-Range OASDI Financial Effects of Several Individual Provisions1

 Using the 

Intermediate Assumptions of the 2005 Trustees Report 

Number Provision

Estimated Change in 

Long-Range OASDI 

Actuarial Balance2

 

(as a percent of payroll) 

Estimated Change in

Annual Balance in 

75th year3 (as a percent 

of payroll)

B8 Create a new bend point at the level of the career-average 

earnings at the 40th percentile of those becoming newly eligible 

for OASDI benefits in 2012 and later (estimated to be 44.7% of 

the way between the present law first and second bend points). 

Maintain the lower two formula factors of 90% and 32%. 

Reduce the upper two formula factors (32% and 15%) such that 

the maximum worker benefit grows from one generation to the 

next by inflation, rather than by the growth in average wages ......... 1.21 3.89 

B9 Create a new bend point at the level of the career-average 

earnings at the 50th percentile of those becoming newly eligible 

for OASDI benefits in 2012 and later (estimated to be 61.5% of 

the way between the present law first and second bend points). 

Maintain the lower two formula factors of 90% and 32%. 

Reduce the upper two formula factors (32% and 15%) such that 

the maximum worker benefit grows from one generation to the 

next by inflation, rather than by the growth in average wages ......... 0.97 2.92 

B10 Create a new bend point at the level of the career-average 

earnings at the 60th percentile of those becoming newly eligible 

for OASDI benefits in 2012 and later (estimated to be 78.8% of 

the way between the present law first and second bend points). 

Maintain the lower two formula factors of 90% and 32%. 

Reduce the upper two formula factors (32% and 15%) such that 

the maximum worker benefit grows from one generation to the 

next by inflation, rather than by the growth in average wages ......... 0.68 1.82 

C. Changing the normal retirement age 

C1 Eliminate the hiatus in the normal retirement age (speed up the 

increase to age 67) ............................................................................ 0.14 0.00 

C2 Eliminate the hiatus in the normal retirement age (speed up the 

increase to age 67) and then index the normal retirement age 

(by 1 month every 2 years) until the NRA reaches age 68 ............... 0.52 0.76 

C3 Eliminate the hiatus in the normal retirement age (speed up the 

increase to age 67) and then index the normal retirement age 

(by 1 month every 2 years) until the NRA reaches age 70 ............... 0.69 1.61 

D. Increasing the payroll tax rate or taxation of Social Security benefits 

D1 Raise payroll tax rates (for employees and employers combined) 

by 2.0 percentage points in 2006 and later........................................ 1.96 2.00 

D2 Raise payroll tax rates (for employees and employers combined) 

by 2.1 percentage points in 2020-2049 and by an additional 2.1 

percentage points in 2050 ................................................................. 1.98 4.21 
Table I—Estimated Long-Range OASDI Financial Effects of Several Individual Provisions1

 Using the 

Intermediate Assumptions of the 2005 Trustees Report 

Number Provision

Estimated Change in 

Long-Range OASDI 

Actuarial Balance2

 

(as a percent of payroll) 

Estimated Change in

Annual Balance in 

75th year3 (as a percent 

of payroll)

D3 Tax Social Security benefits in a manner similar to private 

pension income beginning in 2006. Phase out the lower-income 

thresholds during 2006-2015. ........................................................... 0.33 0.27 

E. Revising the benefit and contribution base 

E1 Make all earnings subject to the payroll tax (but retain the cap 

for benefit calculations) beginning in 2006 ...................................... 2.21 2.89 

E2 Make all earnings subject to the payroll tax and credit them for 

benefit purposes beginning in 2006 .................................................. 1.82 2.06 

E3 Make 90% of the earnings subject to the payroll tax and credit 

them for benefit purposes (phased in 2006-2015)4 ........................... 0.83 0.96 

F. Extending program coverage 

F1 Cover newly hired State and local government employees 

beginning in 2006 ............................................................................. 0.22 0.01 

G. Changing the investment requirements for the combined OASI and DI Trust Funds 

G1 Invest 40% of the Trust Funds in equities (phased in 2006-2020), 

assuming a 6.5-percent real rate of return on equities (standard 

assumption)....................................................................................... 0.88 0.00 

G2 Invest 40% of the Trust Funds in equities (phased in 2006-2020), 

assuming a 5.5-percent real rate of return on equities ...................... 0.64 0.00 

G3 Invest 40% of the Trust Funds in equities (phased in 2006-2020), 

assuming an ultimate 3 percent real rate of return on equities, the 

same as the expected yield on Treasury bonds ................................. 0.00 0.00 

1

All estimates are for individual provisions, as if each were enacted alone. The combined effect of several provisions 

together would involve complex interactions that can result in quite different effects from those implied by simply adding 

the effect of the individual provisions. 2

Under the intermediate assumptions of the 2005 Trustees Report, the 75-year actuarial balance is -1.92 percent of taxable 

payroll. 3

Under the intermediate assumptions of the 2005 Trustees Report, the annual balance in the 75th year of the projection 

period is -5.70 percent of the taxable payroll for that year. 4

This estimate reflects a revised calculation of the taxable ratio (i.e., the percentage of earnings subject to payroll tax). 

Refer to forthcoming OCACT memorandum for a full explanation. 

Social Security Administration 

Office of the Chief Actuary 

August xx, 2005 
Table A1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.90 12.74 1.84 357

2008 10.89 12.78 1.89 374

2009 10.98 12.77 1.78 389

2010 11.06 12.79 1.72 403

2011 11.19 12.83 1.64 416

2012 11.39 12.86 1.47 426

2013 11.62 12.89 1.27 434

2014 11.85 12.90 1.05 440

2015 12.09 12.92 0.83 445

2016 12.35 12.94 0.59 447

2017 12.62 12.96 0.34 447

2018 12.89 12.97 0.08 446

2019 13.16 12.99 -0.17 443

2020 13.45 13.01 -0.44 439

2021 13.73 13.02 -0.70 434

2022 14.00 13.04 -0.96 427

2023 14.27 13.06 -1.21 419

2024 14.53 13.07 -1.46 410

2025 14.79 13.09 -1.71 399

2026 15.05 13.10 -1.95 388

2027 15.28 13.12 -2.16 375

2028 15.49 13.13 -2.36 362

2029 15.67 13.14 -2.53 349

2030 15.84 13.15 -2.68 335

2031 15.99 13.17 -2.83 321

2032 16.13 13.18 -2.95 306

2033 16.23 13.18 -3.04 291

2034 16.30 13.19 -3.11 275

2035 16.36 13.19 -3.17 260

2036 16.41 13.20 -3.21 244

2037 16.43 13.20 -3.23 228

2038 16.45 13.21 -3.24 212

2039 16.45 13.21 -3.24 196

2040 16.44 13.21 -3.23 179

2041 16.44 13.21 -3.23 163

2042 16.44 13.21 -3.23 146

2043 16.44 13.21 -3.23 129

2044 16.44 13.21 -3.23 111

2045 16.45 13.21 -3.23 94

2046 16.46 13.22 -3.24 76

2047 16.47 13.22 -3.25 57

2048 16.48 13.22 -3.26 39

2049 16.50 13.22 -3.28 19

2050 16.53 13.22 -3.30 0

2051 16.56 13.23 -3.33 ----

2052 16.59 13.23 -3.36 ----

2053 16.63 13.23 -3.40 ----

2054 16.67 13.23 -3.43 ----

2055 16.71 13.24 -3.47 ----

2056 16.76 13.24 -3.52 ----

2057 16.81 13.24 -3.56 ----

2058 16.86 13.25 -3.61 ----

2059 16.90 13.25 -3.65 ----

2060 16.95 13.25 -3.70 ----

2061 17.00 13.26 -3.74 ----

2062 17.05 13.26 -3.79 ----

2063 17.10 13.26 -3.84 ----

2064 17.16 13.27 -3.89 ----

2065 17.21 13.27 -3.94 ----

2066 17.26 13.27 -3.99 ----

2067 17.32 13.28 -4.04 ----

2068 17.37 13.28 -4.09 ----

2069 17.41 13.28 -4.13 ----

2070 17.45 13.29 -4.17 ----

2071 17.49 13.29 -4.21 ----

2072 17.54 13.29 -4.24 ----

2073 17.57 13.29 -4.28 ----

2074 17.61 13.30 -4.31 ----

2075 17.65 13.30 -4.35 ----

2076 17.69 13.30 -4.39 ----

2077 17.73 13.30 -4.42 ----

2078 17.77 13.31 -4.46 ----

2079 17.81 13.31 -4.50 ----

2080 17.85 13.31 -4.54 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.99% 13.83% -1.16% 0.76%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial 

Balance

Reduce the COLA for OASDI Benefits by 0.5 percentage points beginning December 2006

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table A2 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.85 12.74 1.89 358

2008 10.73 12.78 2.05 380

2009 10.77 12.76 1.98 398

2010 10.81 12.78 1.96 416

2011 10.90 12.82 1.92 433

2012 11.07 12.85 1.78 447

2013 11.25 12.87 1.62 459

2014 11.46 12.89 1.43 469

2015 11.66 12.90 1.24 478

2016 11.89 12.92 1.03 484

2017 12.13 12.93 0.81 489

2018 12.37 12.95 0.58 492

2019 12.61 12.96 0.35 494

2020 12.86 12.98 0.12 494

2021 13.11 13.00 -0.12 493

2022 13.36 13.01 -0.35 490

2023 13.60 13.02 -0.57 487

2024 13.83 13.04 -0.80 482

2025 14.07 13.05 -1.01 476

2026 14.30 13.07 -1.23 469

2027 14.50 13.08 -1.42 462

2028 14.68 13.09 -1.59 454

2029 14.84 13.10 -1.74 446

2030 14.99 13.11 -1.88 437

2031 15.12 13.12 -2.00 428

2032 15.24 13.13 -2.10 418

2033 15.32 13.14 -2.18 409

2034 15.38 13.14 -2.23 400

2035 15.42 13.15 -2.27 391

2036 15.45 13.15 -2.30 381

2037 15.47 13.15 -2.32 372

2038 15.47 13.16 -2.32 363

2039 15.46 13.16 -2.31 354

2040 15.45 13.16 -2.30 345

2041 15.45 13.16 -2.29 336

2042 15.44 13.16 -2.28 327

2043 15.44 13.16 -2.28 317

2044 15.43 13.16 -2.27 308

2045 15.44 13.16 -2.27 298

2046 15.45 13.16 -2.28 288

2047 15.46 13.17 -2.29 278

2048 15.47 13.17 -2.30 267

2049 15.48 13.17 -2.32 257

2050 15.51 13.17 -2.34 246

2051 15.53 13.17 -2.36 234

2052 15.57 13.18 -2.39 223

2053 15.60 13.18 -2.43 211

2054 15.64 13.18 -2.46 198

2055 15.68 13.18 -2.50 186

2056 15.72 13.19 -2.54 172

2057 15.77 13.19 -2.58 159

2058 15.81 13.19 -2.62 145

2059 15.86 13.20 -2.66 130

2060 15.90 13.20 -2.70 116

2061 15.94 13.20 -2.74 100

2062 15.99 13.21 -2.78 85

2063 16.04 13.21 -2.83 69

2064 16.09 13.21 -2.87 52

2065 16.13 13.21 -2.92 35

2066 16.18 13.22 -2.96 18

2067 16.23 13.22 -3.01 0

2068 16.27 13.22 -3.05 ----

2069 16.31 13.23 -3.08 ----

2070 16.35 13.23 -3.12 ----

2071 16.38 13.23 -3.15 ----

2072 16.42 13.23 -3.18 ----

2073 16.45 13.24 -3.21 ----

2074 16.48 13.24 -3.24 ----

2075 16.51 13.24 -3.28 ----

2076 16.55 13.24 -3.31 ----

2077 16.58 13.24 -3.34 ----

2078 16.62 13.25 -3.37 ----

2079 16.66 13.25 -3.41 ----

2080 16.69 13.25 -3.44 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.23% 13.79% -0.44% 1.49%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial 

Balance

Reduce the COLA for OASDI Benefits by 1 percentage point beginning December 2006

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table A3 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.93 12.74 1.82 356

2008 10.95 12.78 1.84 372

2009 11.06 12.77 1.71 385

2010 11.17 12.79 1.62 398

2011 11.32 12.84 1.52 409

2012 11.55 12.87 1.32 417

2013 11.79 12.90 1.11 423

2014 12.05 12.91 0.86 427

2015 12.31 12.93 0.62 429

2016 12.59 12.95 0.36 429

2017 12.88 12.97 0.09 427

2018 13.17 12.98 -0.19 424

2019 13.46 13.00 -0.46 419

2020 13.77 13.02 -0.75 413

2021 14.07 13.04 -1.03 405

2022 14.36 13.06 -1.30 396

2023 14.65 13.07 -1.57 385

2024 14.93 13.09 -1.84 374

2025 15.21 13.11 -2.10 361

2026 15.48 13.12 -2.36 347

2027 15.73 13.14 -2.59 332

2028 15.96 13.15 -2.80 317

2029 16.15 13.17 -2.99 301

2030 16.34 13.18 -3.16 284

2031 16.51 13.19 -3.31 267

2032 16.65 13.20 -3.45 249

2033 16.76 13.21 -3.55 231

2034 16.85 13.22 -3.63 212

2035 16.92 13.22 -3.70 193

2036 16.97 13.23 -3.74 174

2037 17.01 13.23 -3.78 155

2038 17.03 13.23 -3.79 135

2039 17.03 13.24 -3.79 115

2040 17.03 13.24 -3.80 95

2041 17.04 13.24 -3.80 74

2042 17.04 13.24 -3.80 53

2043 17.04 13.24 -3.80 32

2044 17.04 13.24 -3.80 11

2045 17.05 13.24 -3.81 ----

2046 17.06 13.25 -3.82 ----

2047 17.08 13.25 -3.83 ----

2048 17.09 13.25 -3.84 ----

2049 17.11 13.25 -3.86 ----

2050 17.14 13.25 -3.88 ----

2051 17.17 13.26 -3.91 ----

2052 17.21 13.26 -3.95 ----

2053 17.25 13.26 -3.98 ----

2054 17.29 13.27 -4.02 ----

2055 17.33 13.27 -4.06 ----

2056 17.38 13.27 -4.11 ----

2057 17.43 13.28 -4.16 ----

2058 17.48 13.28 -4.20 ----

2059 17.53 13.28 -4.25 ----

2060 17.58 13.29 -4.30 ----

2061 17.64 13.29 -4.34 ----

2062 17.69 13.29 -4.40 ----

2063 17.75 13.30 -4.45 ----

2064 17.81 13.30 -4.51 ----

2065 17.86 13.30 -4.56 ----

2066 17.92 13.31 -4.61 ----

2067 17.98 13.31 -4.66 ----

2068 18.03 13.32 -4.71 ----

2069 18.08 13.32 -4.76 ----

2070 18.12 13.32 -4.80 ----

2071 18.17 13.32 -4.84 ----

2072 18.21 13.33 -4.88 ----

2073 18.25 13.33 -4.92 ----

2074 18.29 13.33 -4.96 ----

2075 18.33 13.33 -5.00 ----

2076 18.38 13.34 -5.04 ----

2077 18.42 13.34 -5.08 ----

2078 18.46 13.34 -5.12 ----

2079 18.50 13.34 -5.16 ----

2080 18.55 13.35 -5.20 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.43% 13.85% -1.58% 0.34%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial 

