SOCIAL SECURITY

MEMORANDUM 

Date: July 15, 2005 Refer To: TCA 

To: Representatives McCrery, Shaw, Johnson, Ryan, and Shadegg 

From: Stephen C. Goss, Chief Actuary 

Alice H. Wade, Deputy Chief Actuary 

Subject: Estimated Financial Effects of the “Growing Real Ownership for Workers Act of 

2005” H.R 3304--INFORMATION 

This memorandum presents estimates for the bill introduced yesterday, H.R 3304. The 

provisions of the bill were conveyed to us by Kim Hildred and Sophia Wright of the staff 

of the Subcommittee on Social Security, House Committee on Ways and Means. The plan 

would fund individual accounts with revenue from the General Fund of the Treasury in 

amounts equal to the OASDI annual cash-flow surplus, and would provide for a benefit 

offset for plan participants. All estimates are based on the intermediate assumptions of the 

2005 Trustees Report plus additional assumptions described below, and reflect our 

understanding of your intent for this proposal. This plan would decrease (improve) the 

long-range OASDI actuarial deficit by an estimated 0.24 percent of taxable payroll, from 

the actuarial deficit of 1.92 percent estimated under present law to a deficit of 1.68 percent 

of payroll under the proposal, assuming individuals generally opt for a diversified 

investment portfolio. If all individual account assets were invested in the Treasury bond 

index fund which includes a representative mix of fixed marketable Treasury bonds with 

remaining duration to maturity of 4 years or more, the long-range OASDI actuarial deficit 

would decrease by an estimated 0.23 percent of taxable payroll. 

Plan Specifications

This plan would establish individual accounts (referred to as “GROW” accounts) for 

workers who were under age 55 on January 1, 2005 and provide for an offset against their 

Social Security retirement and aged survivor benefits. For each calendar year beginning 

with 2006, the Social Security Administration would remit to the Central Administrative 

Authority (CAA) a specified percentage of each participating worker’s OASDI taxable 

earnings from the trust funds. 
2

All qualifying workers would be automatically enrolled for participation in the account 

provision (the default), but the option to disenroll would be provided. Initially, each 

worker would be allowed to rescind their automatic enrollment through notification of the 

CAA within a relatively short period of time to be determined by the board. If the worker 

elects to rescind enrollment, then the worker would subsequently be allowed a one-time 

option to re-enroll. In addition, each worker could at any time after the period for 

rescinding enrollment decide to disenroll for the purpose of any future contributions to the 

individual account. 

The total amount of contributions to individual accounts in a calendar year would be equal 

to the excess of OASDI tax income for the year (including income from taxation of 

benefits) over the cost of providing scheduled benefits in the year (including 

administrative expenses). The individual account contribution rate for plan participants 

each year would be determined by dividing the total account contribution by the total 

taxable earnings of individual account participants for the year. Because individual 

records of earnings for each year are not available until late in the following year, 

individual account contributions would be credited to the accounts a little over one year, 

on average, after earnings are paid to the workers. However, the individual account 

contributions will be provided in bulk to the CAA during the year in which earnings are 

paid so that the assets can be invested in the designated Treasury bond index fund. When 

individual account contributions are credited to individuals, the contributions will be 

increased by the yield on the Treasury bond fund (see next paragraph) from July 1 of the 

year of earnings to the date of crediting the account. 

The CAA would maintain individual account (IA) records for each participant and would 

initially invest all assets in a Treasury bond index fund including a representative mix of 

fixed marketable Treasury bonds with remaining duration to maturity of 4 years or more. 

The plan authorizes the CAA to expand investment options starting in 2009 to include 

various index funds like those offered by the government employee Thrift Savings Plan 

(TSP), as long as the Congress does not disapprove the changes. The CAA will be 

required to provide the Congress with advance notice of the changes in investment options 

with sufficient time for consideration of whether to actively disapprove. The Treasury 

bond fund would remain the investment allocation for the period prior to the crediting of 

contributions by the CAA to individuals. Beginning in 2009, individuals would be 

allowed to select their investment allocation once each year for contributions that have 

been individually credited to them. The CAA would make CPI-indexed annuities 

available to account holders for purchase at the time of their retirement. It is assumed that 

these annuities would be provided by the CAA. 

The benefit offset applied to retired worker, aged spouse, and aged widow(er) benefits 

would be based on the amount of the annuity (a single-life annuity for an unmarried 

worker and a joint and two-thirds survivor annuity1

 for a married worker) that could be 

purchased through the CAA at retirement with the theoretical “shadow account” 

accumulation of all assets credited to the IA for the worker. For a married couple, the 

 

1

 Assumes the survivor receives two-thirds of the monthly payment that is provided while both spouses are 

alive and entitled to benefits. 
3

amount of benefit offset would first be applied to benefits paid from the trust funds to the 

worker and then, if needed, to benefits of the spouse. The shadow account accumulation 

would reflect the realized yield on the Treasury bond fund for each year of IA 

accumulation, less 0.3 percentage point representing the ultimate expected administrative 

expense for the account. The annuity is also based on the assumption that all annuity 

assets will be invested in the long-term Treasury bond index fund used for individual 

accounts, with an ultimate annual annuity administrative expense equal to 0.3 percent of 

total annuity assets. Actual disbursements from the account after retirement (whether in 

monthly annuity payments, scheduled withdrawals, or lump sum distributions) would be 

subject to Federal personal income taxation in the same manner as are regular monthly 

OASDI benefits, with revenue directed to the trust funds. 

For workers who die before retirement, the individual account assets would be transferred 

to the individual account of the surviving spouse. Individual account contributions 

associated with those inherited assets would be used in computing the offset to be applied 

to any benefits paid from the trust funds to the surviving spouse. If there is no surviving 

spouse, then the account assets are transferred to the worker’s heirs, tax free, and in the 

absence of any heirs, to the Social Security trust funds. 

Assumptions

Because the default for the proposal would be for all eligible workers to be automatically 

enrolled, we assume that participation will be essentially universal. In fact, for those who 

retain the initial portfolio (entirely invested in the Treasury bond index fund), participation 

would provide an effective bonus in the form of a “life insurance” policy in the event of 

death without a spouse before retirement. Thus, we assume that participation in this plan 

would be essentially 100 percent. 

It should be noted however that for individuals who do not annuitize their entire individual 

account at retirement, lifetime benefit payments plus individual account proceeds may turn 

out to be either higher or lower than under current law, depending on how long the worker 

and dependents live. If, for example, an unmarried worker takes the individual account 

assets as a lump sum at retirement and lives longer than average, then the value of benefit 

offsets will exceed the value of the account lump sum. On the other hand, if the same 

worker dies sooner than average, then the lump sum individual account distribution will 

exceed the value of the benefit offsets. 

 

The Treasury bond index fund used for investment of all individual account assets is 

assumed to yield the same as the investments for the trust funds, or ultimately 3 percent 

over inflation, on average. Because the assets would be invested in bulk and all individual 

records for the accounts maintained by the CAA, annual administrative expense is 

assumed to be relatively low, at about 0.3 percent of individual account assets ultimately. 

Higher administrative expenses in early years are assumed to be financed from the General 

Fund of the Treasury. Annuities provided through the CAA are assumed also to reflect 
4

investment of assets in long-term marketable fixed Treasury bonds with an expected 

ultimate gross real yield of 3 percent on average. Annual administrative expenses for the 

annuities are assumed to be about equal to 0.3 percent of annuity assets ultimately. 

When the CAA expands investment options beyond the Treasury bond fund (beginning in 

2009), the invested assets in IAs are assumed to average 50 percent in equity funds, 25 

percent in corporate bond funds, and 25 percent in the Treasury bond fund. 

For investments in the corporate bond index fund, we assume an average gross real yield 

of 3.5 percent for future investments, or 50 basis points above the ultimate assumption for 

long-term Treasury bonds. For investments in the equity index fund, we assume an 

average gross real yield of 6.5 percent for future investments, or 350 basis points above 

the ultimate assumption for long-term Treasury bonds. 

Results

OASDI Trust Fund and Unified Budget Effects with Expected Returns from

Broadened IA Investment Options Starting 2009

Tables 1 through 1d provide detailed estimates for the expected effects of the plan on 

OASDI financial status and on the unified budget. All estimates reflect the intermediate 

assumptions of the 2005 Trustees Report plus additional assumptions regarding expected 

future average returns on invested assets. 

