| Total benefits for one-earner married coupleConstant 2004 Dollars |
|-------------------------------------------------------------------|
||
||
| Scaled Low Earner                                                 |
| 2015                                                              | 1,152 | 1,152 | 1,139 |   | 560 | 58 | 64 | 618 | 624 | 724 | 89.7 | 90.0 |
| 2025                                                              | 1,195 | 1,195 | 1,063 |   | 362 | 158 | 195 | 520 | 557 | 672 | 78.0 | 79.6 |
| 2035                                                              | 1,310 | 1,310 | 1,048 |   | 204 | 289 | 397 | 493 | 602 | 672 | 70.1 | 74.3 |
| 2045                                                              | 1,460 | 1,051 | 1,050 |   | 47 | 435 | 661 | 482 | 708 | 672 | 62.5 | 70.3 |
| 2055                                                              | 1,627 | 1,139 | 1,051 | NA | 0 | 507 | 791 | 507 | 791 | 672 | 56.9 | 65.6 |
| Scaled Medium Earner                                              |
| 2015                                                              | 1,897 | 1,897 | 1,877 |   | 923 | 129 | 142 | 1,051 | 1,065 | 724 | 65.9 | 66.3 |
| 2025                                                              | 1,969 | 1,969 | 1,752 |   | 596 | 351 | 434 | 947 | 1,030 | 672 | 58.2 | 60.3 |
| 2035                                                              | 2,159 | 2,159 | 1,727 |   | 337 | 641 | 883 | 978 | 1,220 | 672 | 53.8 | 59.4 |
| 2045                                                              | 2,406 | 1,732 | 1,730 |   | 78 | 966 | 1,469 | 1,044 | 1,546 | 672 | 49.6 | 64.3 |
| 2055                                                              | 2,680 | 1,876 | 1,732 | NA | 0 | 1,127 | 1,757 | 1,127 | 1,757 | 672 | 46.1 | 65.6 |
| Scaled High Earner                                                |
| 2015                                                              | 2,516 | 2,516 | 2,489 |   | 1,224 | 206 | 228 | 1,430 | 1,452 | 724 | 57.2 | 57.7 |
| 2025                                                              | 2,612 | 2,612 | 2,323 |   | 791 | 562 | 695 | 1,352 | 1,485 | 672 | 51.8 | 56.9 |
| 2035                                                              | 2,862 | 2,862 | 2,289 |   | 447 | 1,026 | 1,413 | 1,472 | 1,860 | 672 | 51.4 | 65.0 |
| 2045                                                              | 3,190 | 2,297 | 2,294 |   | 103 | 1,546 | 2,350 | 1,649 | 2,453 | 672 | 51.7 | 76.9 |
| 2055                                                              | 3,553 | 2,487 | 2,297 | NA | 0 | 1,803 | 2,812 | 1,803 | 2,812 | 672 | 50.7 | 79.1 |
| Steady Maximum Earner                                             |
| 2015                                                              | 3,044 | 3,044 | 3,012 |   | 1,481 | 369 | 405 | 1,850 | 1,887 | 724 | 60.8 | 62.0 |
| 2025                                                              | 3,190 | 3,190 | 2,837 |   | 966 | 871 | 1,062 | 1,837 | 2,028 | 672 | 57.6 | 63.6 |
| 2035                                                              | 3,502 | 3,502 | 2,801 |   | 546 | 1,550 | 2,111 | 2,096 | 2,658 | 672 | 59.9 | 75.9 |
| 2045                                                              | 3,900 | 2,808 | 2,804 |   | 126 | 2,462 | 3,773 | 2,588 | 3,899 | 672 | 66.4 | 100.0 |
| 2055                                                              | 4,336 | 3,035 | 2,803 | NA | 0 | 2,972 | 4,724 | 2,972 | 4,724 | 672 | 68.5 | 108.9 |
| 1For 35-year (140 QC) workers. Scales to 0 for 40 QCs.  Assume 140 QCs for example. |
|-------------------------------------------------------------------------------------|

Based on Intermediate Assumptions of the 2004 Trustees ReportIA is assumed to be invested 50% in equity index fund, 30% in Corporate Bond fund, 20% Treasury Bonds, 25 basis points annual administrative cost.Expected equity yield is 6.5 percent real, Corporate bond yield 3.5 percent real, Treasury Bond yield 3 percent realIA annuities are assumed to be joint and 2/3 survivor life annuities, CPI indexed, 3% net expected real yield (2.75% net risk adjusted real yield)Recognition Bonds are assumed to be equivalent to the present value at NRA of the retired worker benefit times (age on 1-1-2005 — 22)/45

Office of the Chief ActuarySocial Security AdministrationFebruary 5, 2005

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