Balance

Beginning December 2006, use the "superlative" (or "chained") CPI for COLAs, estimated to reduce 

the COLA by 0.22 percentage points

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 338

2007 10.94 12.74 1.80 355

2008 10.98 12.78 1.81 371

2009 11.11 12.77 1.66 383

2010 11.22 12.79 1.57 396

2011 11.37 12.84 1.47 406

2012 11.60 12.87 1.27 414

2013 11.85 12.90 1.05 419

2014 12.11 12.91 0.81 423

2015 12.36 12.93 0.57 425

2016 12.64 12.95 0.31 425

2017 12.93 12.97 0.04 423

2018 13.21 12.99 -0.23 419

2019 13.51 13.00 -0.50 414

2020 13.81 13.02 -0.79 407

2021 14.11 13.04 -1.07 399

2022 14.40 13.06 -1.34 390

2023 14.69 13.07 -1.61 379

2024 14.97 13.09 -1.88 367

2025 15.25 13.11 -2.14 354

2026 15.52 13.12 -2.40 340

2027 15.78 13.14 -2.64 325

2028 16.00 13.16 -2.85 309

2029 16.20 13.17 -3.04 293

2030 16.39 13.18 -3.21 276

2031 16.56 13.19 -3.37 259

2032 16.71 13.20 -3.50 240

2033 16.82 13.21 -3.61 222

2034 16.91 13.22 -3.69 203

2035 16.98 13.22 -3.76 184

2036 17.04 13.23 -3.81 164

2037 17.08 13.23 -3.85 144

2038 17.10 13.24 -3.86 124

2039 17.11 13.24 -3.87 104

2040 17.11 13.24 -3.87 83

2041 17.12 13.24 -3.87 62

2042 17.12 13.24 -3.88 40

2043 17.12 13.25 -3.88 19

2044 17.13 13.25 -3.88 ----

2045 17.13 13.25 -3.89 ----

2046 17.15 13.25 -3.90 ----

2047 17.16 13.25 -3.91 ----

2048 17.18 13.25 -3.92 ----

2049 17.20 13.26 -3.94 ----

2050 17.22 13.26 -3.96 ----

2051 17.25 13.26 -3.99 ----

2052 17.29 13.26 -4.03 ----

2053 17.33 13.27 -4.06 ----

2054 17.37 13.27 -4.10 ----

2055 17.42 13.27 -4.14 ----

2056 17.47 13.28 -4.19 ----

2057 17.52 13.28 -4.24 ----

2058 17.57 13.28 -4.29 ----

2059 17.62 13.29 -4.33 ----

2060 17.67 13.29 -4.38 ----

2061 17.72 13.29 -4.43 ----

2062 17.78 13.30 -4.48 ----

2063 17.84 13.30 -4.54 ----

2064 17.90 13.30 -4.59 ----

2065 17.96 13.31 -4.65 ----

2066 18.02 13.31 -4.70 ----

2067 18.08 13.32 -4.76 ----

2068 18.13 13.32 -4.81 ----

2069 18.18 13.32 -4.86 ----

2070 18.23 13.33 -4.90 ----

2071 18.27 13.33 -4.94 ----

2072 18.32 13.33 -4.99 ----

2073 18.36 13.33 -5.03 ----

2074 18.40 13.34 -5.07 ----

2075 18.45 13.34 -5.11 ----

2076 18.49 13.34 -5.15 ----

2077 18.54 13.34 -5.19 ----

2078 18.58 13.35 -5.23 ----

2079 18.62 13.35 -5.27 ----

2080 18.67 13.35 -5.32 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.50% 13.85% -1.64% 0.28%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Increase the number of years used to calculate benefits for retirees and survivors (but not for 

disabled workers) from 35 to 38 phased in 2006-2010

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B2 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 338

2007 10.94 12.74 1.80 355

2008 10.98 12.78 1.81 371

2009 11.11 12.77 1.66 383

2010 11.22 12.79 1.57 396

2011 11.37 12.84 1.47 406

2012 11.60 12.87 1.27 414

2013 11.84 12.90 1.06 420

2014 12.09 12.91 0.82 423

2015 12.34 12.93 0.59 426

2016 12.60 12.95 0.35 426

2017 12.87 12.97 0.09 425

2018 13.14 12.98 -0.16 422

2019 13.42 13.00 -0.42 418

2020 13.71 13.02 -0.69 412

2021 13.99 13.03 -0.95 405

2022 14.27 13.05 -1.22 397

2023 14.54 13.07 -1.47 387

2024 14.81 13.08 -1.73 377

2025 15.08 13.10 -1.98 365

2026 15.34 13.12 -2.23 352

2027 15.58 13.13 -2.45 338

2028 15.80 13.14 -2.65 323

2029 15.99 13.16 -2.83 308

2030 16.17 13.17 -3.00 292

2031 16.33 13.18 -3.15 276

2032 16.47 13.19 -3.28 259

2033 16.58 13.20 -3.38 241

2034 16.66 13.21 -3.45 224

2035 16.72 13.21 -3.51 206

2036 16.78 13.22 -3.56 188

2037 16.81 13.22 -3.59 170

2038 16.83 13.22 -3.61 151

2039 16.83 13.22 -3.61 132

2040 16.83 13.23 -3.61 113

2041 16.83 13.23 -3.61 93

2042 16.84 13.23 -3.61 74

2043 16.84 13.23 -3.61 54

2044 16.84 13.23 -3.61 33

2045 16.84 13.23 -3.61 13

2046 16.86 13.23 -3.62 ----

2047 16.87 13.24 -3.63 ----

2048 16.88 13.24 -3.65 ----

2049 16.90 13.24 -3.66 ----

2050 16.93 13.24 -3.68 ----

2051 16.96 13.24 -3.71 ----

2052 16.99 13.25 -3.75 ----

2053 17.03 13.25 -3.78 ----

2054 17.07 13.25 -3.82 ----

2055 17.11 13.26 -3.86 ----

2056 17.16 13.26 -3.90 ----

2057 17.21 13.26 -3.95 ----

2058 17.27 13.27 -4.00 ----

2059 17.31 13.27 -4.04 ----

2060 17.36 13.27 -4.09 ----

2061 17.42 13.28 -4.14 ----

2062 17.47 13.28 -4.19 ----

2063 17.53 13.28 -4.25 ----

2064 17.59 13.29 -4.30 ----

2065 17.65 13.29 -4.35 ----

2066 17.70 13.30 -4.41 ----

2067 17.76 13.30 -4.46 ----

2068 17.82 13.30 -4.51 ----

2069 17.87 13.31 -4.56 ----

2070 17.91 13.31 -4.60 ----

2071 17.96 13.31 -4.65 ----

2072 18.00 13.31 -4.69 ----

2073 18.05 13.32 -4.73 ----

2074 18.09 13.32 -4.77 ----

2075 18.13 13.32 -4.81 ----

2076 18.17 13.32 -4.85 ----

2077 18.22 13.33 -4.89 ----

2078 18.26 13.33 -4.93 ----

2079 18.30 13.33 -4.97 ----

2080 18.35 13.34 -5.01 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.31% 13.84% -1.46% 0.46%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Increase the number of years used to calculate benefits for retirees and survivors (but not for 

disabled workers) from 35 to 40 phased in 2006-2014

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B3 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 338

2007 10.94 12.74 1.80 355

2008 10.97 12.78 1.81 371

2009 11.10 12.77 1.67 384

2010 11.21 12.79 1.59 396

2011 11.35 12.84 1.49 407

2012 11.57 12.87 1.30 415

2013 11.79 12.90 1.10 422

2014 12.03 12.91 0.88 427

2015 12.26 12.93 0.67 430

2016 12.50 12.94 0.45 432

2017 12.74 12.96 0.22 432

2018 12.98 12.98 -0.01 431

2019 13.22 12.99 -0.23 429

2020 13.47 13.01 -0.46 426

2021 13.70 13.02 -0.68 422

2022 13.93 13.04 -0.89 417

2023 14.15 13.05 -1.09 410

2024 14.36 13.06 -1.29 403

2025 14.56 13.08 -1.48 395

2026 14.76 13.09 -1.67 387

2027 14.93 13.10 -1.82 377

2028 15.07 13.11 -1.96 368

2029 15.19 13.12 -2.07 358

2030 15.29 13.13 -2.16 348

2031 15.37 13.14 -2.24 338

2032 15.43 13.14 -2.29 328

2033 15.46 13.15 -2.32 318

2034 15.47 13.15 -2.32 308

2035 15.45 13.15 -2.30 298

2036 15.43 13.15 -2.27 288

2037 15.38 13.15 -2.23 279

2038 15.33 13.15 -2.18 270

2039 15.26 13.15 -2.11 261

2040 15.19 13.15 -2.04 253

2041 15.12 13.15 -1.98 244

2042 15.06 13.14 -1.92 236

2043 15.00 13.14 -1.86 228

2044 14.95 13.14 -1.81 220

2045 14.90 13.14 -1.76 212

2046 14.86 13.14 -1.72 205

2047 14.82 13.14 -1.68 197

2048 14.79 13.13 -1.65 189

2049 14.76 13.13 -1.63 182

2050 14.75 13.13 -1.61 174

2051 14.74 13.13 -1.60 166

2052 14.74 13.14 -1.60 158

2053 14.74 13.14 -1.60 150

2054 14.75 13.14 -1.61 141

2055 14.76 13.14 -1.62 133

2056 14.78 13.14 -1.64 124

2057 14.81 13.14 -1.66 115

2058 14.83 13.14 -1.69 105

2059 14.86 13.15 -1.71 95

2060 14.89 13.15 -1.74 85

2061 14.92 13.15 -1.77 75

2062 14.96 13.15 -1.80 64

2063 15.00 13.16 -1.84 53

2064 15.04 13.16 -1.88 42

2065 15.08 13.16 -1.92 30

2066 15.13 13.16 -1.96 18

2067 15.17 13.17 -2.01 5

2068 15.21 13.17 -2.04 ----

2069 15.25 13.17 -2.08 ----

2070 15.29 13.18 -2.11 ----

2071 15.33 13.18 -2.15 ----

2072 15.36 13.18 -2.18 ----

2073 15.40 13.18 -2.21 ----

2074 15.43 13.18 -2.24 ----

2075 15.46 13.19 -2.28 ----

2076 15.50 13.19 -2.31 ----

2077 15.53 13.19 -2.34 ----

2078 15.57 13.19 -2.38 ----

2079 15.61 13.20 -2.41 ----

2080 15.64 13.20 -2.45 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.11% 13.79% -0.32% 1.60%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

From 2006-2036, multiply the 32 and 15 percent formula factors by 0.987, reducing the factors to 21 

percent and 10 percent, respectively, for new eligibles in 2035 and later

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B4 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 10.99 12.73 1.74 338

2007 10.93 12.74 1.81 356

2008 10.96 12.78 1.83 371

2009 11.08 12.77 1.69 385

2010 11.18 12.79 1.61 398

2011 11.33 12.84 1.51 409

2012 11.55 12.87 1.32 417

2013 11.79 12.90 1.11 423

2014 12.04 12.91 0.87 427

2015 12.30 12.93 0.63 430

2016 12.57 12.95 0.38 430

2017 12.85 12.97 0.11 428

2018 13.14 12.98 -0.15 425

2019 13.43 13.00 -0.42 421

2020 13.73 13.02 -0.71 415

2021 14.02 13.04 -0.98 407

2022 14.31 13.06 -1.26 398

2023 14.59 13.07 -1.52 388

2024 14.88 13.09 -1.79 377

2025 15.15 13.10 -2.05 365

2026 15.42 13.12 -2.30 351

2027 15.67 13.14 -2.54 336

2028 15.90 13.15 -2.75 321

2029 16.10 13.16 -2.93 305

2030 16.28 13.18 -3.10 289

2031 16.45 13.19 -3.26 272

2032 16.60 13.20 -3.40 254

2033 16.71 13.21 -3.51 237

2034 16.80 13.21 -3.59 218

2035 16.87 13.22 -3.65 200

2036 16.93 13.23 -3.70 181

2037 16.97 13.23 -3.74 162

2038 16.99 13.23 -3.76 142

2039 17.00 13.24 -3.76 123

2040 17.00 13.24 -3.77 102

2041 17.01 13.24 -3.77 82

2042 17.01 13.24 -3.77 61

2043 17.02 13.24 -3.77 40

2044 17.02 13.24 -3.78 19

2045 17.03 13.24 -3.78 ----

2046 17.04 13.25 -3.79 ----

2047 17.06 13.25 -3.81 ----

2048 17.07 13.25 -3.82 ----

2049 17.09 13.25 -3.84 ----

2050 17.12 13.25 -3.86 ----

2051 17.15 13.26 -3.89 ----

2052 17.18 13.26 -3.93 ----

2053 17.22 13.26 -3.96 ----

2054 17.27 13.27 -4.00 ----

2055 17.31 13.27 -4.04 ----

2056 17.36 13.27 -4.09 ----

2057 17.41 13.28 -4.14 ----

2058 17.46 13.28 -4.18 ----

2059 17.51 13.28 -4.23 ----

2060 17.56 13.29 -4.28 ----

2061 17.62 13.29 -4.33 ----

2062 17.67 13.29 -4.38 ----

2063 17.73 13.30 -4.43 ----

2064 17.79 13.30 -4.49 ----

2065 17.85 13.30 -4.54 ----

2066 17.91 13.31 -4.60 ----

2067 17.96 13.31 -4.65 ----

2068 18.02 13.32 -4.70 ----

2069 18.07 13.32 -4.75 ----

2070 18.12 13.32 -4.79 ----

2071 18.16 13.32 -4.84 ----

2072 18.21 13.33 -4.88 ----

2073 18.25 13.33 -4.92 ----

2074 18.29 13.33 -4.96 ----

2075 18.33 13.34 -5.00 ----

2076 18.38 13.34 -5.04 ----

2077 18.42 13.34 -5.08 ----

2078 18.46 13.34 -5.12 ----

2079 18.51 13.35 -5.16 ----

2080 18.55 13.35 -5.20 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.41% 13.85% -1.56% 0.37%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Reduce benefits across the board by 3 percent for those newly eligible for benefits in 2006 and later