Tables 1 provide estimates for the plan assuming that the CAA broadens the investment 

options for assets in IAs starting in 2009. Under this plan, broadening of the investment 

option allows for investment in a greater range of securities. This broadened investment 

would be expected to average higher future rates of return than if IA assets were invested 

only in the Treasury bond fund. 

Table 1 indicates that the date of OASDI combined trust fund exhaustion would be made 

later by about 2 years, with exhaustion expected in 2043 under the proposal. Trust fund 

exhaustion is made later because the revenue expended for individual account 

contributions comes from the General Fund of the Treasury (not the trust funds) while 

benefit offsets in subsequent years based on these contributions would directly benefit the 

trust funds. These offsets would be less in present value than the individual account 

contributions provided earlier because: 

(1) The benefit offset rate is less than the expected trust fund yield rate, and 

(2) No benefit offset would occur for individual account assets directed to the estates of 

workers who die before retiring. 
5

Table 1 reflects reductions in annual OASDI cash flow deficits for years 2013 through 

2080 due to the benefit offsets. For 2079, for example, the OASDI annual cash flow 

shortfall projected under current law of 5.70 percent of payroll is expected to be reduced to 

a deficit of 5.64 percent of payroll. For the long-range 75-year period as a whole, the 

OASDI actuarial deficit is decreased from 1.92 percent of payroll under present law to a 

deficit of 1.68 percent of payroll under the proposal. 

Table 1a provides an analysis of the General Fund contributions to the individual accounts 

under the plan, as well as projected levels of OASDI Trust Fund and aggregate individual 

account and IA annuity assets. Columns 1 through 3 provide the estimated amounts of 

General Fund contributions to individual accounts for years 2006 through 2016, expressed 

in constant 2005 dollars, in present value as of January 1, 2005, and as a percentage of 

annual OASDI taxable payroll. Column 4 provides the cumulative total amount of these 

contributions through the end of each year. 

The projected OASDI Trust Fund assets under the proposal are shown in column 5 of 

Table 1a. For the purpose of comparison, the projected OASDI Trust Fund assets are also 

shown for a theoretical Social Security program with borrowing authority in two separate 

ways. The theoretical Social Security Trust Funds are shown without any General Fund 

transfers in column 8. And the theoretical Social Security Trust Fund assets are shown 

with the inclusion of transfers from the General Fund equal to the expected contributions 

to individual accounts under the proposal in column 9. 

Table 1a (column 6) also provides projected aggregate assets in the individual accounts 

and the IA annuities at the end of each year, expressed in constant 2005 dollars. These 

values assume that all accumulated IA assets are used to purchase CPI-indexed life 

annuities from the CAA. 

Table 1b provides estimated effects on the federal government unified budget deficit due 

to enacting the proposal. These estimates indicate the change from the unified budget 

projections that would be made under current law (under the standard budget 

conventions). It should be noted that these estimates are based on the Trustees 

assumptions and thus are not directly comparable with those made by OMB and CBO 

under their own assumptions. Annual unified budget cash flow would be worsened for 

years 2006 through 2016 due to the expenditures of revenue to provide contributions to the 

individual accounts. For 2017 through 2080, unified budget cash flow is improved as 

benefit offsets reduce expenditures. Beginning in 2026, the unified budget cash flow is 

also improved due to additional income from taxation of individual account 

disbursements. The total debt held by the public is increased indefinitely due to the 

incomplete compensation of the federal government through benefit offsets, as described 

above. Annual unified budget balances remain worsened throughout the period due to 

additional interest on the increased debt held by the public. 

Table 1c provides estimates of the annual cash flow from the trust funds to the General 

Fund of the Treasury. Under the proposal, the cash flow to the General Fund is unchanged 

through 2012. After 2012, cash flow to the General Fund improves slightly as the benefit 
6

offsets reduce net benefit obligations. For the period 2005 through 2079 as a whole, the 

net cash flow from the OASDI Trust Fund to the General Fund is increased from a 

negative $5.7 trillion in present value under current law modified to provide General Fund 

transfers for solvency to negative $5.2 trillion under the proposal. 

Table 1d illustrates the effects of the components of the proposal on the annual OASDI 

Trust Fund levels, and on the projected unfunded obligations through each year after trust 

fund assets are projected to be exhausted. The size of the estimated OASDI unfunded 

obligation for the long-range period is decreased from $4.0 trillion in present value under 

current law to $3.5 trillion under the proposal. 

OASDI Trust Fund and Unified Budget Effects Assuming Investment Only in 

the Treasury Bond Fund 

Investment in equities and corporate bonds implies a higher expected average yield, but 

also greater variability and uncertainty of returns. Tables 2 provide effectively a low-yield 

or risk-adjusted yield analysis of the plan assuming broader investment options are 

offered. Under this analysis, it is assumed that all investments in fact achieve the same 

yield as expected for long-term Treasury bonds. 

As seen in Tables 2, there is very little effect from this modification on OASDI program 

finances or on the unified budget estimates. Reflecting these expected lower returns, 

Tables 2 indicate that income taxes on IA distributions would be expected to be lower, 

thus providing slightly lower income to the OASDI program. This effect worsens the 

estimated OASDI actuarial deficit by about an additional 0.01 percent of payroll, for a 

total improvement of 0.23 percent of payroll. The estimated long-range actuarial deficit is 

thus projected to be reduced from 1.92 percent of payroll under present law to 1.69 percent 

of payroll under the proposal with expected returns on the diversified portfolios. Table 2a 

provides the estimated lower level of IA and annuity assets expected under the potential 

investment assumptions described above. 

Individual Account Assets, Distributions, Benefit Offsets and Benefit Levels

Tables A1, B1a, B1b, and B1c provide estimates for several theoretical worker examples. 

Theoretical workers are presented with scaled low, medium, and high career earnings 

levels, as well as for a career steady maximum earner (earnings at or above the OASDI 

taxable maximum each year). These four hypothetical workers represent about the 28, 58, 

85 and 100 percentiles of the distribution of career earnings levels for recent retired 

workers. See Actuarial Note 2004.3 at http://www.ssa.gov/OACT/NOTES/ran3/an2004-

3.pdf for details on the nature of these worker examples. 
7

Table A1 provides projected scheduled primary insurance amounts (PIAs) and benefit 

amounts for future retirees who are single, or are married with a non-earner spouse. 

Scheduled benefit levels for the two-earner married couple (both with the same level of 

career-average earnings) may be obtained by doubling the value for the single worker. 

Accumulated IA asset levels at age 65 are presented in constant 2005 dollars (discounted 

for CPI increase back to 2005) in table B1a. Values are shown both assuming investment 

in the Treasury bond fund only, and assuming investment in the broadened selection of 

investment options that may be made available under the proposal. Under the broadened 

selection of options, the average mixed portfolio is assumed to be 50 percent in the equity 

index fund, 25 percent in the corporate bond index fund, and 25 percent in the Treasury 

bond index fund after 2008, and after the contributions are allocated individually by the 

CAA. 

In addition to IA accumulated assets, table B1a presents the size of the CPI-indexed 

annuity that could be purchased from the CAA with this amount at age 65, expressed as a 

percent of the present-law scheduled benefits for single earners, and for 2-earner and 1-

earner married couples. Married couples are assumed to be the same age, and in the case 

of the 2-earner couple, they are assumed to have the same career-average earnings level. 

In each case, the projected IA annuity that is available is presented as a percentage of the 

total scheduled benefits for the single worker, the couple, or the widow(er). 

Annuities for single workers are based on a single CPI-indexed life annuity and those for 

married couples are assumed to be joint annuities, with the survivor receiving two-thirds 

of the monthly payment provided while both spouses are alive and entitled to benefits. All 

annuities are computed assuming the use of life tables consistent with projected mortality 

in the intermediate estimates of the 2005 Trustees Report. Annuities are also based on the 

assumption that all annuity assets will be invested in the long-term Treasury bond index 

fund used for individual accounts, with an ultimate annuity administrative expense equal 

to 0.3 percent of total annuity assets. 

Table B1b presents the size of the CPI-indexed annuity that could be purchased from the 

CAA with the accumulated IA assets at age 65, expressed in constant 2005 dollars, for 

single earners, and for 2-earner and 1-earner married couples. Values are presented both 

assuming investment in the Treasury bond fund only, and assuming investment in the 

broadened selection of investment options that may be made available under the proposal. 

Estimates are provided for the same hypothetical workers as shown in table B1a. The 

benefit offset for IA participants (individuals and married couples on a combined basis) 

would be equal to the monthly annuity payments shown assuming that the IA had been 

invested in the Treasury bond fund only. 