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B5 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 10.99 12.73 1.74 338

2007 10.92 12.74 1.82 356

2008 10.93 12.78 1.85 372

2009 11.04 12.77 1.73 386

2010 11.13 12.79 1.66 400

2011 11.26 12.84 1.57 412

2012 11.47 12.87 1.40 421

2013 11.69 12.89 1.20 429

2014 11.93 12.91 0.98 434

2015 12.17 12.92 0.76 438

2016 12.43 12.94 0.52 440

2017 12.69 12.96 0.27 440

2018 12.96 12.98 0.01 438

2019 13.24 12.99 -0.25 435

2020 13.53 13.01 -0.51 430

2021 13.81 13.03 -0.78 424

2022 14.08 13.04 -1.04 417

2023 14.36 13.06 -1.29 408

2024 14.62 13.08 -1.55 398

2025 14.89 13.09 -1.80 387

2026 15.15 13.11 -2.04 375

2027 15.39 13.12 -2.27 362

2028 15.61 13.14 -2.47 349

2029 15.80 13.15 -2.65 335

2030 15.97 13.16 -2.81 320

2031 16.14 13.17 -2.96 305

2032 16.28 13.18 -3.09 289

2033 16.39 13.19 -3.19 273

2034 16.47 13.20 -3.27 256

2035 16.54 13.20 -3.33 240

2036 16.59 13.21 -3.38 223

2037 16.63 13.21 -3.42 206

2038 16.65 13.22 -3.43 188

2039 16.65 13.22 -3.44 171

2040 16.66 13.22 -3.44 153

2041 16.66 13.22 -3.44 135

2042 16.67 13.22 -3.44 116

2043 16.67 13.22 -3.45 98

2044 16.67 13.23 -3.45 79

2045 16.68 13.23 -3.45 60

2046 16.69 13.23 -3.46 40

2047 16.71 13.23 -3.48 20

2048 16.72 13.23 -3.49 ----

2049 16.74 13.23 -3.51 ----

2050 16.77 13.24 -3.53 ----

2051 16.80 13.24 -3.56 ----

2052 16.83 13.24 -3.59 ----

2053 16.87 13.24 -3.63 ----

2054 16.91 13.25 -3.66 ----

2055 16.95 13.25 -3.70 ----

2056 17.00 13.25 -3.75 ----

2057 17.05 13.26 -3.80 ----

2058 17.10 13.26 -3.84 ----

2059 17.15 13.26 -3.89 ----

2060 17.20 13.27 -3.93 ----

2061 17.25 13.27 -3.98 ----

2062 17.31 13.28 -4.03 ----

2063 17.37 13.28 -4.09 ----

2064 17.42 13.28 -4.14 ----

2065 17.48 13.29 -4.19 ----

2066 17.54 13.29 -4.25 ----

2067 17.59 13.29 -4.30 ----

2068 17.65 13.30 -4.35 ----

2069 17.70 13.30 -4.40 ----

2070 17.74 13.30 -4.44 ----

2071 17.79 13.31 -4.48 ----

2072 17.83 13.31 -4.52 ----

2073 17.87 13.31 -4.56 ----

2074 17.91 13.31 -4.60 ----

2075 17.95 13.32 -4.64 ----

2076 18.00 13.32 -4.68 ----

2077 18.04 13.32 -4.72 ----

2078 18.08 13.32 -4.76 ----

2079 18.13 13.33 -4.80 ----

2080 18.17 13.33 -4.84 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.15% 13.84% -1.31% 0.61%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Reduce benefits across the board by 5 percent for those newly eligible for benefits in 2006 and later

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B6 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.21 410

2013 11.92 12.90 0.98 415

2014 12.19 12.92 0.73 418

2015 12.44 12.94 0.50 419

2016 12.70 12.95 0.25 419

2017 12.97 12.97 0.00 418

2018 13.22 12.99 -0.23 415

2019 13.47 13.00 -0.47 411

2020 13.72 13.02 -0.70 406

2021 13.96 13.04 -0.92 400

2022 14.18 13.05 -1.13 394

2023 14.39 13.06 -1.33 386

2024 14.59 13.08 -1.52 378

2025 14.79 13.09 -1.70 369

2026 14.96 13.10 -1.86 360

2027 15.11 13.11 -2.00 350

2028 15.23 13.12 -2.11 339

2029 15.32 13.13 -2.19 329

2030 15.40 13.14 -2.26 319

2031 15.45 13.14 -2.30 309

2032 15.47 13.15 -2.33 298

2033 15.46 13.15 -2.32 288

2034 15.43 13.15 -2.28 278

2035 15.37 13.15 -2.22 269

2036 15.30 13.15 -2.15 260

2037 15.21 13.15 -2.07 252

2038 15.10 13.14 -1.96 244

2039 14.98 13.14 -1.84 237

2040 14.85 13.13 -1.72 230

2041 14.72 13.13 -1.59 225

2042 14.59 13.12 -1.46 219

2043 14.45 13.12 -1.33 215

2044 14.31 13.11 -1.20 211

2045 14.18 13.11 -1.07 208

2046 14.04 13.10 -0.94 206

2047 13.91 13.09 -0.82 204

2048 13.78 13.09 -0.69 204

2049 13.66 13.08 -0.57 204

2050 13.53 13.08 -0.46 205

2051 13.42 13.07 -0.34 207

2052 13.30 13.07 -0.23 209

2053 13.19 13.06 -0.13 213

2054 13.08 13.06 -0.02 217

2055 12.98 13.05 0.08 222

2056 12.88 13.05 0.17 228

2057 12.78 13.04 0.27 235

2058 12.68 13.04 0.36 243

2059 12.58 13.04 0.45 251

2060 12.49 13.03 0.54 261

2061 12.40 13.03 0.63 272

2062 12.31 13.02 0.72 283

2063 12.22 13.02 0.80 296

2064 12.13 13.02 0.88 309

2065 12.05 13.01 0.97 324

2066 11.96 13.01 1.05 340

2067 11.88 13.00 1.13 356

2068 11.79 13.00 1.21 374

2069 11.70 13.00 1.29 394

2070 11.61 12.99 1.38 414

2071 11.52 12.99 1.47 436

2072 11.43 12.98 1.55 460

2073 11.34 12.98 1.64 484

2074 11.25 12.98 1.72 511

2075 11.16 12.97 1.81 539

2076 11.07 12.97 1.89 568

2077 10.99 12.96 1.98 600

2078 10.90 12.96 2.06 633

2079 10.81 12.95 2.14 667

2080 10.72 12.95 2.23 704

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 13.29% 13.75% 0.45% 2.38%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Reduce PIA formula factors by real wage growth (i.e., "CPI-index" the formula factors), for those 

newly eligible for OASDI benefits in 2012 and later

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B7 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.21 410

2013 11.93 12.90 0.98 415

2014 12.20 12.92 0.72 418

2015 12.46 12.94 0.48 419

2016 12.73 12.95 0.22 418

2017 13.01 12.97 -0.04 416

2018 13.29 12.99 -0.30 412

2019 13.56 13.01 -0.55 407

2020 13.83 13.02 -0.81 401

2021 14.10 13.04 -1.05 394

2022 14.35 13.06 -1.29 386

2023 14.59 13.07 -1.52 377

2024 14.83 13.09 -1.74 366

2025 15.06 13.10 -1.96 355

2026 15.28 13.11 -2.17 343

2027 15.47 13.13 -2.35 331

2028 15.64 13.14 -2.50 317

2029 15.78 13.15 -2.63 304

2030 15.90 13.16 -2.74 290

2031 16.00 13.17 -2.83 276

2032 16.07 13.17 -2.90 262

2033 16.12 13.18 -2.94 247

2034 16.13 13.18 -2.95 233

2035 16.13 13.18 -2.95 219

2036 16.11 13.19 -2.93 204

2037 16.08 13.19 -2.89 190

2038 16.02 13.18 -2.84 176

2039 15.96 13.18 -2.77 161

2040 15.88 13.18 -2.70 147

2041 15.81 13.18 -2.63 133

2042 15.73 13.18 -2.56 120

2043 15.66 13.17 -2.48 106

2044 15.58 13.17 -2.41 92

2045 15.51 13.17 -2.34 79

2046 15.44 13.16 -2.27 65

2047 15.37 13.16 -2.20 52

2048 15.30 13.16 -2.14 39

2049 15.23 13.16 -2.08 26

2050 15.18 13.16 -2.02 13

2051 15.12 13.15 -1.97 ----

2052 15.07 13.15 -1.92 ----

2053 15.03 13.15 -1.88 ----

2054 14.98 13.15 -1.83 ----

2055 14.94 13.15 -1.79 ----

2056 14.90 13.15 -1.76 ----

2057 14.87 13.15 -1.73 ----

2058 14.84 13.14 -1.69 ----

2059 14.80 13.14 -1.66 ----

2060 14.77 13.14 -1.63 ----

2061 14.74 13.14 -1.60 ----

2062 14.71 13.14 -1.57 ----

2063 14.69 13.14 -1.55 ----

2064 14.66 13.14 -1.52 ----

2065 14.64 13.14 -1.50 ----

2066 14.61 13.14 -1.48 ----

2067 14.59 13.14 -1.45 ----

2068 14.56 13.14 -1.43 ----

2069 14.53 13.14 -1.40 ----

2070 14.50 13.13 -1.37 ----

2071 14.47 13.13 -1.34 ----

2072 14.44 13.13 -1.31 ----

2073 14.40 13.13 -1.27 ----

2074 14.37 13.13 -1.24 ----

2075 14.33 13.13 -1.21 ----

2076 14.30 13.13 -1.18 ----

2077 14.27 13.12 -1.15 ----

2078 14.24 13.12 -1.12 ----

2079 14.21 13.12 -1.09 ----

2080 14.18 13.12 -1.06 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.29% 13.80% -0.50% 1.43%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial

Balance

Progressive price indexing of PIA formula factors beginning with individuals newly eligible for OASDI benefits in 

2012. Create new bend point at the 30th percentile of earners. Maintain current-law benefits for earners at the 

30th percentile and below and reduce upper 2 formula factors (32% and 15%) such that maximum worker benefit 

grows by inflation rather than the growth in average wages.

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B8 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.21 410

2013 11.93 12.90 0.98 415

2014 12.20 12.92 0.72 418

2015 12.46 12.94 0.47 419

2016 12.74 12.96 0.21 418

2017 13.02 12.97 -0.05 415

2018 13.30 12.99 -0.31 411

2019 13.58 13.01 -0.57 406

2020 13.86 13.03 -0.83 400

2021 14.13 13.04 -1.09 393

2022 14.39 13.06 -1.33 384

2023 14.64 13.07 -1.57 374

2024 14.89 13.09 -1.80 364

2025 15.13 13.10 -2.02 352

2026 15.36 13.12 -2.24 339

2027 15.56 13.13 -2.43 326

2028 15.74 13.14 -2.59 312

2029 15.89 13.15 -2.73 298

2030 16.02 13.16 -2.85 284

2031 16.13 13.17 -2.96 269

2032 16.22 13.18 -3.04 254

2033 16.28 13.19 -3.09 238

2034 16.30 13.19 -3.11 223

2035 16.31 13.19 -3.12 207

2036 16.31 13.19 -3.11 192

2037 16.28 13.20 -3.09 176

2038 16.24 13.20 -3.05 160

2039 16.19 13.19 -2.99 145

2040 16.13 13.19 -2.93 129

2041 16.06 13.19 -2.87 114

2042 16.00 13.19 -2.81 98

2043 15.94 13.19 -2.75 82

2044 15.87 13.18 -2.69 67

2045 15.81 13.18 -2.63 51

2046 15.76 13.18 -2.58 36

2047 15.70 13.18 -2.52 20

2048 15.65 13.18 -2.47 5

2049 15.60 13.18 -2.42 ----

2050 15.55 13.17 -2.38 ----

2051 15.51 13.17 -2.34 ----

2052 15.48 13.17 -2.31 ----

2053 15.45 13.17 -2.28 ----

2054 15.42 13.17 -2.25 ----

2055 15.39 13.17 -2.22 ----

2056 15.37 13.17 -2.20 ----

2057 15.35 13.17 -2.18 ----

2058 15.33 13.17 -2.16 ----

2059 15.31 13.17 -2.14 ----

2060 15.29 13.17 -2.12 ----

2061 15.27 13.17 -2.10 ----

2062 15.26 13.17 -2.09 ----

2063 15.25 13.17 -2.08 ----

2064 15.24 13.17 -2.07 ----

2065 15.22 13.17 -2.06 ----

2066 15.21 13.17 -2.05 ----

2067 15.20 13.17 -2.04 ----

2068 15.19 13.17 -2.02 ----

2069 15.17 13.17 -2.01 ----

2070 15.15 13.17 -1.99 ----

2071 15.13 13.17 -1.97 ----

2072 15.11 13.17 -1.95 ----

2073 15.09 13.16 -1.93 ----

2074 15.07 13.16 -1.91 ----

2075 15.05 13.16 -1.89 ----

2076 15.03 13.16 -1.87 ----

2077 15.01 13.16 -1.85 ----

2078 14.99 13.16 -1.83 ----

2079 14.98 13.16 -1.81 ----

2080 14.96 13.16 -1.80 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.52% 13.81% -0.72% 1.21%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial

Balance

Progressive price indexing of PIA formula factors beginning with individuals newly eligible for OASDI benefits in 

2012. Create new bend point at the 40th percentile of earners. Maintain current-law benefits for earners at the 

40th percentile and below and reduce upper 2 formula factors (32% and 15%) such that maximum worker benefit 

grows by inflation rather than the growth in average wages.