Table B1c provides the size of the basic benefit for retired workers, expressed as a percent 

of scheduled present-law benefits. Also included is the combination of (1) this projected 

basic benefit plus (2) the projected monthly CPI-indexed life annuity based on the 

individual account accumulation minus (3) the benefit offset based on the shadow account. 

Values assuming investment in the Treasury bond index fund only show that the total 
8

payments from the individuals account annuity and the OASI program would be the same 

under the proposal as the scheduled OASI benefits under current law. With investment in 

the mixed portfolio, total payments would be expected to be greater than current law 

scheduled OASI benefits because the expected returns on equities and corporate bonds are 

greater than the expected return on the Treasury bond fund. However, it is important to 

note that actual returns will vary from individual to individual and over time, so returns on 

the mixed portfolio will sometimes yield an increase in total payments and sometimes a 

decrease in total payments. 

 

 Stephen C. Goss 

 Alice H. Wade 
Table 1 McCrery, Shaw, Johnson, Ryan and Shadegg: IA Contributions from General Revenue Equal to OASDI Cash-Flow Surplus

Broadened IA Average IA Contribution is 1.39% of taxable earnings 

Investment Ultimate Real Trust Fund Interest Rate of 3.0 Assumed Participation in Voluntary IA: 100.0% - DEFAULT

Options Start Benefit Offset Yield Rate = TreasBondYield - 0.3 =2.7 Benefit Offset: 100.0%

in 2009 BenefitOffsetDiscount Rate = TreasBondYield - 0.3 =2.7 Individual Account "Effective" Net "Effective"

Contribution Rate Change in OASDI OASDI IA

Cost Income Annual TFR for Enrollees under Contribution Contribution Contribution

Year Rate1 Rate Balance 1-1-yr 55 on 1/1/2005 Rate Rate Rate

2005 11.13 12.72 1.59 320 12.40 0.00

2006 11.00 12.73 1.73 337 2.22 0.00 12.40 1.73

2007 10.95 12.74 1.79 355 2.12 0.00 12.40 1.79

2008 10.99 12.78 1.80 370 2.06 0.00 12.40 1.78

2009 11.13 12.77 1.65 382 1.85 0.00 12.40 1.63

2010 11.25 12.79 1.54 394 1.70 0.00 12.40 1.52

2011 11.42 12.84 1.42 404 1.55 0.00 12.40 1.41

2012 11.67 12.87 1.21 410 1.30 0.00 12.40 1.20

2013 11.92 12.90 0.98 415 1.04 0.00 12.40 0.97

2014 12.18 12.92 0.74 418 0.76 0.00 12.40 0.72

2015 12.44 12.94 0.49 419 0.50 0.00 12.40 0.48

2016 12.73 12.96 0.23 418 0.22 0.00 12.40 0.22

2017 13.02 12.98 -0.04 416 0.00 12.40 0.00

2018 13.31 13.00 -0.31 412 0.00 12.40 0.00

2019 13.60 13.01 -0.59 406 0.00 12.40 0.00

2020 13.90 13.03 -0.87 399 0.00 12.40 0.00

2021 14.20 13.05 -1.15 390 0.00 12.40 0.00

2022 14.50 13.07 -1.42 381 0.00 12.40 0.00

2023 14.78 13.09 -1.69 370 0.00 12.40 0.00

2024 15.06 13.11 -1.95 358 0.00 12.40 0.00

2025 15.34 13.12 -2.22 344 0.00 12.40 0.00

2026 15.61 13.14 -2.47 330 0.00 12.40 0.00

2027 15.86 13.16 -2.70 314 0.00 12.40 0.00

2028 16.08 13.17 -2.91 298 0.00 12.40 0.00

2029 16.28 13.19 -3.09 282 0.00 12.40 0.00

2030 16.46 13.20 -3.25 265 0.00 12.40 0.00

2031 16.62 13.22 -3.41 247 0.00 12.40 0.00

2032 16.76 13.23 -3.54 229 0.00 12.40 0.00

2033 16.87 13.24 -3.64 210 0.00 12.40 0.00

2034 16.95 13.24 -3.71 191 0.00 12.40 0.00

2035 17.01 13.25 -3.76 172 0.00 12.40 0.00

2036 17.06 13.26 -3.81 152 0.00 12.40 0.00

2037 17.09 13.26 -3.83 132 0.00 12.40 0.00

2038 17.11 13.27 -3.84 112 0.00 12.40 0.00

2039 17.10 13.27 -3.83 92 0.00 12.40 0.00

2040 17.10 13.27 -3.83 71 0.00 12.40 0.00

2041 17.10 13.27 -3.82 50 0.00 12.40 0.00

2042 17.09 13.28 -3.82 29 0.00 12.40 0.00

2043 17.09 13.28 -3.81 7 0.00 12.40 0.00

2044 17.08 13.28 -3.80 -- 0.00 12.40 0.00

2045 17.08 13.28 -3.80 -- 0.00 12.40 0.00

2046 17.09 13.29 -3.80 -- 0.00 12.40 0.00

2047 17.10 13.29 -3.81 -- 0.00 12.40 0.00

2048 17.11 13.29 -3.82 -- 0.00 12.40 0.00

2049 17.13 13.30 -3.83 -- 0.00 12.40 0.00

2050 17.15 13.30 -3.85 -- 0.00 12.40 0.00

2051 17.17 13.30 -3.87 -- 0.00 12.40 0.00

2052 17.21 13.31 -3.90 -- 0.00 12.40 0.00

2053 17.25 13.31 -3.94 -- 0.00 12.40 0.00

2054 17.31 13.31 -3.99 -- 0.00 12.40 0.00

2055 17.37 13.32 -4.05 -- 0.00 12.40 0.00

2056 17.44 13.32 -4.12 -- 0.00 12.40 0.00

2057 17.51 13.33 -4.19 -- 0.00 12.40 0.00

2058 17.58 13.33 -4.26 -- 0.00 12.40 0.00

2059 17.66 13.33 -4.32 -- 0.00 12.40 0.00

2060 17.73 13.34 -4.39 -- 0.00 12.40 0.00

2061 17.80 13.34 -4.46 -- 0.00 12.40 0.00

2062 17.88 13.34 -4.54 -- 0.00 12.40 0.00

2063 17.96 13.35 -4.61 -- 0.00 12.40 0.00

2064 18.04 13.35 -4.69 -- 0.00 12.40 0.00

2065 18.12 13.35 -4.77 -- 0.00 12.40 0.00

2066 18.20 13.35 -4.84 -- 0.00 12.40 0.00

2067 18.28 13.36 -4.92 -- 0.00 12.40 0.00

2068 18.35 13.36 -4.99 -- 0.00 12.40 0.00

2069 18.42 13.36 -5.06 -- 0.00 12.40 0.00

2070 18.49 13.37 -5.12 -- 0.00 12.40 0.00

2071 18.55 13.37 -5.18 -- 0.00 12.40 0.00

2072 18.61 13.37 -5.25 -- 0.00 12.40 0.00

2073 18.67 13.37 -5.30 -- 0.00 12.40 0.00

2074 18.73 13.37 -5.36 -- 0.00 12.40 0.00

2075 18.79 13.37 -5.42 -- 0.00 12.40 0.00

2076 18.85 13.38 -5.47 -- 0.00 12.40 0.00

2077 18.91 13.38 -5.53 -- 0.00 12.40 0.00

2078 18.96 13.38 -5.58 -- 0.00 12.40 0.00

2079 19.02 13.38 -5.64 -- 0.00 12.40 0.00

2080 19.07 13.38 -5.69 -- 0.00 12.40 0.00

Summarized OASDI

Actuarial Change in 

Cost Rate Income Rate Balance Actuarial Balance

2005 - 2079 15.56 13.88 -1.68 0.24

Based on Intermediate Assumptions of the 2005 Trustees Report. All values are expressed as percents of taxable payroll, except TFR.

With Ultimate Real Trust Fund Interest Rate of 3.0 Office of the Actuary 1

Net of Benefit Offset Social Security Administration

July 14, 2005
Table 1a Proposal General Fund Transfers, OASDI Trust Fund Assets, Individual Account Assets, and Theoretical OASDI Assets

Broadened IA

Investment Contributions to GROW Accounts From the General Fund Total OASDI Individual 

Options Start Accumulated Trust Fund Account

in 2009 Present Value Percent of Annual as of Assets Assets 1 Without General With Plan General 

as of 1-1-2005Taxable Payroll Transfers End of Year at End of Year at End of Year GDP Fund Transfers Fund Transfers

Calendar (1) (2) (3) (4) (5) (6) (7) (8) (9)

Year Billions Billions of Constant 2005 $ Billions of Constant 2005 Dollars

2005 0.0 0.0 0.0 0 1,850 0 12,359 1,850 1,850

2006 79.8 1.7 84.5 84 1,995 87 12,746 1,995 2,079

2007 82.3 1.8 89.5 176 2,139 183 13,080 2,139 2,315

2008 81.7 1.8 91.0 272 2,285 285 13,389 2,285 2,557

2009 74.4 1.6 84.9 363 2,429 384 13,690 2,429 2,793

2010 69.3 1.5 81.1 454 2,574 483 13,989 2,574 3,027

2011 63.7 1.4 76.5 542 2,719 581 14,286 2,719 3,260

2012 53.8 1.2 66.3 622 2,858 673 14,573 2,858 3,480

2013 43.2 1.0 54.6 693 2,990 756 14,850 2,989 3,682

2014 31.7 0.7 41.1 753 3,113 828 15,125 3,110 3,863

2015 20.8 0.5 27.7 801 3,227 889 15,398 3,222 4,023

2016 9.3 0.2 12.8 836 3,331 936 15,669 3,322 4,158

2017 0.0 0.0 0.0 860 3,423 971 15,942 3,409 4,269

2018 0.0 0.0 0.0 885 3,504 1,008 16,214 3,483 4,368

2019 0.0 0.0 0.0 911 3,570 1,044 16,489 3,543 4,454

2020 0.0 0.0 0.0 939 3,621 1,082 16,759 3,584 4,523

2021 0.0 0.0 0.0 967 3,653 1,119 17,032 3,606 4,573

2022 0.0 0.0 0.0 996 3,667 1,156 17,302 3,609 4,605

2023 0.0 0.0 0.0 1,026 3,663 1,193 17,574 3,591 4,616

2024 0.0 0.0 0.0 1,057 3,639 1,229 17,843 3,551 4,608

2025 0.0 0.0 0.0 1,088 3,594 1,266 18,111 3,490 4,578

2026 0.0 0.0 0.0 1,121 3,529 1,301 18,383 3,405 4,526

2027 0.0 0.0 0.0 1,155 3,442 1,337 18,665 3,298 4,453

2028 0.0 0.0 0.0 1,189 3,336 1,371 18,955 3,169 4,358

2029 0.0 0.0 0.0 1,225 3,211 1,405 19,245 3,019 4,244

2030 0.0 0.0 0.0 1,262 3,066 1,438 19,537 2,847 4,109

2031 0.0 0.0 0.0 1,299 2,903 1,469 19,836 2,654 3,954

2032 0.0 0.0 0.0 1,338 2,721 1,499 20,147 2,441 3,779

2033 0.0 0.0 0.0 1,379 2,522 1,528 20,468 2,208 3,587

2034 0.0 0.0 0.0 1,420 2,308 1,556 20,792 1,957 3,377

2035 0.0 0.0 0.0 1,463 2,080 1,581 21,116 1,689 3,152

2036 0.0 0.0 0.0 1,506 1,836 1,605 21,446 1,404 2,910

2037 0.0 0.0 0.0 1,552 1,579 1,627 21,785 1,102 2,654

2038 0.0 0.0 0.0 1,598 1,310 1,646 22,132 785 2,383

2039 0.0 0.0 0.0 1,646 1,028 1,663 22,486 452 2,099

2040 0.0 0.0 0.0 1,696 733 1,677 22,842 105 1,800

2041 0.0 0.0 0.0 1,746 426 1,689 23,204 -259 1,487

2042 0.0 0.0 0.0 1,799 106 1,698 23,573 -639 1,159

2043 0.0 0.0 0.0 1,853 -228 1,703 23,948 -1,036 816

2044 0.0 0.0 0.0 1,908 -577 1,705 24,325 -1,451 457

2045 0.0 0.0 0.0 1,966 -940 1,704 24,702 -1,884 82

2046 0.0 0.0 0.0 2,025 -1,319 1,698 25,081 -2,336 -312

2047 0.0 0.0 0.0 2,085 -1,715 1,690 25,466 -2,809 -724

2048 0.0 0.0 0.0 2,148 -2,128 1,677 25,857 -3,302 -1,155

2049 0.0 0.0 0.0 2,212 -2,560 1,660 26,248 -3,818 -1,606

2050 0.0 0.0 0.0 2,279 -3,012 1,639 26,640 -4,357 -2,078

2051 0.0 0.0 0.0 2,347 -3,484 1,611 27,040 -4,920 -2,573

2052 0.0 0.0 0.0 2,417 -3,977 1,579 27,447 -5,510 -3,092

2053 0.0 0.0 0.0 2,490 -4,495 1,541 27,860 -6,127 -3,637

2054 0.0 0.0 0.0 2,565 -5,039 1,502 28,281 -6,772 -4,208

2055 0.0 0.0 0.0 2,642 -5,611 1,462 28,705 -7,448 -4,806

2056 0.0 0.0 0.0 2,721 -6,212 1,421 29,132 -8,154 -5,433

2057 0.0 0.0 0.0 2,802 -6,844 1,380 29,567 -8,894 -6,091

2058 0.0 0.0 0.0 2,887 -7,509 1,339 30,008 -9,667 -6,781

2059 0.0 0.0 0.0 2,973 -8,207 1,298 30,455 -10,476 -7,503

2060 0.0 0.0 0.0 3,062 -8,940 1,257 30,907 -11,321 -8,258

2061 0.0 0.0 0.0 3,154 -9,709 1,216 31,364 -12,203 -9,049

2062 0.0 0.0 0.0 3,249 -10,515 1,177 31,831 -13,126 -9,877

2063 0.0 0.0 0.0 3,346 -11,362 1,138 32,308 -14,089 -10,743

2064 0.0 0.0 0.0 3,447 -12,250 1,100 32,790 -15,096 -11,650

2065 0.0 0.0 0.0 3,550 -13,180 1,065 33,279 -16,147 -12,597

2066 0.0 0.0 0.0 3,657 -14,155 1,031 33,765 -17,244 -13,588

2067 0.0 0.0 0.0 3,766 -15,176 1,000 34,259 -18,389 -14,623

2068 0.0 0.0 0.0 3,879 -16,243 971 34,772 -19,582 -15,703

2069 0.0 0.0 0.0 3,996 -17,360 945 35,294 -20,826 -16,831

2070 0.0 0.0 0.0 4,115 -18,526 922 35,822 -22,121 -18,006

2071 0.0 0.0 0.0 4,239 -19,743 903 36,355 -23,470 -19,231

2072 0.0 0.0 0.0 4,366 -21,013 886 36,895 -24,873 -20,507

2073 0.0 0.0 0.0 4,497 -22,337 874 37,445 -26,333 -21,836

2074 0.0 0.0 0.0 4,632 -23,718 865 38,003 -27,851 -23,219

2075 0.0 0.0 0.0 4,771 -25,157 860 38,566 -29,430 -24,659

2076 0.0 0.0 0.0 4,914 -26,656 859 39,137 -31,072 -26,157

2077 0.0 0.0 0.0 5,062 -28,218 863 39,714 -32,778 -27,716

2078 0.0 0.0 0.0 5,213 -29,843 870 40,300 -34,551 -29,338

2079 0.0 0.0 0.0 5,370 -31,535 882 40,894 -36,394 -31,024

2080 0.0 0.0 0.0 5,531 -33,295 898 41,496 -38,308 -32,777

Total 609.9

Based on Intermediate Assumptions of the 2005 Trustees Report.