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B9 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.21 410

2013 11.93 12.90 0.98 415

2014 12.20 12.92 0.72 418

2015 12.47 12.94 0.47 418

2016 12.75 12.96 0.21 417

2017 13.03 12.97 -0.06 415

2018 13.32 12.99 -0.33 411

2019 13.60 13.01 -0.59 405

2020 13.89 13.03 -0.86 399

2021 14.16 13.04 -1.12 391

2022 14.44 13.06 -1.38 382

2023 14.70 13.08 -1.62 372

2024 14.95 13.09 -1.86 361

2025 15.20 13.11 -2.09 348

2026 15.44 13.12 -2.32 335

2027 15.66 13.14 -2.52 321

2028 15.84 13.15 -2.69 307

2029 16.00 13.16 -2.84 292

2030 16.15 13.17 -2.98 277

2031 16.27 13.18 -3.09 261

2032 16.37 13.19 -3.19 245

2033 16.44 13.19 -3.25 228

2034 16.48 13.20 -3.29 212

2035 16.51 13.20 -3.30 195

2036 16.51 13.20 -3.31 178

2037 16.50 13.21 -3.30 161

2038 16.47 13.21 -3.27 144

2039 16.43 13.21 -3.22 127

2040 16.38 13.21 -3.18 110

2041 16.34 13.20 -3.13 93

2042 16.29 13.20 -3.09 76

2043 16.24 13.20 -3.04 58

2044 16.19 13.20 -2.99 41

2045 16.14 13.20 -2.94 23

2046 16.10 13.20 -2.90 5

2047 16.06 13.20 -2.86 ----

2048 16.02 13.20 -2.82 ----

2049 15.98 13.19 -2.79 ----

2050 15.95 13.19 -2.76 ----

2051 15.93 13.19 -2.73 ----

2052 15.91 13.19 -2.71 ----

2053 15.89 13.19 -2.70 ----

2054 15.87 13.19 -2.68 ----

2055 15.86 13.19 -2.67 ----

2056 15.85 13.19 -2.66 ----

2057 15.85 13.19 -2.65 ----

2058 15.84 13.19 -2.65 ----

2059 15.84 13.20 -2.64 ----

2060 15.83 13.20 -2.64 ----

2061 15.83 13.20 -2.63 ----

2062 15.83 13.20 -2.63 ----

2063 15.83 13.20 -2.63 ----

2064 15.84 13.20 -2.64 ----

2065 15.84 13.20 -2.64 ----

2066 15.85 13.20 -2.65 ----

2067 15.86 13.20 -2.66 ----

2068 15.87 13.20 -2.66 ----

2069 15.87 13.20 -2.67 ----

2070 15.88 13.20 -2.67 ----

2071 15.88 13.20 -2.68 ----

2072 15.89 13.21 -2.69 ----

2073 15.90 13.21 -2.70 ----

2074 15.91 13.21 -2.70 ----

2075 15.92 13.21 -2.72 ----

2076 15.94 13.21 -2.73 ----

2077 15.95 13.21 -2.74 ----

2078 15.97 13.21 -2.76 ----

2079 15.99 13.21 -2.78 ----

2080 16.01 13.21 -2.80 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.77% 13.82% -0.96% 0.97%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial

Balance

Progressive price indexing of PIA formula factors beginning with individuals newly eligible for OASDI benefits in 

2012. Create new bend point at the 50th percentile of earners. Maintain current-law benefits for earners at the 

50th percentile and below and reduce upper 2 formula factors (32% and 15%) such that maximum worker benefit 

grows by inflation rather than the growth in average wages.

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table B10 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.21 410

2013 11.93 12.90 0.97 415

2014 12.20 12.92 0.72 417

2015 12.47 12.94 0.47 418

2016 12.76 12.96 0.20 417

2017 13.05 12.97 -0.07 414

2018 13.34 12.99 -0.34 410

2019 13.62 13.01 -0.61 404

2020 13.92 13.03 -0.89 397

2021 14.21 13.05 -1.16 389

2022 14.48 13.06 -1.42 380

2023 14.75 13.08 -1.68 369

2024 15.02 13.09 -1.93 357

2025 15.28 13.11 -2.17 345

2026 15.53 13.13 -2.41 331

2027 15.76 13.14 -2.62 316

2028 15.96 13.15 -2.81 301

2029 16.13 13.17 -2.97 285

2030 16.29 13.18 -3.11 269

2031 16.43 13.19 -3.24 252

2032 16.54 13.20 -3.35 235

2033 16.63 13.20 -3.42 218

2034 16.68 13.21 -3.47 200

2035 16.72 13.21 -3.50 182

2036 16.74 13.22 -3.52 164

2037 16.74 13.22 -3.52 146

2038 16.73 13.22 -3.51 127

2039 16.70 13.22 -3.48 109

2040 16.66 13.22 -3.44 90

2041 16.63 13.22 -3.41 71

2042 16.60 13.22 -3.38 52

2043 16.56 13.22 -3.34 33

2044 16.52 13.22 -3.31 13

2045 16.49 13.22 -3.28 ----

2046 16.46 13.22 -3.25 ----

2047 16.44 13.22 -3.22 ----

2048 16.41 13.22 -3.20 ----

2049 16.39 13.22 -3.18 ----

2050 16.38 13.22 -3.16 ----

2051 16.37 13.22 -3.15 ----

2052 16.37 13.22 -3.15 ----

2053 16.37 13.22 -3.15 ----

2054 16.37 13.22 -3.15 ----

2055 16.38 13.22 -3.16 ----

2056 16.40 13.22 -3.17 ----

2057 16.41 13.22 -3.19 ----

2058 16.44 13.22 -3.21 ----

2059 16.46 13.23 -3.23 ----

2060 16.48 13.23 -3.25 ----

2061 16.51 13.23 -3.28 ----

2062 16.54 13.23 -3.31 ----

2063 16.58 13.24 -3.34 ----

2064 16.62 13.24 -3.38 ----

2065 16.65 13.24 -3.41 ----

2066 16.70 13.24 -3.45 ----

2067 16.74 13.25 -3.49 ----

2068 16.77 13.25 -3.53 ----

2069 16.81 13.25 -3.56 ----

2070 16.84 13.25 -3.59 ----

2071 16.88 13.26 -3.62 ----

2072 16.91 13.26 -3.65 ----

2073 16.94 13.26 -3.68 ----

2074 16.98 13.26 -3.71 ----

2075 17.01 13.26 -3.75 ----

2076 17.05 13.27 -3.78 ----

2077 17.08 13.27 -3.81 ----

2078 17.12 13.27 -3.85 ----

2079 17.16 13.27 -3.88 ----

2080 17.20 13.28 -3.92 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.07% 13.83% -1.24% 0.68%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial

Balance

Progressive price indexing of PIA formula factors beginning with individuals newly eligible for OASDI benefits in 

2012. Create new bend point at the 60th percentile of earners. Maintain current-law benefits for earners at the 

60th percentile and below and reduce upper 2 formula factors (32% and 15%) such that maximum worker benefit 

grows by inflation rather than the growth in average wages.

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table C1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 11.00 12.73 1.73 338 4,985 4,985 0.0%

2007 10.94 12.74 1.80 355 5,244 5,244 0.0%

2008 10.95 12.78 1.83 371 5,512 5,511 0.0%

2009 11.06 12.77 1.71 385 5,785 5,784 0.0%

2010 11.14 12.79 1.65 399 6,068 6,065 0.0%

2011 11.27 12.84 1.57 411 6,358 6,354 0.1%

2012 11.47 12.86 1.39 420 6,650 6,646 0.1%

2013 11.69 12.89 1.20 428 6,951 6,946 0.1%

2014 11.93 12.90 0.97 433 7,264 7,258 0.1%

2015 12.18 12.92 0.75 437 7,590 7,583 0.1%

2016 12.42 12.94 0.52 439 7,927 7,919 0.1%

2017 12.70 12.95 0.26 438 8,276 8,268 0.1%

2018 12.99 12.97 -0.02 436 8,638 8,630 0.1%

2019 13.29 12.99 -0.30 432 9,013 9,005 0.1%

2020 13.60 13.01 -0.59 426 9,399 9,391 0.1%

2021 13.93 13.03 -0.90 418 9,800 9,794 0.1%

2022 14.25 13.05 -1.20 409 10,214 10,209 0.1%

2023 14.57 13.07 -1.50 398 10,644 10,640 0.0%

2024 14.89 13.09 -1.80 386 11,088 11,085 0.0%

2025 15.20 13.11 -2.10 373 11,547 11,545 0.0%

2026 15.52 13.12 -2.39 358 12,025 12,024 0.0%

2027 15.81 13.14 -2.67 342 12,528 12,527 0.0%

2028 16.07 13.16 -2.91 325 13,054 13,054 0.0%

2029 16.30 13.17 -3.12 308 13,599 13,599 0.0%

2030 16.51 13.19 -3.32 291 14,166 14,166 0.0%

2031 16.70 13.20 -3.50 272 14,758 14,758 0.0%

2032 16.87 13.21 -3.66 253 15,381 15,381 0.0%

2033 17.01 13.22 -3.78 234 16,033 16,033 0.0%

2034 17.11 13.23 -3.88 214 16,714 16,714 0.0%

2035 17.20 13.24 -3.97 194 17,418 17,418 0.0%

2036 17.28 13.24 -4.03 174 18,153 18,153 0.0%

2037 17.33 13.25 -4.08 153 18,923 18,923 0.0%

2038 17.37 13.25 -4.12 131 19,728 19,728 0.0%

2039 17.39 13.25 -4.14 110 20,569 20,569 0.0%

2040 17.41 13.26 -4.15 88 21,442 21,442 0.0%

2041 17.43 13.26 -4.17 66 22,353 22,353 0.0%

2042 17.44 13.26 -4.18 43 23,302 23,302 0.0%

2043 17.46 13.26 -4.20 20 24,292 24,292 0.0%

2044 17.47 13.26 -4.21 ---- 25,321 25,321 0.0%

2045 17.49 13.27 -4.23 ---- 26,386 26,386 0.0%

2046 17.52 13.27 -4.25 ---- 27,491 27,491 0.0%

2047 17.54 13.27 -4.27 ---- 28,642 28,642 0.0%

2048 17.57 13.27 -4.29 ---- 29,842 29,842 0.0%

2049 17.59 13.28 -4.32 ---- 31,085 31,085 0.0%

2050 17.62 13.28 -4.35 ---- 32,374 32,374 0.0%

2051 17.66 13.28 -4.38 ---- 33,719 33,719 0.0%

2052 17.70 13.29 -4.42 ---- 35,120 35,120 0.0%

2053 17.75 13.29 -4.46 ---- 36,579 36,579 0.0%

2054 17.79 13.29 -4.50 ---- 38,101 38,101 0.0%

2055 17.84 13.29 -4.54 ---- 39,682 39,682 0.0%

2056 17.89 13.30 -4.59 ---- 41,324 41,324 0.0%

2057 17.95 13.30 -4.64 ---- 43,036 43,036 0.0%

2058 18.00 13.31 -4.69 ---- 44,817 44,817 0.0%

2059 18.05 13.31 -4.74 ---- 46,670 46,670 0.0%

2060 18.10 13.31 -4.79 ---- 48,600 48,600 0.0%

2061 18.16 13.32 -4.84 ---- 50,605 50,605 0.0%

2062 18.22 13.32 -4.90 ---- 52,699 52,699 0.0%

2063 18.28 13.32 -4.95 ---- 54,883 54,883 0.0%

2064 18.34 13.33 -5.01 ---- 57,155 57,155 0.0%

2065 18.40 13.33 -5.07 ---- 59,520 59,520 0.0%

2066 18.46 13.34 -5.12 ---- 61,964 61,964 0.0%

2067 18.52 13.34 -5.18 ---- 64,511 64,511 0.0%

2068 18.57 13.34 -5.23 ---- 67,183 67,183 0.0%

2069 18.63 13.35 -5.28 ---- 69,970 69,970 0.0%

2070 18.67 13.35 -5.32 ---- 72,868 72,868 0.0%

2071 18.72 13.35 -5.37 ---- 75,881 75,881 0.0%

2072 18.77 13.36 -5.41 ---- 79,015 79,015 0.0%

2073 18.81 13.36 -5.45 ---- 82,282 82,282 0.0%

2074 18.85 13.36 -5.49 ---- 85,685 85,685 0.0%

2075 18.90 13.36 -5.53 ---- 89,221 89,221 0.0%

2076 18.94 13.37 -5.58 ---- 92,900 92,900 0.0%

2077 18.99 13.37 -5.62 ---- 96,727 96,727 0.0%

2078 19.03 13.37 -5.66 ---- 100,711 100,711 0.0%

2079 19.08 13.37 -5.70 ---- 104,859 104,859 0.0%

2080 19.12 13.38 -5.75 ---- 109,174 109,174 0.0%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.64% 13.86% -1.78% 0.14%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Eliminate the hiatus in the normal retirement age (speed up the increase to age 67)

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table C2 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 11.00 12.73 1.73 337 4,985 4,985 0.0%