1

 Including annuity assets, assuming all annuitize fully. Office of the Actuary 2

 Theoretical Social Security is the current Social Security program with the assumption Social Security Administration

 that the law is modified to permit borrowing from the General Fund of the Treasury. July 14, 2005

Net OASDI Trust Fund Assets at EOY

Theoretical Social Security 2

with Borrowing Authority

Annual Transfers
Table 1b IA Contributions, IA Offset, Other Changes, & Budget Effect

Broadened IA Average Individual Account Contribution Rate: 1.39% Benefit Offset: 100.0%

Investment Amount Other Changes Change in 

Options Start Contributed to Offset to In Unified Annual Debt Held Annual 

in 2009 IA by Federal OASDI Ben Budget Unified Budget by Public Unified Budget

Government From IA Cash Flow Cash Flow (EOY) Balance

(1) (2) (3) (4)=(3)+(2)-(1) (5) (6)

Year (Billions of $, Present Value on 1-1-2005)

2006 79.8 0.0 0.0 -79.8 79.8 -79.8

2007 82.3 0.0 0.0 -82.3 162.1 -86.3

2008 81.7 0.0 0.0 -81.7 243.8 -89.9

2009 74.4 0.0 0.0 -74.4 318.2 -86.8

2010 69.3 0.0 0.0 -69.3 387.4 -85.6

2011 63.7 0.0 0.0 -63.7 451.1 -83.8

2012 53.8 0.0 0.0 -53.7 504.9 -77.3

2013 43.2 0.6 0.0 -42.6 547.4 -69.1

2014 31.7 1.3 0.0 -30.4 577.8 -59.3

2015 20.8 1.9 0.0 -18.9 596.7 -49.7

2016 9.3 2.6 0.0 -6.8 603.5 -38.9

2017 0.0 3.2 0.0 3.2 600.2 -29.6

2018 0.0 3.9 0.0 3.9 596.4 -29.2

2019 0.0 4.5 0.0 4.5 591.9 -28.7

2020 0.0 5.1 0.0 5.1 586.8 -27.8

2021 0.0 5.7 0.0 5.7 581.1 -26.9

2022 0.0 6.2 0.0 6.2 574.9 -26.1

2023 0.0 6.8 0.0 6.8 568.1 -25.2

2024 0.0 7.3 0.0 7.3 560.8 -24.3

2025 0.0 7.8 0.0 7.8 553.0 -23.4

2026 0.0 8.2 0.1 8.3 544.7 -22.4

2027 0.0 8.7 0.1 8.8 535.9 -21.5

2028 0.0 9.1 0.1 9.2 526.7 -20.6

2029 0.0 9.5 0.1 9.6 517.1 -19.6

2030 0.0 9.9 0.1 10.0 507.0 -18.7

2031 0.0 10.3 0.1 10.4 496.6 -17.8

2032 0.0 10.6 0.1 10.8 485.9 -16.8

2033 0.0 10.9 0.2 11.1 474.8 -15.9

2034 0.0 11.2 0.2 11.4 463.4 -15.0

2035 0.0 11.5 0.2 11.7 451.7 -14.1

2036 0.0 11.7 0.2 11.9 439.8 -13.2

2037 0.0 11.9 0.2 12.1 427.6 -12.3

2038 0.0 12.1 0.3 12.3 415.3 -11.4

2039 0.0 12.2 0.3 12.5 402.8 -10.6

2040 0.0 12.4 0.3 12.7 390.1 -9.7

2041 0.0 12.5 0.3 12.8 377.3 -8.9

2042 0.0 12.6 0.3 12.9 364.4 -8.1

2043 0.0 12.6 0.4 13.0 351.4 -7.2

2044 0.0 12.7 0.4 13.1 338.3 -6.5

2045 0.0 12.7 0.4 13.1 325.1 -5.7

2046 0.0 12.8 0.4 13.2 312.0 -4.9

2047 0.0 12.7 0.4 13.1 298.9 -4.2

2048 0.0 12.6 0.5 13.0 285.8 -3.6

2049 0.0 12.5 0.5 12.9 272.9 -2.9

2050 0.0 12.4 0.5 12.9 260.0 -2.3

2051 0.0 12.4 0.5 13.0 247.1 -1.5

2052 0.0 12.4 0.5 12.9 234.2 -0.8

2053 0.0 12.2 0.5 12.7 221.4 -0.3

2054 0.0 11.6 0.5 12.2 209.3 -0.1

2055 0.0 11.0 0.5 11.5 197.7 -0.1

2056 0.0 10.4 0.5 10.9 186.8 -0.1

2057 0.0 9.8 0.5 10.3 176.5 -0.1

2058 0.0 9.2 0.5 9.7 166.8 -0.1

2059 0.0 8.6 0.5 9.1 157.6 -0.1

2060 0.0 8.1 0.5 8.5 149.1 -0.2

2061 0.0 7.5 0.5 8.0 141.1 -0.3

2062 0.0 7.0 0.4 7.4 133.7 -0.4

2063 0.0 6.5 0.4 6.9 126.8 -0.5

2064 0.0 6.0 0.4 6.4 120.4 -0.7

2065 0.0 5.5 0.4 5.9 114.5 -0.8

2066 0.0 5.0 0.4 5.4 109.1 -1.0

2067 0.0 4.6 0.3 4.9 104.2 -1.1

2068 0.0 4.2 0.3 4.5 99.7 -1.3

2069 0.0 3.8 0.3 4.1 95.7 -1.5

2070 0.0 3.4 0.3 3.7 92.0 -1.7

2071 0.0 3.0 0.2 3.3 88.7 -1.8

2072 0.0 2.7 0.2 2.9 85.8 -2.0

2073 0.0 2.4 0.2 2.6 83.3 -2.2

2074 0.0 2.1 0.2 2.3 81.0 -2.4

2075 0.0 1.8 0.2 2.0 79.0 -2.5

2076 0.0 1.6 0.1 1.7 77.3 -2.7

2077 0.0 1.3 0.1 1.5 75.9 -2.8

2078 0.0 1.1 0.1 1.2 74.7 -3.0

2079 0.0 0.9 0.1 1.0 73.6 -3.1

2080 0.0 0.8 0.1 0.9 72.7 -3.2

Total 2005-2079 609.9 519.3 17.0

 Based on the Intermediate Assumptions of the 2005 Trustees Report.

 With Ultimate Real Trust Fund Interest Rate of 3.0 Office of the Actuary

Benefit Offset Yield Rate = TreasBondYield - 0.3 = 2.7 Social Security Administration

BenefitOffsetDiscount Rate = TreasBondYield - 0.3 = 2.7 July 14, 2005
Table 1b.c IA Contributions, IA Offset, Other Changes, & Budget Effect

Broadened IA Average Individual Account Contribution Rate: 1.39% Benefit Offset: 100.0%

Investment Amount Other Changes Change in 

Options Start Contributed to Offset to In Unified Annual Debt Held Annual 

in 2009 IA by Federal OASDI Ben Budget Unified Budget by Public Unified Budget

Government From IA Cash Flow Cash Flow (EOY) Balance

(1) (2) (3) (4)=(3)+(2)-(1) (5) (6)

Year (Billions of Constant 2005 $)