2007 10.93 12.74 1.81 355 5,244 5,244 0.0%

2008 10.95 12.78 1.84 372 5,512 5,511 0.0%

2009 11.05 12.77 1.72 386 5,785 5,784 0.0%

2010 11.14 12.79 1.65 399 6,068 6,065 0.0%

2011 11.27 12.84 1.57 411 6,358 6,354 0.1%

2012 11.48 12.86 1.39 420 6,650 6,646 0.1%

2013 11.69 12.89 1.20 428 6,952 6,946 0.1%

2014 11.93 12.90 0.98 433 7,265 7,258 0.1%

2015 12.15 12.92 0.77 437 7,591 7,583 0.1%

2016 12.38 12.94 0.56 440 7,927 7,919 0.1%

2017 12.63 12.95 0.32 441 8,277 8,268 0.1%

2018 12.91 12.97 0.06 440 8,639 8,630 0.1%

2019 13.19 12.99 -0.20 437 9,015 9,005 0.1%

2020 13.49 13.00 -0.48 432 9,401 9,391 0.1%

2021 13.80 13.02 -0.77 425 9,803 9,794 0.1%

2022 14.10 13.04 -1.06 417 10,217 10,209 0.1%

2023 14.40 13.06 -1.34 408 10,648 10,640 0.1%

2024 14.70 13.08 -1.62 397 11,093 11,085 0.1%

2025 14.99 13.09 -1.89 385 11,553 11,545 0.1%

2026 15.28 13.11 -2.17 372 12,032 12,024 0.1%

2027 15.54 13.13 -2.41 357 12,536 12,527 0.1%

2028 15.77 13.14 -2.63 343 13,063 13,054 0.1%

2029 15.98 13.16 -2.82 327 13,609 13,599 0.1%

2030 16.16 13.17 -2.99 312 14,176 14,166 0.1%

2031 16.33 13.18 -3.15 295 14,770 14,758 0.1%

2032 16.47 13.19 -3.28 279 15,393 15,381 0.1%

2033 16.58 13.20 -3.38 262 16,047 16,033 0.1%

2034 16.66 13.20 -3.45 244 16,728 16,714 0.1%

2035 16.72 13.21 -3.52 227 17,434 17,418 0.1%

2036 16.78 13.21 -3.57 209 18,170 18,153 0.1%

2037 16.82 13.22 -3.60 191 18,941 18,923 0.1%

2038 16.83 13.22 -3.61 172 19,747 19,728 0.1%

2039 16.83 13.22 -3.61 154 20,588 20,569 0.1%

2040 16.83 13.22 -3.61 135 21,463 21,442 0.1%

2041 16.83 13.22 -3.60 116 22,374 22,353 0.1%

2042 16.83 13.23 -3.60 96 23,325 23,302 0.1%

2043 16.83 13.23 -3.60 77 24,316 24,292 0.1%

2044 16.83 13.23 -3.60 57 25,346 25,321 0.1%

2045 16.83 13.23 -3.60 36 26,412 26,386 0.1%

2046 16.84 13.23 -3.61 16 27,519 27,491 0.1%

2047 16.86 13.23 -3.62 ---- 28,672 28,642 0.1%

2048 16.87 13.23 -3.63 ---- 29,872 29,842 0.1%

2049 16.88 13.24 -3.65 ---- 31,117 31,085 0.1%

2050 16.91 13.24 -3.67 ---- 32,408 32,374 0.1%

2051 16.93 13.24 -3.69 ---- 33,754 33,719 0.1%

2052 16.96 13.24 -3.72 ---- 35,157 35,120 0.1%

2053 17.00 13.24 -3.75 ---- 36,617 36,579 0.1%

2054 17.03 13.25 -3.79 ---- 38,141 38,101 0.1%

2055 17.08 13.25 -3.83 ---- 39,724 39,682 0.1%

2056 17.12 13.25 -3.87 ---- 41,368 41,324 0.1%

2057 17.17 13.26 -3.91 ---- 43,082 43,036 0.1%

2058 17.22 13.26 -3.96 ---- 44,865 44,817 0.1%

2059 17.27 13.26 -4.00 ---- 46,720 46,670 0.1%

2060 17.32 13.27 -4.05 ---- 48,652 48,600 0.1%

2061 17.37 13.27 -4.10 ---- 50,659 50,605 0.1%

2062 17.42 13.27 -4.15 ---- 52,755 52,699 0.1%

2063 17.48 13.28 -4.20 ---- 54,941 54,883 0.1%

2064 17.54 13.28 -4.26 ---- 57,216 57,155 0.1%

2065 17.59 13.28 -4.31 ---- 59,582 59,520 0.1%

2066 17.65 13.29 -4.36 ---- 62,031 61,964 0.1%

2067 17.70 13.29 -4.41 ---- 64,580 64,511 0.1%

2068 17.75 13.30 -4.46 ---- 67,256 67,183 0.1%

2069 17.80 13.30 -4.50 ---- 70,045 69,970 0.1%

2070 17.85 13.30 -4.55 ---- 72,945 72,868 0.1%

2071 17.90 13.30 -4.59 ---- 75,962 75,881 0.1%

2072 17.94 13.31 -4.64 ---- 79,099 79,015 0.1%

2073 17.99 13.31 -4.68 ---- 82,369 82,282 0.1%

2074 18.03 13.31 -4.72 ---- 85,775 85,685 0.1%

2075 18.07 13.31 -4.76 ---- 89,314 89,221 0.1%

2076 18.13 13.32 -4.81 ---- 92,997 92,900 0.1%

2077 18.18 13.32 -4.86 ---- 96,829 96,727 0.1%

2078 18.22 13.32 -4.90 ---- 100,817 100,711 0.1%

2079 18.27 13.33 -4.94 ---- 104,969 104,859 0.1%

2080 18.29 13.33 -4.96 ---- 109,291 109,174 0.1%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.24% 13.84% -1.40% 0.52%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Eliminate the hiatus in the normal retirement age (speed up the increase to age 67) and index the 

NRA by 1 month every 2 years until the NRA reaches age 68

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table C3 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 11.00 12.73 1.73 337 4,985 4,985 0.0%

2007 10.93 12.74 1.81 355 5,244 5,244 0.0%

2008 10.95 12.78 1.84 372 5,512 5,511 0.0%

2009 11.05 12.77 1.72 386 5,785 5,784 0.0%

2010 11.14 12.79 1.65 399 6,068 6,065 0.0%

2011 11.27 12.84 1.57 411 6,358 6,354 0.1%

2012 11.48 12.86 1.39 420 6,650 6,646 0.1%

2013 11.69 12.89 1.20 428 6,952 6,946 0.1%

2014 11.93 12.90 0.98 433 7,265 7,258 0.1%

2015 12.16 12.92 0.76 437 7,591 7,583 0.1%

2016 12.38 12.94 0.55 440 7,927 7,919 0.1%

2017 12.64 12.95 0.31 441 8,277 8,268 0.1%

2018 12.91 12.97 0.06 439 8,639 8,630 0.1%

2019 13.19 12.99 -0.21 437 9,015 9,005 0.1%

2020 13.49 13.00 -0.48 432 9,401 9,391 0.1%

2021 13.79 13.02 -0.77 425 9,803 9,794 0.1%

2022 14.09 13.04 -1.05 417 10,217 10,209 0.1%

2023 14.39 13.06 -1.33 408 10,648 10,640 0.1%

2024 14.68 13.08 -1.61 397 11,093 11,085 0.1%

2025 14.98 13.09 -1.88 385 11,553 11,545 0.1%

2026 15.27 13.11 -2.16 372 12,032 12,024 0.1%

2027 15.54 13.13 -2.41 358 12,536 12,527 0.1%

2028 15.77 13.14 -2.63 343 13,063 13,054 0.1%

2029 15.98 13.16 -2.82 328 13,609 13,599 0.1%

2030 16.16 13.17 -3.00 312 14,176 14,166 0.1%

2031 16.33 13.18 -3.15 296 14,770 14,758 0.1%

2032 16.47 13.19 -3.28 279 15,393 15,381 0.1%

2033 16.58 13.20 -3.38 262 16,047 16,033 0.1%

2034 16.66 13.20 -3.46 244 16,728 16,714 0.1%

2035 16.73 13.21 -3.52 227 17,434 17,418 0.1%

2036 16.78 13.21 -3.57 209 18,170 18,153 0.1%

2037 16.82 13.22 -3.60 191 18,941 18,923 0.1%

2038 16.83 13.22 -3.61 172 19,746 19,728 0.1%

2039 16.82 13.22 -3.60 154 20,588 20,569 0.1%

2040 16.81 13.22 -3.59 135 21,464 21,442 0.1%

2041 16.79 13.22 -3.56 116 22,376 22,353 0.1%

2042 16.76 13.22 -3.54 97 23,327 23,302 0.1%

2043 16.74 13.22 -3.52 78 24,320 24,292 0.1%

2044 16.72 13.22 -3.50 58 25,351 25,321 0.1%

2045 16.71 13.22 -3.49 39 26,418 26,386 0.1%

2046 16.70 13.22 -3.48 18 27,526 27,491 0.1%

2047 16.70 13.22 -3.47 ---- 28,680 28,642 0.1%

2048 16.69 13.22 -3.47 ---- 29,883 29,842 0.1%

2049 16.68 13.22 -3.46 ---- 31,129 31,085 0.1%

2050 16.68 13.22 -3.46 ---- 32,422 32,374 0.1%

2051 16.69 13.23 -3.46 ---- 33,771 33,719 0.2%

2052 16.69 13.23 -3.47 ---- 35,175 35,120 0.2%

2053 16.70 13.23 -3.48 ---- 36,638 36,579 0.2%

2054 16.72 13.23 -3.49 ---- 38,165 38,101 0.2%

2055 16.73 13.23 -3.50 ---- 39,751 39,682 0.2%

2056 16.75 13.23 -3.52 ---- 41,398 41,324 0.2%

2057 16.77 13.23 -3.54 ---- 43,115 43,036 0.2%

2058 16.80 13.23 -3.56 ---- 44,902 44,817 0.2%

2059 16.82 13.24 -3.58 ---- 46,761 46,670 0.2%

2060 16.84 13.24 -3.60 ---- 48,696 48,600 0.2%

2061 16.88 13.24 -3.64 ---- 50,706 50,605 0.2%

2062 16.92 13.24 -3.67 ---- 52,806 52,699 0.2%

2063 16.94 13.24 -3.70 ---- 54,996 54,883 0.2%

2064 16.96 13.25 -3.71 ---- 57,275 57,155 0.2%

2065 16.97 13.25 -3.73 ---- 59,648 59,520 0.2%

2066 16.96 13.25 -3.71 ---- 62,103 61,964 0.2%

2067 16.96 13.25 -3.71 ---- 64,660 64,511 0.2%

2068 16.97 13.25 -3.72 ---- 67,341 67,183 0.2%

2069 16.99 13.25 -3.74 ---- 70,137 69,970 0.2%

2070 17.03 13.25 -3.78 ---- 73,043 72,868 0.2%

2071 17.06 13.25 -3.81 ---- 76,065 75,881 0.2%

2072 17.10 13.26 -3.84 ---- 79,208 79,015 0.2%

2073 17.13 13.26 -3.88 ---- 82,485 82,282 0.2%

2074 17.17 13.26 -3.91 ---- 85,898 85,685 0.2%

2075 17.21 13.26 -3.94 ---- 89,444 89,221 0.3%

2076 17.25 13.26 -3.98 ---- 93,135 92,900 0.3%

2077 17.28 13.27 -4.01 ---- 96,974 96,727 0.3%

2078 17.31 13.27 -4.04 ---- 100,970 100,711 0.3%

2079 17.36 13.27 -4.09 ---- 105,131 104,859 0.3%

2080 17.39 13.27 -4.12 ---- 109,460 109,174 0.3%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.06% 13.83% -1.24% 0.69%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Eliminate the hiatus in the normal retirement age (speed up the increase to age 67) and index the 

NRA by 1 month every 2 years until the NRA reaches age 70

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table D1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 14.73 3.73 337

2007 10.94 14.74 3.80 372

2008 10.98 14.78 3.80 405

2009 11.12 14.77 3.65 435

2010 11.25 14.79 3.55 463

2011 11.42 14.84 3.43 490

2012 11.66 14.87 3.21 512

2013 11.93 14.90 2.98 532

2014 12.21 14.92 2.71 548

2015 12.48 14.94 2.45 563

2016 12.78 14.96 2.18 575

2017 13.09 14.98 1.89 585

2018 13.39 15.00 1.60 593

2019 13.70 15.01 1.31 599

2020 14.02 15.03 1.01 603

2021 14.34 15.05 0.71 606

2022 14.65 15.07 0.42 607

2023 14.95 15.09 0.14 607

2024 15.25 15.11 -0.14 606

2025 15.54 15.12 -0.42 603

2026 15.83 15.14 -0.69 599

2027 16.09 15.16 -0.94 595

2028 16.33 15.17 -1.16 590

2029 16.54 15.19 -1.36 585

2030 16.74 15.20 -1.54 580

2031 16.92 15.21 -1.71 574

2032 17.07 15.22 -1.85 568

2033 17.20 15.23 -1.97 562

2034 17.29 15.24 -2.05 556

2035 17.37 15.24 -2.12 551

2036 17.43 15.25 -2.18 545

2037 17.47 15.25 -2.22 540

2038 17.50 15.26 -2.24 535

2039 17.51 15.26 -2.25 531

2040 17.51 15.26 -2.25 526

2041 17.52 15.26 -2.26 521

2042 17.53 15.27 -2.26 517

2043 17.53 15.27 -2.26 512

2044 17.54 15.27 -2.27 507

2045 17.54 15.27 -2.27 502

2046 17.56 15.27 -2.29 497

2047 17.57 15.27 -2.30 491

2048 17.59 15.28 -2.32 486

2049 17.61 15.28 -2.33 480

2050 17.64 15.28 -2.36 474

2051 17.67 15.28 -2.39 468

2052 17.71 15.29 -2.42 462

2053 17.75 15.29 -2.46 455

2054 17.79 15.29 -2.50 447

2055 17.84 15.30 -2.54 440

2056 17.89 15.30 -2.59 431

2057 17.94 15.30 -2.64 423

2058 18.00 15.31 -2.69 414

2059 18.05 15.31 -2.74 405

2060 18.10 15.31 -2.79 396

2061 18.15 15.32 -2.84 386

2062 18.21 15.32 -2.89 376

2063 18.27 15.32 -2.95 365

2064 18.33 15.33 -3.01 354

2065 18.39 15.33 -3.06 343

2066 18.45 15.34 -3.12 331

2067 18.51 15.34 -3.17 319

2068 18.57 15.34 -3.23 306

2069 18.62 15.35 -3.27 293

2070 18.67 15.35 -3.32 280

2071 18.72 15.35 -3.36 266

2072 18.76 15.36 -3.41 252

2073 18.81 15.36 -3.45 238

2074 18.85 15.36 -3.49 223

2075 18.89 15.36 -3.53 208

2076 18.94 15.37 -3.57 193

2077 18.98 15.37 -3.61 177

2078 19.03 15.37 -3.66 160

2079 19.07 15.37 -3.70 144

2080 19.12 15.38 -3.74 127

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.79% 15.82% 0.04% 1.96%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Raise the combined employer/employee tax rate by 2.0 percentage points in 2006 and later

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table D2 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.20 410

2013 11.93 12.90 0.97 415

2014 12.21 12.92 0.71 417

2015 12.49 12.94 0.45 418

2016 12.79 12.96 0.17 416

2017 13.09 12.98 -0.12 412

2018 13.40 13.00 -0.40 407

2019 13.71 13.01 -0.69 401

2020 14.03 13.03 -1.00 393

2021 14.34 15.15 0.81 383

2022 14.65 15.17 0.52 385

2023 14.95 15.19 0.24 387

2024 15.25 15.21 -0.04 387

2025 15.54 15.22 -0.32 386

2026 15.83 15.24 -0.59 383

2027 16.09 15.26 -0.84 379

2028 16.33 15.27 -1.06 374

2029 16.54 15.29 -1.26 369

2030 16.74 15.30 -1.44 363

2031 16.92 15.31 -1.61 357

2032 17.07 15.32 -1.75 350

2033 17.20 15.33 -1.87 343

2034 17.29 15.34 -1.95 336

2035 17.37 15.34 -2.02 328

2036 17.43 15.35 -2.08 321

2037 17.47 15.35 -2.12 313

2038 17.50 15.36 -2.14 306

2039 17.51 15.36 -2.15 298

2040 17.51 15.36 -2.15 290

2041 17.52 15.36 -2.16 283

2042 17.53 15.37 -2.16 275

2043 17.53 15.37 -2.16 267

2044 17.54 15.37 -2.17 259

2045 17.54 15.37 -2.17 250

2046 17.56 15.37 -2.19 242

2047 17.57 15.37 -2.20 233

2048 17.59 15.38 -2.22 224

2049 17.61 15.38 -2.23 215

2050 17.64 15.38 -2.26 206

2051 17.67 17.48 -0.19 196

2052 17.71 17.49 -0.22 197

2053 17.75 17.49 -0.26 199

2054 17.79 17.49 -0.30 200

2055 17.83 17.50 -0.34 201

2056 17.89 17.50 -0.39 202

2057 17.94 17.50 -0.44 203

2058 17.99 17.51 -0.49 203

2059 18.04 17.51 -0.53 203

2060 18.10 17.51 -0.58 203

2061 18.15 17.52 -0.63 202

2062 18.21 17.52 -0.69 202

2063 18.27 17.52 -0.74 200

2064 18.33 17.53 -0.80 199

2065 18.39 17.53 -0.86 197

2066 18.45 17.54 -0.91 195

2067 18.51 17.54 -0.97 193

2068 18.56 17.54 -1.02 191

2069 18.62 17.55 -1.07 188

2070 18.67 17.55 -1.11 185

2071 18.71 17.55 -1.16 181

2072 18.76 17.56 -1.20 178

2073 18.80 17.56 -1.24 174

2074 18.85 17.56 -1.28 170

2075 18.89 17.56 -1.33 165

2076 18.93 17.57 -1.37 161

2077 18.98 17.57 -1.41 156

2078 19.02 17.57 -1.45 151

2079 19.07 17.57 -1.49 145

2080 19.12 17.58 -1.54 140

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.79% 15.84% 0.05% 1.98%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Raise the combined employer/employee tax rate by 2.1 percentage points in 2020-2049 and by an 

additional 2.1 percentage points beginning in 2050

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table D3 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.81 1.81 337

2007 10.95 12.86 1.91 356

2008 10.99 12.94 1.96 372

2009 11.12 12.97 1.85 386

2010 11.25 13.04 1.79 399

2011 11.42 13.19 1.77 411

2012 11.67 13.27 1.60 420

2013 11.93 13.34 1.41 428

2014 12.21 13.38 1.17 434

2015 12.49 13.41 0.93 438

2016 12.78 13.43 0.65 439

2017 13.09 13.45 0.36 439

2018 13.40 13.46 0.07 437

2019 13.71 13.48 -0.23 434

2020 14.03 13.49 -0.53 429

2021 14.34 13.51 -0.83 422

2022 14.65 13.52 -1.13 414

2023 14.95 13.53 -1.42 404

2024 15.25 13.54 -1.70 394

2025 15.54 13.56 -1.99 382

2026 15.83 13.57 -2.27 369

2027 16.10 13.58 -2.52 354

2028 16.33 13.58 -2.75 340

2029 16.55 13.59 -2.96 324

2030 16.74 13.59 -3.15 308

2031 16.92 13.59 -3.33 291

2032 17.08 13.59 -3.48 274

2033 17.20 13.59 -3.61 256

2034 17.30 13.59 -3.70 238

2035 17.37 13.59 -3.79 220

2036 17.43 13.58 -3.85 201

2037 17.48 13.58 -3.90 182

2038 17.50 13.57 -3.93 162

2039 17.51 13.56 -3.95 143

2040 17.52 13.56 -3.96 123

2041 17.52 13.55 -3.97 102

2042 17.53 13.55 -3.98 81

2043 17.53 13.55 -3.98 60

2044 17.54 13.55 -3.99 38

2045 17.55 13.55 -3.99 16

2046 17.56 13.56 -4.00 ----

2047 17.58 13.56 -4.02 ----

2048 17.60 13.56 -4.03 ----

2049 17.62 13.57 -4.05 ----

2050 17.64 13.57 -4.07 ----

2051 17.68 13.57 -4.11 ----

2052 17.71 13.57 -4.14 ----

2053 17.75 13.58 -4.18 ----

2054 17.80 13.58 -4.22 ----

2055 17.84 13.58 -4.26 ----

2056 17.89 13.59 -4.31 ----

2057 17.95 13.59 -4.36 ----

2058 18.00 13.59 -4.41 ----

2059 18.05 13.59 -4.46 ----

2060 18.10 13.60 -4.51 ----

2061 18.16 13.60 -4.56 ----

2062 18.22 13.60 -4.62 ----

2063 18.28 13.60 -4.68 ----

2064 18.34 13.60 -4.74 ----

2065 18.40 13.61 -4.79 ----

2066 18.46 13.61 -4.85 ----

2067 18.52 13.61 -4.91 ----

2068 18.57 13.62 -4.96 ----

2069 18.63 13.62 -5.01 ----

2070 18.67 13.62 -5.06 ----

2071 18.72 13.62 -5.10 ----

2072 18.77 13.62 -5.15 ----

2073 18.81 13.62 -5.19 ----

2074 18.85 13.63 -5.23 ----

2075 18.90 13.63 -5.27 ----

2076 18.94 13.63 -5.31 ----

2077 18.99 13.64 -5.35 ----

2078 19.03 13.64 -5.39 ----

2079 19.08 13.64 -5.43 ----

2080 19.12 13.65 -5.48 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.79% 14.20% -1.60% 0.33%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Tax Social Security benefits in a manner similar to private pension income beginning in 2006. Phase 

out the lower-income thresholds during 2006-2015

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table E1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 9.35 12.68 3.33 337 5,861 4,985 17.6%

2007 9.29 12.69 3.40 373 6,177 5,244 17.8%

2008 9.32 12.73 3.41 408 6,500 5,511 17.9%

2009 9.42 12.71 3.29 440 6,828 5,784 18.1%

2010 9.52 12.73 3.21 470 7,166 6,065 18.1%

2011 9.66 12.77 3.12 499 7,515 6,354 18.3%

2012 9.85 12.80 2.95 523 7,870 6,646 18.4%

2013 10.07 12.82 2.76 545 8,233 6,946 18.5%

2014 10.30 12.84 2.54 564 8,607 7,258 18.6%

2015 10.53 12.85 2.32 581 8,994 7,583 18.6%

2016 10.78 12.87 2.09 595 9,392 7,919 18.6%

2017 11.04 12.89 1.85 607 9,807 8,268 18.6%

2018 11.30 12.90 1.61 617 10,236 8,630 18.6%

2019 11.56 12.92 1.36 625 10,682 9,005 18.6%

2020 11.83 12.93 1.11 631 11,141 9,391 18.6%

2021 12.09 12.95 0.86 635 11,619 9,794 18.6%

2022 12.35 12.97 0.61 639 12,112 10,209 18.6%

2023 12.60 12.98 0.38 640 12,624 10,640 18.7%

2024 12.85 12.99 0.14 641 13,152 11,085 18.7%

2025 13.10 13.01 -0.09 640 13,699 11,545 18.7%

2026 13.34 13.02 -0.32 638 14,268 12,024 18.7%

2027 13.57 13.04 -0.53 636 14,867 12,527 18.7%

2028 13.76 13.05 -0.71 633 15,492 13,054 18.7%

2029 13.94 13.06 -0.88 630 16,140 13,599 18.7%

2030 14.11 13.07 -1.03 626 16,814 14,166 18.7%

2031 14.26 13.08 -1.17 623 17,518 14,758 18.7%

2032 14.39 13.09 -1.30 619 18,258 15,381 18.7%

2033 14.49 13.10 -1.39 615 19,034 16,033 18.7%

2034 14.57 13.11 -1.46 612 19,843 16,714 18.7%

2035 14.63 13.11 -1.52 609 20,680 17,418 18.7%

2036 14.68 13.12 -1.57 606 21,554 18,153 18.7%

2037 14.72 13.12 -1.60 603 22,469 18,923 18.7%

2038 14.74 13.12 -1.62 601 23,426 19,728 18.7%

2039 14.75 13.12 -1.62 599 24,425 20,569 18.8%

2040 14.75 13.13 -1.63 598 25,464 21,442 18.8%

2041 14.76 13.13 -1.63 596 26,546 22,353 18.8%

2042 14.76 13.13 -1.63 594 27,675 23,302 18.8%

2043 14.76 13.13 -1.63 592 28,853 24,292 18.8%

2044 14.77 13.13 -1.64 590 30,077 25,321 18.8%

2045 14.77 13.13 -1.64 588 31,343 26,386 18.8%

2046 14.78 13.13 -1.65 587 32,657 27,491 18.8%

2047 14.80 13.14 -1.66 584 34,027 28,642 18.8%

2048 14.81 13.14 -1.67 582 35,453 29,842 18.8%

2049 14.83 13.14 -1.69 580 36,933 31,085 18.8%

2050 14.85 13.14 -1.71 577 38,466 32,374 18.8%

2051 14.88 13.14 -1.73 574 40,066 33,719 18.8%

2052 14.91 13.15 -1.76 571 41,733 35,120 18.8%

2053 14.94 13.15 -1.79 568 43,469 36,579 18.8%

2054 14.97 13.15 -1.82 564 45,281 38,101 18.8%

2055 15.01 13.15 -1.86 559 47,162 39,682 18.9%

2056 15.06 13.16 -1.90 555 49,116 41,324 18.9%

2057 15.10 13.16 -1.94 550 51,154 43,036 18.9%

2058 15.14 13.16 -1.98 545 53,275 44,817 18.9%

2059 15.19 13.17 -2.02 539 55,481 46,670 18.9%

2060 15.23 13.17 -2.06 534 57,777 48,600 18.9%

2061 15.27 13.17 -2.10 528 60,165 50,605 18.9%

2062 15.32 13.17 -2.15 521 62,658 52,699 18.9%

2063 15.37 13.18 -2.19 514 65,259 54,883 18.9%

2064 15.42 13.18 -2.24 507 67,965 57,155 18.9%

2065 15.47 13.18 -2.29 500 70,781 59,520 18.9%

2066 15.52 13.19 -2.33 492 73,692 61,964 18.9%

2067 15.57 13.19 -2.38 484 76,725 64,511 18.9%

2068 15.62 13.19 -2.42 475 79,908 67,183 18.9%

2069 15.66 13.20 -2.46 466 83,228 69,970 18.9%

2070 15.70 13.20 -2.50 457 86,679 72,868 19.0%

2071 15.74 13.20 -2.54 448 90,269 75,881 19.0%

2072 15.78 13.20 -2.57 438 94,003 79,015 19.0%

2073 15.81 13.21 -2.61 429 97,896 82,282 19.0%

2074 15.85 13.21 -2.64 418 101,950 85,685 19.0%

2075 15.88 13.21 -2.67 408 106,164 89,221 19.0%

2076 15.92 13.21 -2.71 397 110,548 92,900 19.0%

2077 15.96 13.21 -2.74 386 115,109 96,727 19.0%

2078 15.99 13.22 -2.78 375 119,858 100,711 19.0%

2079 16.03 13.22 -2.81 363 124,802 104,859 19.0%

2080 16.07 13.22 -2.85 351 129,946 109,174 19.0%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 13.35% 13.64% 0.28% 2.21%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Eliminate the taxable maximum, beginning in 2006, for payroll tax but retain the taxable maximum for 

benefit calculations

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table E2 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 9.35 12.68 3.33 337 5,861 4,985 17.6%