2006 84.5 0.0 0.0 -84.5 86.7 -86.7

2007 89.5 0.0 0.0 -89.5 180.8 -96.3

2008 91.0 0.0 0.0 -91.0 278.8 -102.8

2009 84.9 0.0 0.0 -84.9 372.9 -101.7

2010 81.1 0.0 0.0 -81.1 465.7 -102.9

2011 76.5 0.0 0.0 -76.5 556.2 -103.3

2012 66.3 0.0 0.0 -66.2 638.9 -97.8

2013 54.6 0.8 0.0 -53.8 711.2 -89.7

2014 41.1 1.6 0.0 -39.5 770.9 -79.1

2015 27.7 2.6 0.0 -25.2 818.1 -68.2

2016 12.8 3.5 0.0 -9.3 850.7 -54.9

2017 0.0 4.6 0.0 4.6 870.5 -43.0

2018 0.0 5.6 0.0 5.6 890.4 -43.5

2019 0.0 6.7 0.0 6.7 910.2 -44.1

2020 0.0 7.8 0.0 7.8 929.4 -44.0

2021 0.0 9.0 0.0 9.0 948.1 -44.0

2022 0.0 10.2 0.0 10.2 966.0 -43.8

2023 0.0 11.4 0.0 11.4 983.3 -43.6

2024 0.0 12.6 0.1 12.7 999.8 -43.3

2025 0.0 13.9 0.1 13.9 1,015.4 -42.9

2026 0.0 15.2 0.1 15.3 1,030.2 -42.4

2027 0.0 16.5 0.1 16.6 1,044.0 -41.9

2028 0.0 17.8 0.2 18.0 1,056.8 -41.3

2029 0.0 19.2 0.2 19.4 1,068.6 -40.6

2030 0.0 20.5 0.2 20.8 1,079.3 -39.8

2031 0.0 21.9 0.3 22.2 1,088.9 -38.9

2032 0.0 23.3 0.3 23.6 1,097.2 -38.0

2033 0.0 24.7 0.4 25.1 1,104.3 -37.0

2034 0.0 26.1 0.4 26.5 1,110.1 -35.9

2035 0.0 27.5 0.5 28.0 1,114.6 -34.7

2036 0.0 28.9 0.5 29.5 1,117.8 -33.5

2037 0.0 30.3 0.6 30.9 1,119.5 -32.2

2038 0.0 31.7 0.7 32.4 1,119.8 -30.8

2039 0.0 33.1 0.7 33.8 1,118.6 -29.3

2040 0.0 34.4 0.8 35.2 1,115.9 -27.8

2041 0.0 35.8 0.9 36.7 1,111.6 -26.1

2042 0.0 37.1 1.0 38.1 1,105.8 -24.4

2043 0.0 38.4 1.1 39.5 1,098.3 -22.6

2044 0.0 39.7 1.2 40.9 1,089.2 -20.8

2045 0.0 41.0 1.3 42.3 1,078.3 -18.8

2046 0.0 42.3 1.4 43.7 1,065.7 -16.7

2047 0.0 43.3 1.5 44.8 1,051.5 -14.9

2048 0.0 44.3 1.6 45.9 1,035.9 -13.0

2049 0.0 45.3 1.7 47.0 1,018.6 -11.0

2050 0.0 46.3 1.8 48.1 999.7 -8.8

2051 0.0 47.9 2.0 49.9 978.4 -5.9

2052 0.0 49.1 2.1 51.2 955.0 -3.3

2053 0.0 49.8 2.2 52.0 930.2 -1.1

2054 0.0 48.8 2.3 51.1 905.5 -0.6

2055 0.0 47.7 2.3 50.0 881.2 -0.4

2056 0.0 46.4 2.3 48.8 857.4 -0.3

2057 0.0 45.0 2.4 47.4 834.4 -0.3

2058 0.0 43.6 2.4 46.0 812.1 -0.5

2059 0.0 42.1 2.4 44.4 790.8 -0.7

2060 0.0 40.5 2.4 42.9 770.4 -1.1

2061 0.0 38.9 2.3 41.3 751.0 -1.6

2062 0.0 37.2 2.3 39.6 732.8 -2.3

2063 0.0 35.5 2.3 37.8 715.9 -3.0

2064 0.0 33.8 2.3 36.0 700.3 -3.9

2065 0.0 32.0 2.2 34.2 686.1 -4.9

2066 0.0 30.2 2.1 32.3 673.4 -6.0

2067 0.0 28.4 2.1 30.4 662.2 -7.2

2068 0.0 26.5 2.0 28.5 652.8 -8.6

2069 0.0 24.7 1.9 26.6 645.0 -10.0

2070 0.0 22.8 1.8 24.7 639.0 -11.5

2071 0.0 21.0 1.7 22.7 634.7 -13.2

2072 0.0 19.2 1.6 20.8 632.3 -14.9

2073 0.0 17.4 1.5 19.0 631.8 -16.7

2074 0.0 15.7 1.4 17.1 633.1 -18.5

2075 0.0 14.1 1.3 15.4 636.3 -20.4

2076 0.0 12.5 1.2 13.7 641.3 -22.3

2077 0.0 11.0 1.1 12.1 648.1 -24.3

2078 0.0 9.6 1.0 10.6 656.6 -26.2

2079 0.0 8.3 0.9 9.2 666.9 -28.1

2080 0.0 7.2 0.8 7.9 678.7 -30.0

 Based on the Intermediate Assumptions of the 2005 Trustees Report.

 With Ultimate Real Trust Fund Interest Rate of 3.0 Office of the Actuary

Benefit Offset Yield Rate = TreasBondYield - 0.3 = 2.7 Social Security Administration

BenefitOffsetDiscount Rate = TreasBondYield - 0.3 = 2.7 July 14, 2005
Table 1c OASDI Cash Flow to General Fund of the Treasury--- Proposal vs. Theoretical OASDI

Broadened IA Proposal Theoretical Social Security with PAYGO Transfers

Investment Net Amount of Cash-Flow from the OASDI Net Amount of Cash-Flow from the OASDI

Options Start Trust Funds to the General Fund of the Trust Funds to the General Fund of the

in 2009 Treasury During the Year 1 Treasury During the Year 1

Percent Billions of Dollars Percent Billions of Dollars

Year of Payroll Current $ 1/1/2005 PV Const 2005 $ of Payroll Current $ 1/1/2005 PV Const 2005 $