2007 9.29 12.69 3.40 373 6,177 5,244 17.8%

2008 9.31 12.73 3.41 408 6,500 5,511 17.9%

2009 9.43 12.72 3.29 440 6,828 5,784 18.1%

2010 9.53 12.73 3.20 470 7,166 6,065 18.1%

2011 9.67 12.78 3.10 498 7,515 6,354 18.3%

2012 9.88 12.80 2.93 522 7,870 6,646 18.4%

2013 10.10 12.83 2.73 543 8,233 6,946 18.5%

2014 10.34 12.84 2.50 561 8,607 7,258 18.6%

2015 10.59 12.86 2.27 576 8,994 7,583 18.6%

2016 10.85 12.88 2.02 589 9,392 7,919 18.6%

2017 11.13 12.90 1.77 600 9,807 8,268 18.6%

2018 11.40 12.92 1.51 608 10,236 8,630 18.6%

2019 11.68 12.93 1.25 614 10,682 9,005 18.6%

2020 11.97 12.95 0.98 619 11,141 9,391 18.6%

2021 12.26 12.97 0.71 622 11,619 9,794 18.6%

2022 12.54 12.99 0.45 623 12,112 10,209 18.6%

2023 12.81 13.01 0.19 622 12,624 10,640 18.7%

2024 13.09 13.02 -0.06 621 13,152 11,085 18.7%

2025 13.36 13.04 -0.32 618 13,699 11,545 18.7%

2026 13.62 13.06 -0.56 613 14,268 12,024 18.7%

2027 13.87 13.08 -0.79 608 14,867 12,527 18.7%

2028 14.09 13.09 -1.00 602 15,492 13,054 18.7%

2029 14.29 13.11 -1.19 597 16,140 13,599 18.7%

2030 14.48 13.12 -1.36 590 16,814 14,166 18.7%

2031 14.66 13.13 -1.52 584 17,518 14,758 18.7%

2032 14.81 13.15 -1.66 576 18,258 15,381 18.7%

2033 14.94 13.16 -1.78 569 19,034 16,033 18.7%

2034 15.03 13.16 -1.87 563 19,843 16,714 18.7%

2035 15.12 13.17 -1.95 556 20,680 17,418 18.7%

2036 15.19 13.18 -2.01 550 21,554 18,153 18.7%

2037 15.25 13.19 -2.06 543 22,469 18,923 18.7%

2038 15.29 13.19 -2.10 537 23,426 19,728 18.7%

2039 15.31 13.20 -2.12 531 24,425 20,569 18.8%

2040 15.34 13.20 -2.14 524 25,464 21,442 18.8%

2041 15.36 13.20 -2.16 518 26,546 22,353 18.8%

2042 15.38 13.21 -2.18 511 27,675 23,302 18.8%

2043 15.40 13.21 -2.19 505 28,853 24,292 18.8%

2044 15.42 13.21 -2.21 498 30,077 25,321 18.8%

2045 15.45 13.22 -2.23 491 31,343 26,386 18.8%

2046 15.48 13.22 -2.26 483 32,657 27,491 18.8%

2047 15.51 13.22 -2.28 476 34,027 28,642 18.8%

2048 15.54 13.23 -2.31 468 35,453 29,842 18.8%

2049 15.57 13.23 -2.34 460 36,933 31,085 18.8%

2050 15.61 13.24 -2.37 452 38,466 32,374 18.8%

2051 15.65 13.24 -2.41 443 40,066 33,719 18.8%

2052 15.69 13.24 -2.45 434 41,733 35,120 18.8%

2053 15.74 13.25 -2.49 424 43,469 36,579 18.8%

2054 15.79 13.25 -2.53 414 45,281 38,101 18.8%

2055 15.83 13.26 -2.58 404 47,162 39,682 18.9%

2056 15.89 13.26 -2.63 393 49,116 41,324 18.9%

2057 15.94 13.27 -2.68 382 51,154 43,036 18.9%

2058 16.00 13.27 -2.73 370 53,275 44,817 18.9%

2059 16.05 13.27 -2.77 359 55,481 46,670 18.9%

2060 16.10 13.28 -2.82 346 57,777 48,600 18.9%

2061 16.15 13.28 -2.87 334 60,165 50,605 18.9%

2062 16.21 13.29 -2.92 321 62,658 52,699 18.9%

2063 16.26 13.29 -2.97 307 65,259 54,883 18.9%

2064 16.32 13.29 -3.02 293 67,965 57,155 18.9%

2065 16.37 13.30 -3.07 278 70,781 59,520 18.9%

2066 16.43 13.30 -3.13 264 73,692 61,964 18.9%

2067 16.48 13.31 -3.18 248 76,725 64,511 18.9%

2068 16.53 13.31 -3.23 233 79,908 67,183 18.9%

2069 16.58 13.31 -3.27 217 83,228 69,970 18.9%

2070 16.63 13.32 -3.31 200 86,679 72,868 19.0%

2071 16.67 13.32 -3.35 183 90,269 75,881 19.0%

2072 16.71 13.32 -3.39 166 94,003 79,015 19.0%

2073 16.75 13.32 -3.42 148 97,896 82,282 19.0%

2074 16.79 13.33 -3.46 130 101,950 85,685 19.0%

2075 16.82 13.33 -3.50 112 106,164 89,221 19.0%

2076 16.86 13.33 -3.53 93 110,548 92,900 19.0%

2077 16.90 13.33 -3.57 73 115,109 96,727 19.0%

2078 16.94 13.34 -3.61 54 119,858 100,711 19.0%

2079 16.98 13.34 -3.64 33 124,802 104,859 19.0%

2080 17.02 13.34 -3.68 13 129,946 109,174 19.0%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 13.80% 13.69% -0.10% 1.82%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial

Balance

Eliminate the taxable maximum for payroll tax and for benefit calculations

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table E3 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 10.87 12.72 1.86 337 5,045 4,985 1.2%

2007 10.70 12.74 2.04 356 5,366 5,244 2.3%

2008 10.63 12.77 2.14 374 5,695 5,511 3.3%

2009 10.67 12.76 2.08 390 6,029 5,784 4.2%

2010 10.71 12.77 2.07 406 6,373 6,065 5.1%

2011 10.79 12.82 2.02 421 6,725 6,354 5.8%

2012 10.95 12.85 1.89 433 7,082 6,646 6.6%

2013 11.14 12.87 1.74 444 7,448 6,946 7.2%

2014 11.33 12.88 1.55 453 7,828 7,258 7.8%

2015 11.53 12.90 1.37 460 8,225 7,583 8.5%

2016 11.80 12.92 1.11 466 8,592 7,919 8.5%

2017 12.09 12.93 0.84 469 8,968 8,268 8.5%

2018 12.38 12.95 0.57 471 9,365 8,630 8.5%

2019 12.67 12.97 0.30 471 9,776 9,005 8.6%

2020 12.97 12.99 0.02 469 10,197 9,391 8.6%

2021 13.26 13.01 -0.26 466 10,635 9,794 8.6%

2022 13.56 13.03 -0.53 461 11,085 10,209 8.6%

2023 13.85 13.04 -0.80 454 11,552 10,640 8.6%

2024 14.13 13.06 -1.07 447 12,037 11,085 8.6%

2025 14.40 13.08 -1.33 438 12,543 11,545 8.6%

2026 14.67 13.09 -1.58 428 13,069 12,024 8.7%

2027 14.93 13.11 -1.82 417 13,618 12,527 8.7%

2028 15.16 13.13 -2.03 405 14,188 13,054 8.7%

2029 15.37 13.14 -2.23 393 14,778 13,599 8.7%

2030 15.56 13.15 -2.40 380 15,397 14,166 8.7%

2031 15.74 13.17 -2.57 367 16,044 14,758 8.7%

2032 15.89 13.18 -2.71 353 16,720 15,381 8.7%

2033 16.03 13.19 -2.84 339 17,420 16,033 8.7%

2034 16.12 13.20 -2.93 325 18,160 16,714 8.7%

2035 16.20 13.20 -3.00 311 18,932 17,418 8.7%

2036 16.27 13.21 -3.06 296 19,734 18,153 8.7%

2037 16.32 13.22 -3.10 281 20,572 18,923 8.7%

2038 16.36 13.22 -3.14 266 21,440 19,728 8.7%

2039 16.38 13.22 -3.15 251 22,356 20,569 8.7%

2040 16.39 13.23 -3.16 235 23,311 21,442 8.7%

2041 16.41 13.23 -3.18 220 24,306 22,353 8.7%

2042 16.43 13.23 -3.19 204 25,338 23,302 8.7%

2043 16.45 13.24 -3.21 187 26,406 24,292 8.7%

2044 16.46 13.24 -3.22 171 27,525 25,321 8.7%

2045 16.48 13.24 -3.24 154 28,691 26,386 8.7%

2046 16.50 13.25 -3.26 137 29,899 27,491 8.8%

2047 16.53 13.25 -3.28 119 31,154 28,642 8.8%

2048 16.56 13.25 -3.30 101 32,458 29,842 8.8%

2049 16.59 13.26 -3.33 83 33,811 31,085 8.8%

2050 16.62 13.26 -3.36 64 35,221 32,374 8.8%

2051 16.66 13.26 -3.40 45 36,690 33,719 8.8%

2052 16.71 13.27 -3.44 26 38,212 35,120 8.8%

2053 16.76 13.27 -3.49 6 39,793 36,579 8.8%

2054 16.81 13.28 -3.53 ---- 41,446 38,101 8.8%

2055 16.86 13.28 -3.58 ---- 43,170 39,682 8.8%

2056 16.92 13.28 -3.63 ---- 44,961 41,324 8.8%

2057 16.97 13.29 -3.68 ---- 46,824 43,036 8.8%

2058 17.03 13.29 -3.74 ---- 48,757 44,817 8.8%

2059 17.09 13.30 -3.79 ---- 50,768 46,670 8.8%

2060 17.14 13.30 -3.84 ---- 52,873 48,600 8.8%

2061 17.20 13.31 -3.89 ---- 55,055 50,605 8.8%

2062 17.26 13.31 -3.95 ---- 57,334 52,699 8.8%

2063 17.33 13.32 -4.01 ---- 59,703 54,883 8.8%

2064 17.39 13.32 -4.07 ---- 62,171 57,155 8.8%

2065 17.45 13.32 -4.12 ---- 64,746 59,520 8.8%

2066 17.51 13.33 -4.18 ---- 67,406 61,964 8.8%

2067 17.57 13.33 -4.24 ---- 70,176 64,511 8.8%

2068 17.63 13.34 -4.29 ---- 73,080 67,183 8.8%

2069 17.68 13.34 -4.34 ---- 76,111 69,970 8.8%

2070 17.73 13.34 -4.38 ---- 79,266 72,868 8.8%

2071 17.77 13.35 -4.42 ---- 82,547 75,881 8.8%

2072 17.82 13.35 -4.47 ---- 85,961 79,015 8.8%

2073 17.86 13.35 -4.51 ---- 89,521 82,282 8.8%

2074 17.90 13.36 -4.54 ---- 93,224 85,685 8.8%

2075 17.94 13.36 -4.58 ---- 97,073 89,221 8.8%

2076 17.99 13.36 -4.62 ---- 101,080 92,900 8.8%

2077 18.03 13.36 -4.66 ---- 105,250 96,727 8.8%

2078 18.07 13.37 -4.70 ---- 109,591 100,711 8.8%

2079 18.11 13.37 -4.74 ---- 114,111 104,859 8.8%

2080 18.16 13.37 -4.78 ---- 118,814 109,174 8.8%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 14.88% 13.79% -1.09% 0.83%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Make 90 percent of the earnings subject to payroll tax and credit them for benefit purposes, phased 

in 2006-2015

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table F1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance Proposed Plan Present Law

2005 11.13 12.72 1.59 320 4,730 4,730 0.0%

2006 10.97 12.73 1.76 337 4,996 4,985 0.2%

2007 10.89 12.74 1.85 355 5,271 5,244 0.5%

2008 10.90 12.78 1.88 371 5,554 5,511 0.8%

2009 11.01 12.77 1.75 384 5,842 5,784 1.0%

2010 11.12 12.79 1.67 397 6,139 6,065 1.2%

2011 11.26 12.84 1.57 408 6,444 6,354 1.4%

2012 11.49 12.87 1.38 416 6,751 6,646 1.6%

2013 11.73 12.90 1.16 422 7,067 6,946 1.7%

2014 11.99 12.91 0.92 425 7,394 7,258 1.9%

2015 12.25 12.93 0.68 428 7,736 7,583 2.0%

2016 12.52 12.95 0.42 428 8,089 7,919 2.1%

2017 12.81 12.96 0.15 426 8,455 8,268 2.3%

2018 13.10 12.98 -0.12 422 8,834 8,630 2.4%

2019 13.39 13.00 -0.39 418 9,228 9,005 2.5%

2020 13.69 13.02 -0.67 411 9,633 9,391 2.6%

2021 13.99 13.04 -0.95 404 10,055 9,794 2.7%

2022 14.28 13.05 -1.23 395 10,491 10,209 2.8%

2023 14.57 13.07 -1.50 384 10,943 10,640 2.9%

2024 14.85 13.09 -1.76 373 11,411 11,085 2.9%

2025 15.12 13.10 -2.02 360 11,895 11,545 3.0%

2026 15.40 13.12 -2.28 346 12,399 12,024 3.1%

2027 15.65 13.14 -2.51 332 12,929 12,527 3.2%

2028 15.87 13.15 -2.72 316 13,483 13,054 3.3%

2029 16.07 13.16 -2.90 300 14,058 13,599 3.4%

2030 16.25 13.18 -3.07 284 14,656 14,166 3.5%

2031 16.42 13.19 -3.23 267 15,281 14,758 3.5%

2032 16.57 13.20 -3.37 249 15,939 15,381 3.6%

2033 16.68 13.21 -3.48 231 16,628 16,033 3.7%

2034 16.77 13.21 -3.56 213 17,348 16,714 3.8%

2035 16.84 13.22 -3.62 194 18,094 17,418 3.9%

2036 16.91 13.22 -3.68 175 18,863 18,153 3.9%

2037 16.96 13.23 -3.73 156 19,669 18,923 3.9%

2038 16.99 13.23 -3.76 136 20,513 19,728 4.0%

2039 17.01 13.24 -3.77 116 21,394 20,569 4.0%

2040 17.02 13.24 -3.78 96 22,310 21,442 4.0%

2041 17.04 13.24 -3.80 75 23,257 22,353 4.0%

2042 17.07 13.24 -3.83 54 24,244 23,302 4.0%

2043 17.09 13.24 -3.85 33 25,274 24,292 4.0%

2044 17.11 13.25 -3.87 11 26,345 25,321 4.0%

2045 17.14 13.25 -3.89 ---- 27,452 26,386 4.0%

2046 17.17 13.25 -3.92 ---- 28,602 27,491 4.0%

2047 17.21 13.26 -3.96 ---- 29,800 28,642 4.0%

2048 17.25 13.26 -3.99 ---- 31,047 29,842 4.0%

2049 17.29 13.26 -4.03 ---- 32,340 31,085 4.0%

2050 17.33 13.26 -4.07 ---- 33,682 32,374 4.0%

2051 17.38 13.27 -4.11 ---- 35,080 33,719 4.0%

2052 17.44 13.27 -4.17 ---- 36,538 35,120 4.0%

2053 17.50 13.28 -4.22 ---- 38,055 36,579 4.0%

2054 17.56 13.28 -4.28 ---- 39,638 38,101 4.0%

2055 17.62 13.28 -4.33 ---- 41,283 39,682 4.0%

2056 17.69 13.29 -4.40 ---- 42,991 41,324 4.0%

2057 17.75 13.29 -4.46 ---- 44,771 43,036 4.0%

2058 17.82 13.30 -4.52 ---- 46,624 44,817 4.0%

2059 17.89 13.30 -4.59 ---- 48,552 46,670 4.0%

2060 17.95 13.31 -4.65 ---- 50,559 48,600 4.0%

2061 18.02 13.31 -4.71 ---- 52,645 50,605 4.0%

2062 18.09 13.31 -4.78 ---- 54,823 52,699 4.0%

2063 18.16 13.32 -4.84 ---- 57,095 54,883 4.0%

2064 18.23 13.32 -4.91 ---- 59,458 57,155 4.0%

2065 18.30 13.33 -4.98 ---- 61,918 59,520 4.0%

2066 18.37 13.33 -5.04 ---- 64,460 61,964 4.0%

2067 18.44 13.34 -5.11 ---- 67,109 64,511 4.0%

2068 18.51 13.34 -5.17 ---- 69,888 67,183 4.0%

2069 18.57 13.34 -5.22 ---- 72,787 69,970 4.0%

2070 18.62 13.35 -5.28 ---- 75,801 72,868 4.0%

2071 18.68 13.35 -5.33 ---- 78,935 75,881 4.0%

2072 18.73 13.35 -5.37 ---- 82,195 79,015 4.0%

2073 18.78 13.36 -5.42 ---- 85,594 82,282 4.0%

2074 18.83 13.36 -5.47 ---- 89,133 85,685 4.0%

2075 18.88 13.36 -5.51 ---- 92,810 89,221 4.0%

2076 18.93 13.37 -5.56 ---- 96,637 92,900 4.0%

2077 18.97 13.37 -5.60 ---- 100,618 96,727 4.0%

2078 19.02 13.37 -5.65 ---- 104,762 100,711 4.0%

2079 19.07 13.37 -5.70 ---- 109,076 104,859 4.0%

2080 19.12 13.38 -5.74 ---- 113,564 109,174 4.0%

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.54% 13.84% -1.71% 0.22%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Cover newly hired state and local government employees beginning in 2006

OASDI Taxable Payroll 

(in billions of dollars) Increase in 

Taxable 

Payroll over 

Present Law

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table G1 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 371

2009 11.13 12.77 1.65 385

2010 11.25 12.79 1.54 398

2011 11.42 12.84 1.42 409

2012 11.67 12.87 1.20 418

2013 11.93 12.90 0.97 425

2014 12.21 12.92 0.71 430

2015 12.49 12.94 0.45 434

2016 12.79 12.96 0.17 436

2017 13.09 12.98 -0.12 436

2018 13.40 13.00 -0.40 436

2019 13.71 13.01 -0.69 434

2020 14.03 13.03 -1.00 431

2021 14.34 13.05 -1.29 427

2022 14.65 13.07 -1.58 421

2023 14.95 13.09 -1.87 415

2024 15.25 13.11 -2.15 407

2025 15.55 13.12 -2.42 397

2026 15.83 13.14 -2.69 387

2027 16.10 13.16 -2.94 375

2028 16.34 13.17 -3.16 363

2029 16.55 13.19 -3.36 350

2030 16.74 13.20 -3.54 336

2031 16.92 13.21 -3.71 322

2032 17.08 13.22 -3.86 307

2033 17.20 13.23 -3.97 291

2034 17.30 13.24 -4.06 275

2035 17.37 13.24 -4.13 259

2036 17.44 13.25 -4.18 242

2037 17.48 13.25 -4.22 225

2038 17.50 13.26 -4.24 207

2039 17.51 13.26 -4.25 189

2040 17.52 13.26 -4.26 170

2041 17.52 13.26 -4.26 151

2042 17.53 13.27 -4.27 131

2043 17.54 13.27 -4.27 110

2044 17.54 13.27 -4.27 89

2045 17.55 13.27 -4.28 68

2046 17.56 13.27 -4.29 46

2047 17.58 13.27 -4.31 23

2048 17.60 13.28 -4.32 ----

2049 17.62 13.28 -4.34 ----

2050 17.64 13.28 -4.36 ----

2051 17.68 13.28 -4.39 ----

2052 17.71 13.29 -4.43 ----

2053 17.75 13.29 -4.47 ----

2054 17.80 13.29 -4.50 ----

2055 17.84 13.30 -4.55 ----

2056 17.89 13.30 -4.60 ----

2057 17.95 13.30 -4.65 ----

2058 18.00 13.31 -4.69 ----

2059 18.05 13.31 -4.74 ----

2060 18.10 13.31 -4.79 ----

2061 18.16 13.32 -4.84 ----

2062 18.22 13.32 -4.90 ----

2063 18.28 13.32 -4.95 ----

2064 18.34 13.33 -5.01 ----

2065 18.40 13.33 -5.07 ----

2066 18.46 13.34 -5.12 ----

2067 18.52 13.34 -5.18 ----

2068 18.57 13.34 -5.23 ----

2069 18.63 13.35 -5.28 ----

2070 18.67 13.35 -5.32 ----

2071 18.72 13.35 -5.37 ----

2072 18.77 13.36 -5.41 ----

2073 18.81 13.36 -5.45 ----

2074 18.85 13.36 -5.49 ----

2075 18.90 13.36 -5.53 ----

2076 18.94 13.37 -5.58 ----

2077 18.99 13.37 -5.62 ----

2078 19.03 13.37 -5.66 ----

2079 19.08 13.37 -5.70 ----

2080 19.12 13.38 -5.75 ----

Summarized Rates: OASDI

2004 Cost Rate

Income 

Rate

Actuarial 

Balance

-2078 15.11% 14.07% -1.04% 0.88%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Invest 40 percent of the Trust Funds in equities (phased in 2006-2020) assuming a 6.5 percent real 

rate of return on equities

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table G2 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 371

2009 11.13 12.77 1.65 384

2010 11.25 12.79 1.54 397

2011 11.42 12.84 1.42 407

2012 11.67 12.87 1.20 416

2013 11.93 12.90 0.97 422

2014 12.21 12.92 0.71 426

2015 12.49 12.94 0.45 429

2016 12.79 12.96 0.17 430

2017 13.09 12.98 -0.12 429

2018 13.40 13.00 -0.40 428

2019 13.71 13.01 -0.69 424

2020 14.03 13.03 -1.00 420

2021 14.34 13.05 -1.29 414

2022 14.65 13.07 -1.58 407

2023 14.95 13.09 -1.87 398

2024 15.25 13.11 -2.15 388

2025 15.55 13.12 -2.42 377

2026 15.83 13.14 -2.69 365

2027 16.10 13.16 -2.94 352

2028 16.34 13.17 -3.16 338

2029 16.55 13.19 -3.36 323

2030 16.74 13.20 -3.54 308

2031 16.92 13.21 -3.71 292

2032 17.08 13.22 -3.86 275

2033 17.20 13.23 -3.97 258

2034 17.30 13.24 -4.06 240

2035 17.37 13.24 -4.13 222

2036 17.44 13.25 -4.18 203

2037 17.48 13.25 -4.22 184

2038 17.50 13.26 -4.24 164

2039 17.51 13.26 -4.25 144

2040 17.52 13.26 -4.26 124

2041 17.52 13.26 -4.26 103

2042 17.53 13.27 -4.27 81

2043 17.54 13.27 -4.27 59

2044 17.54 13.27 -4.27 36

2045 17.55 13.27 -4.28 13

2046 17.56 13.27 -4.29 ----

2047 17.58 13.27 -4.31 ----

2048 17.60 13.28 -4.32 ----

2049 17.62 13.28 -4.34 ----

2050 17.64 13.28 -4.36 ----

2051 17.68 13.28 -4.39 ----

2052 17.71 13.29 -4.43 ----

2053 17.75 13.29 -4.47 ----

2054 17.80 13.29 -4.50 ----

2055 17.84 13.30 -4.55 ----

2056 17.89 13.30 -4.60 ----

2057 17.95 13.30 -4.65 ----

2058 18.00 13.31 -4.69 ----

2059 18.05 13.31 -4.74 ----

2060 18.10 13.31 -4.79 ----

2061 18.16 13.32 -4.84 ----

2062 18.22 13.32 -4.90 ----

2063 18.28 13.32 -4.95 ----

2064 18.34 13.33 -5.01 ----

2065 18.40 13.33 -5.07 ----

2066 18.46 13.34 -5.12 ----

2067 18.52 13.34 -5.18 ----

2068 18.57 13.34 -5.23 ----

2069 18.63 13.35 -5.28 ----

2070 18.67 13.35 -5.32 ----

2071 18.72 13.35 -5.37 ----

2072 18.77 13.36 -5.41 ----

2073 18.81 13.36 -5.45 ----

2074 18.85 13.36 -5.49 ----

2075 18.90 13.36 -5.53 ----

2076 18.94 13.37 -5.58 ----

2077 18.99 13.37 -5.62 ----

2078 19.03 13.37 -5.66 ----

2079 19.08 13.37 -5.70 ----

2080 19.12 13.38 -5.75 ----

Summarized Rates: OASDI

2004 Cost Rate

Income 

Rate

Actuarial 

Balance

-2078 15.30% 14.01% -1.29% 0.64%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in

Actuarial

Balance

Invest 40 percent of the Trust Funds in equities (phased in 2006-2020) assuming a 5.5 percent real 

rate of return on equities

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year
Table G3 Financial Estimates for the OASDI Trust Fund Program 

Year Cost Rate

Income 

Rate

Annual 

Balance

2005 11.13 12.72 1.59 320

2006 11.00 12.73 1.73 337

2007 10.95 12.74 1.79 355

2008 10.99 12.78 1.80 370

2009 11.13 12.77 1.65 383

2010 11.25 12.79 1.54 394

2011 11.42 12.84 1.42 404

2012 11.67 12.87 1.20 410

2013 11.93 12.90 0.97 415

2014 12.21 12.92 0.71 417

2015 12.49 12.94 0.45 418

2016 12.79 12.96 0.17 416

2017 13.09 12.98 -0.12 412

2018 13.40 13.00 -0.40 407

2019 13.71 13.01 -0.69 401

2020 14.03 13.03 -1.00 393

2021 14.34 13.05 -1.29 383

2022 14.65 13.07 -1.58 372

2023 14.95 13.09 -1.87 360

2024 15.25 13.11 -2.15 346

2025 15.55 13.12 -2.42 332

2026 15.83 13.14 -2.69 316

2027 16.10 13.16 -2.94 299

2028 16.34 13.17 -3.16 282

2029 16.55 13.19 -3.36 264

2030 16.74 13.20 -3.54 245

2031 16.92 13.21 -3.71 225

2032 17.08 13.22 -3.86 205

2033 17.20 13.23 -3.97 185

2034 17.30 13.24 -4.06 164

2035 17.37 13.24 -4.13 143

2036 17.44 13.25 -4.18 121

2037 17.48 13.25 -4.22 99

2038 17.50 13.26 -4.24 77

2039 17.51 13.26 -4.25 54

2040 17.52 13.26 -4.26 31

2041 17.52 13.26 -4.26 7

2042 17.53 13.27 -4.27 ----

2043 17.54 13.27 -4.27 ----

2044 17.54 13.27 -4.27 ----

2045 17.55 13.27 -4.28 ----

2046 17.56 13.27 -4.29 ----

2047 17.58 13.27 -4.31 ----

2048 17.60 13.28 -4.32 ----

2049 17.62 13.28 -4.34 ----

2050 17.64 13.28 -4.36 ----

2051 17.68 13.28 -4.39 ----

2052 17.71 13.29 -4.43 ----

2053 17.75 13.29 -4.47 ----

2054 17.80 13.29 -4.51 ----

2055 17.84 13.30 -4.55 ----

2056 17.89 13.30 -4.60 ----

2057 17.95 13.30 -4.65 ----

2058 18.00 13.31 -4.69 ----

2059 18.05 13.31 -4.74 ----

2060 18.10 13.31 -4.79 ----

2061 18.16 13.32 -4.84 ----

2062 18.22 13.32 -4.90 ----

2063 18.28 13.32 -4.95 ----

2064 18.34 13.33 -5.01 ----

2065 18.40 13.33 -5.07 ----

2066 18.46 13.34 -5.12 ----

2067 18.52 13.34 -5.18 ----

2068 18.57 13.34 -5.23 ----

2069 18.63 13.35 -5.28 ----

2070 18.67 13.35 -5.32 ----

2071 18.72 13.35 -5.37 ----

2072 18.77 13.36 -5.41 ----

2073 18.81 13.36 -5.45 ----

2074 18.85 13.36 -5.49 ----

2075 18.90 13.36 -5.53 ----

2076 18.94 13.37 -5.58 ----

2077 18.99 13.37 -5.62 ----

2078 19.03 13.37 -5.66 ----

2079 19.08 13.37 -5.70 ----

2080 19.12 13.38 -5.75 ----

Summarized Rates: OASDI

2005 Cost Rate

Income 

Rate

Actuarial 

Balance

-2079 15.79% 13.87% -1.92% 0.00%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration

August 8, 2005

Change in 

Actuarial

Balance

Invest 40 percent of the Trust Funds in equities (phased in 2006-2020) assuming an ultimate 3 percent 

real rate of return on equities

Expressed as a percentage of taxable payroll

Trust Fund 

Ratio 

1-1-year