2005 1.5 70 68 70 1.5 70 68 70

2006 1.8 88 81 86 1.8 88 81 86

2007 1.8 94 82 89 1.8 94 82 89

2008 1.8 98 82 91 1.8 98 82 91

2009 1.6 94 74 85 1.6 94 74 85

2010 1.5 92 69 81 1.5 92 69 81

2011 1.4 90 64 77 1.4 90 64 77

2012 1.2 80 54 66 1.2 80 54 66

2013 1.0 68 43 55 1.0 67 43 54

2014 0.7 52 32 41 0.7 50 30 40

2015 0.5 36 21 28 0.4 33 19 25

2016 0.2 17 9 13 0.2 12 7 9

2017 -0.1 -4 -2 -3 -0.1 -11 -5 -8

2018 -0.3 -28 -14 -20 -0.4 -36 -17 -25

2019 -0.6 -54 -25 -37 -0.7 -64 -29 -44

2020 -0.9 -83 -36 -55 -1.0 -95 -41 -63

2021 -1.2 -114 -47 -74 -1.3 -128 -52 -83

2022 -1.4 -147 -57 -93 -1.6 -163 -63 -103

2023 -1.7 -181 -66 -111 -1.9 -200 -73 -123

2024 -2.0 -218 -75 -130 -2.2 -239 -82 -143

2025 -2.2 -257 -84 -149 -2.4 -281 -91 -163

2026 -2.5 -298 -92 -169 -2.7 -325 -100 -184

2027 -2.7 -340 -99 -187 -3.0 -370 -107 -203

2028 -2.9 -381 -104 -204 -3.2 -415 -114 -222

2029 -3.1 -422 -109 -219 -3.4 -459 -119 -239

2030 -3.3 -463 -113 -234 -3.6 -504 -123 -255

2031 -3.4 -505 -116 -248 -3.7 -550 -127 -270

2032 -3.5 -546 -119 -261 -3.9 -595 -130 -285

2033 -3.6 -585 -120 -272 -4.0 -639 -132 -297

2034 -3.7 -622 -121 -282 -4.1 -681 -132 -308

2035 -3.8 -658 -121 -290 -4.1 -722 -132 -318

2036 -3.8 -693 -120 -297 -4.2 -762 -132 -326

2037 -3.8 -728 -119 -303 -4.2 -802 -131 -334

2038 -3.9 -760 -118 -308 -4.3 -840 -130 -341

2039 -3.8 -792 -116 -312 -4.3 -877 -128 -346

2040 -3.8 -824 -114 -316 -4.3 -916 -126 -351

2041 -3.8 -857 -112 -320 -4.3 -955 -124 -356

2042 -3.8 -892 -110 -324 -4.3 -997 -123 -362

2043 -3.8 -928 -108 -328 -4.3 -1,040 -121 -367

2044 -3.8 -966 -106 -332 -4.3 -1,085 -119 -373

2045 -3.8 -1,006 -104 -336 -4.3 -1,133 -117 -378

2046 -3.8 -1,049 -103 -341 -4.3 -1,183 -116 -385

2047 -3.8 -1,095 -101 -346 -4.3 -1,237 -114 -391

2048 -3.8 -1,144 -100 -352 -4.3 -1,293 -113 -398

2049 -3.8 -1,196 -99 -358 -4.4 -1,353 -112 -405

2050 -3.9 -1,252 -97 -364 -4.4 -1,417 -110 -412

2051 -3.9 -1,310 -96 -371 -4.4 -1,486 -109 -421

2052 -3.9 -1,374 -95 -378 -4.4 -1,560 -108 -430

2053 -3.9 -1,444 -95 -387 -4.5 -1,639 -108 -439

2054 -4.0 -1,525 -95 -398 -4.5 -1,722 -107 -449

2055 -4.1 -1,613 -94 -409 -4.6 -1,810 -106 -459

2056 -4.1 -1,707 -94 -421 -4.6 -1,905 -105 -470

2057 -4.2 -1,807 -94 -434 -4.7 -2,005 -105 -481

2058 -4.3 -1,913 -94 -446 -4.7 -2,110 -104 -492

2059 -4.3 -2,024 -94 -459 -4.8 -2,220 -103 -504

2060 -4.4 -2,141 -94 -473 -4.8 -2,335 -103 -516

2061 -4.5 -2,265 -94 -487 -4.9 -2,457 -102 -528

2062 -4.5 -2,398 -94 -501 -4.9 -2,587 -101 -541

2063 -4.6 -2,540 -94 -516 -5.0 -2,726 -101 -554

2064 -4.7 -2,689 -94 -532 -5.0 -2,872 -100 -568

2065 -4.8 -2,845 -94 -547 -5.1 -3,023 -100 -581

2066 -4.9 -3,009 -94 -563 -5.1 -3,182 -99 -595

2067 -4.9 -3,182 -94 -579 -5.2 -3,350 -99 -610

2068 -5.0 -3,362 -94 -595 -5.2 -3,523 -98 -624

2069 -5.1 -3,549 -93 -611 -5.3 -3,704 -97 -638

2070 -5.1 -3,743 -93 -627 -5.3 -3,890 -97 -652

2071 -5.2 -3,944 -92 -643 -5.4 -4,084 -96 -665

2072 -5.3 -4,156 -92 -659 -5.4 -4,287 -95 -680

2073 -5.3 -4,375 -91 -675 -5.5 -4,498 -94 -694

2074 -5.4 -4,605 -91 -691 -5.5 -4,719 -93 -708

2075 -5.4 -4,845 -90 -707 -5.5 -4,951 -92 -722

2076 -5.5 -5,097 -90 -723 -5.6 -5,194 -91 -737

2077 -5.5 -5,361 -89 -740 -5.6 -5,448 -91 -752

2078 -5.6 -5,637 -89 -757 -5.7 -5,715 -90 -768

2079 -5.6 -5,925 -88 -774 -5.7 -5,996 -89 -783

2080 -5.7 -6,227 -87 -791 -5.8 -6,290 -88 -799

Total 2005-79 -5,163 -5,699

1 Equals net investment in special Treasury Bonds by the Trust Funds Office of the Actuary

less the Amount of General Fund transfers specified in the proposal or in the theoretical Social Security Administration

plan (PAYGO Transfers). July 14, 2005
Table 1d Change in Long-Range Trust Fund Assets / Unfunded Obligation

Broadened IA Average Individual Account Contribution Rate: 1.39% Benefit Offset: 100.0%

Investment Present Law OASDI

Options Start Trust Fund Assets Basic Offset to Proposal OASDI

in 2009 or if Negative, Changes OASDI Trust Fund Assets/

Unfunded Obligation in OASDI Benefit Total Change Unfunded Obligation

Through EOY Cash Flow1 from IA Through EOY2 Through EOY

(1) (2) (3) (4) (5) = (1) + (4)

Year (Billions of $, Present Value on 1-1-2005)

2006 1,835.2 0.0 0.0 0.0 1,835.2

2007 1,917.1 0.0 0.0 0.0 1,917.1

2008 1,998.4 0.0 0.0 0.0 1,998.4

2009 2,072.5 0.0 0.0 0.0 2,072.5

2010 2,141.5 0.0 0.0 0.0 2,141.5

2011 2,204.9 0.0 0.0 0.0 2,204.9

2012 2,258.4 0.0 0.0 0.0 2,258.5

2013 2,300.8 0.0 0.6 0.7 2,301.4

2014 2,331.0 0.0 1.3 1.9 2,332.9

2015 2,349.7 0.0 1.9 3.8 2,353.6

2016 2,356.4 0.0 2.6 6.4 2,362.8

2017 2,350.7 0.0 3.2 9.6 2,360.4

2018 2,333.1 0.0 3.9 13.5 2,346.7

2019 2,303.8 0.0 4.5 18.0 2,321.8

2020 2,262.7 0.0 5.1 23.1 2,285.8

2021 2,210.4 0.0 5.7 28.7 2,239.2

2022 2,147.5 0.0 6.2 35.0 2,182.5

2023 2,074.6 0.0 6.8 41.8 2,116.3

2024 1,992.1 0.0 7.3 49.1 2,041.1

2025 1,900.6 0.0 7.8 56.9 1,957.4

2026 1,800.6 0.1 8.2 65.2 1,865.8

2027 1,693.2 0.1 8.7 73.9 1,767.1

2028 1,579.5 0.1 9.1 83.2 1,662.7

2029 1,460.7 0.1 9.5 92.8 1,553.5

2030 1,337.6 0.1 9.9 102.8 1,440.4

2031 1,210.7 0.1 10.3 113.3 1,323.9

2032 1,080.9 0.1 10.6 124.0 1,204.9

2033 949.4 0.2 10.9 135.1 1,084.5

2034 817.0 0.2 11.2 146.5 963.5

2035 684.5 0.2 11.5 158.2 842.7

2036 552.4 0.2 11.7 170.1 722.5

2037 421.0 0.2 11.9 182.3 603.3

2038 291.1 0.3 12.1 194.6 485.7

2039 162.9 0.3 12.2 207.1 370.0

2040 36.6 0.3 12.4 219.8 256.4

2041 -87.9 0.3 12.5 232.6 144.7

2042 -210.7 0.3 12.6 245.5 34.9

2043 -331.6 0.4 12.6 258.5 -73.0

2044 -450.7 0.4 12.7 271.6 -179.1

2045 -568.1 0.4 12.7 284.7 -283.4

2046 -684.0 0.4 12.8 297.9 -386.1

2047 -798.4 0.4 12.7 311.0 -487.3

2048 -911.3 0.5 12.6 324.0 -587.3

2049 -1,022.9 0.5 12.5 337.0 -685.9

2050 -1,133.2 0.5 12.4 349.9 -783.4

2051 -1,242.5 0.5 12.4 362.8 -879.7

2052 -1,350.9 0.5 12.4 375.7 -975.2

2053 -1,458.4 0.5 12.2 388.5 -1,069.9

2054 -1,565.1 0.5 11.6 400.6 -1,164.5

2055 -1,671.0 0.5 11.0 412.2 -1,258.8

2056 -1,776.3 0.5 10.4 423.1 -1,353.2

2057 -1,881.0 0.5 9.8 433.4 -1,447.6

2058 -1,985.0 0.5 9.2 443.1 -1,541.9

2059 -2,088.4 0.5 8.6 452.2 -1,636.1

2060 -2,191.0 0.5 8.1 460.8 -1,730.2

2061 -2,293.1 0.5 7.5 468.8 -1,824.3

2062 -2,394.6 0.4 7.0 476.2 -1,918.4

2063 -2,495.5 0.4 6.5 483.1 -2,012.4

2064 -2,596.0 0.4 6.0 489.5 -2,106.5

2065 -2,695.9 0.4 5.5 495.3 -2,200.5

2066 -2,795.2 0.4 5.0 500.7 -2,294.4

2067 -2,893.9 0.3 4.6 505.7 -2,388.2

2068 -2,991.9 0.3 4.2 510.1 -2,481.8

2069 -3,089.3 0.3 3.8 514.2 -2,575.1

2070 -3,185.8 0.3 3.4 517.9 -2,668.0

2071 -3,281.6 0.2 3.0 521.1 -2,760.4

2072 -3,376.5 0.2 2.7 524.0 -2,852.4

2073 -3,470.6 0.2 2.4 526.6 -2,943.9

2074 -3,563.7 0.2 2.1 528.9 -3,034.9

2075 -3,656.1 0.2 1.8 530.8 -3,125.2

2076 -3,747.6 0.1 1.6 532.5 -3,215.0

2077 -3,838.2 0.1 1.3 534.0 -3,304.2

2078 -3,928.0 0.1 1.1 535.2 -3,392.8

2079 -4,017.0 0.1 0.9 536.3 -3,480.7

Total 2005-2079 17.0 519.3

 Based on the Intermediate Assumptions of the 2005 Trustees Report.

 With Ultimate Real Trust Fund Interest Rate of 3.0

Benefit Offset Yield Rate = TreasBondYield - 0.3 = 2.7 Office of the Actuary

BenefitOffsetDiscount Rate = TreasBondYield - 0.3 = 2.7 Social Security Administration 1

Includes revenue from taxing IA distributions. July 14, 2005

2

Total change through the year is the accumulation of changes in columns 2 and 3.
Table 2 McCrery, Shaw, Johnson, Ryan and Shadegg: IA Contributions from General Revenue Equal to OASDI Cash-Flow 

IA Investment Average IA Contribution is 1.39% of taxable earnings 

Only in Ultimate Real Trust Fund Interest Rate of 3.0 Assumed Participation in Voluntary IA: 100.0% - DEFAULT

Treasury Benefit Offset Yield Rate = TreasBondYield - 0.3=2.7 Benefit Offset: 100.0%

Bond Fund BenefitOffsetDiscount Rate = TreasBondYield - 0.3 =2.7 Individual Account "Effective" Net "Effective"

Contribution Rate Change in OASDI OASDI IA

Cost Income Annual TFR for Enrollees under Contribution Contribution Contribution

Year Rate1 Rate Balance 1-1-yr 55 on 1/1/2005 Rate Rate Rate

2005 11.13 12.72 1.59 320 12.40 0.00

2006 11.00 12.73 1.73 337 2.22 0.00 12.40 1.73

2007 10.95 12.74 1.79 355 2.12 0.00 12.40 1.79

2008 10.99 12.78 1.80 370 2.06 0.00 12.40 1.78

2009 11.13 12.77 1.65 382 1.85 0.00 12.40 1.63

2010 11.25 12.79 1.54 394 1.70 0.00 12.40 1.52

2011 11.42 12.84 1.42 404 1.55 0.00 12.40 1.41

2012 11.67 12.87 1.21 410 1.30 0.00 12.40 1.20

2013 11.92 12.90 0.98 415 1.04 0.00 12.40 0.97

2014 12.18 12.92 0.74 418 0.76 0.00 12.40 0.72

2015 12.44 12.94 0.49 419 0.50 0.00 12.40 0.48

2016 12.73 12.96 0.23 418 0.22 0.00 12.40 0.22

2017 13.02 12.98 -0.04 416 0.00 12.40 0.00

2018 13.31 13.00 -0.31 412 0.00 12.40 0.00

2019 13.60 13.01 -0.59 406 0.00 12.40 0.00

2020 13.90 13.03 -0.87 399 0.00 12.40 0.00

2021 14.20 13.05 -1.15 390 0.00 12.40 0.00

2022 14.50 13.07 -1.42 381 0.00 12.40 0.00

2023 14.78 13.09 -1.69 370 0.00 12.40 0.00

2024 15.06 13.11 -1.96 358 0.00 12.40 0.00

2025 15.34 13.12 -2.22 344 0.00 12.40 0.00

2026 15.61 13.14 -2.47 330 0.00 12.40 0.00

2027 15.86 13.16 -2.70 314 0.00 12.40 0.00

2028 16.08 13.17 -2.91 298 0.00 12.40 0.00

2029 16.28 13.19 -3.09 282 0.00 12.40 0.00

2030 16.46 13.20 -3.26 265 0.00 12.40 0.00

2031 16.62 13.21 -3.41 247 0.00 12.40 0.00

2032 16.76 13.22 -3.54 229 0.00 12.40 0.00

2033 16.87 13.23 -3.64 210 0.00 12.40 0.00

2034 16.95 13.24 -3.71 191 0.00 12.40 0.00

2035 17.01 13.24 -3.77 172 0.00 12.40 0.00

2036 17.06 13.25 -3.81 152 0.00 12.40 0.00

2037 17.09 13.25 -3.84 132 0.00 12.40 0.00

2038 17.11 13.26 -3.85 112 0.00 12.40 0.00

2039 17.10 13.26 -3.84 91 0.00 12.40 0.00

2040 17.10 13.26 -3.84 71 0.00 12.40 0.00

2041 17.10 13.26 -3.83 50 0.00 12.40 0.00

2042 17.09 13.27 -3.83 28 0.00 12.40 0.00

2043 17.09 13.27 -3.82 6 0.00 12.40 0.00

2044 17.08 13.27 -3.81 -- 0.00 12.40 0.00

2045 17.08 13.27 -3.81 -- 0.00 12.40 0.00

2046 17.09 13.27 -3.82 -- 0.00 12.40 0.00

2047 17.10 13.27 -3.83 -- 0.00 12.40 0.00

2048 17.11 13.28 -3.84 -- 0.00 12.40 0.00

2049 17.13 13.28 -3.85 -- 0.00 12.40 0.00

2050 17.15 13.28 -3.87 -- 0.00 12.40 0.00

2051 17.17 13.28 -3.89 -- 0.00 12.40 0.00

2052 17.21 13.29 -3.92 -- 0.00 12.40 0.00

2053 17.25 13.29 -3.96 -- 0.00 12.40 0.00

2054 17.31 13.29 -4.01 -- 0.00 12.40 0.00

2055 17.37 13.30 -4.07 -- 0.00 12.40 0.00

2056 17.44 13.30 -4.14 -- 0.00 12.40 0.00

2057 17.51 13.30 -4.21 -- 0.00 12.40 0.00

2058 17.58 13.31 -4.28 -- 0.00 12.40 0.00

2059 17.66 13.31 -4.35 -- 0.00 12.40 0.00

2060 17.73 13.31 -4.41 -- 0.00 12.40 0.00

2061 17.80 13.32 -4.48 -- 0.00 12.40 0.00

2062 17.88 13.32 -4.56 -- 0.00 12.40 0.00

2063 17.96 13.32 -4.63 -- 0.00 12.40 0.00

2064 18.04 13.33 -4.71 -- 0.00 12.40 0.00

2065 18.12 13.33 -4.79 -- 0.00 12.40 0.00

2066 18.20 13.34 -4.86 -- 0.00 12.40 0.00

2067 18.28 13.34 -4.94 -- 0.00 12.40 0.00

2068 18.35 13.34 -5.01 -- 0.00 12.40 0.00

2069 18.42 13.35 -5.07 -- 0.00 12.40 0.00

2070 18.49 13.35 -5.14 -- 0.00 12.40 0.00

2071 18.55 13.35 -5.20 -- 0.00 12.40 0.00

2072 18.61 13.36 -5.26 -- 0.00 12.40 0.00

2073 18.67 13.36 -5.32 -- 0.00 12.40 0.00

2074 18.73 13.36 -5.37 -- 0.00 12.40 0.00

2075 18.79 13.36 -5.43 -- 0.00 12.40 0.00

2076 18.85 13.37 -5.48 -- 0.00 12.40 0.00

2077 18.91 13.37 -5.54 -- 0.00 12.40 0.00

2078 18.96 13.37 -5.59 -- 0.00 12.40 0.00

2079 19.02 13.37 -5.64 -- 0.00 12.40 0.00

2080 19.07 13.38 -5.70 -- 0.00 12.40 0.00

Summarized OASDI

Actuarial Change in 

Cost Rate Income Rate Balance Actuarial Balance

2005 - 2079 15.56 13.87 -1.69 0.23

Based on Intermediate Assumptions of the 2005 Trustees Report. All values are expressed as percents of taxable payroll, except TFR.

 With Ultimate Real Trust Fund Interest Rate of 3.0

1

Net of Benefit Offset Office of the Actuary

Social Security Administration

July 14, 2005
Table 2a Proposal General Fund Transfers, OASDI Trust Fund Assets, Individual Account Assets, and Theoretical OASDI Assets

IA Investment

Only in Contributions to GROW Accounts From the General Fund Total OASDI Individual

Treasury Accumulated Trust Fund Account

Bond Fund Present Value Percent of Annual as of Assets Assets 1 Without General With Plan General 

as of 1-1-2005Taxable Payroll Transfers End of Year at End of Year at End of Year GDP Fund Transfers Fund Transfers

Calendar (1) (2) (3) (4) (5) (6) (7) (8) (9)

Year Billions Billions of Constant 2005 $ Billions of Constant 2005 Dollars

2005 0.0 0.0 0.0 0 1,850 0 12,359 1,850 1,850

2006 79.8 1.7 84.5 84 1,995 87 12,746 1,995 2,079

2007 82.3 1.8 89.5 176 2,139 180 13,080 2,139 2,315

2008 81.7 1.8 91.0 272 2,285 278 13,389 2,285 2,557

2009 74.4 1.6 84.9 363 2,429 371 13,690 2,429 2,793

2010 69.3 1.5 81.1 454 2,574 462 13,989 2,574 3,027

2011 63.7 1.4 76.5 542 2,719 551 14,286 2,719 3,260

2012 53.8 1.2 66.3 622 2,858 632 14,573 2,858 3,480

2013 43.2 1.0 54.6 693 2,990 702 14,850 2,989 3,682

2014 31.7 0.7 41.1 753 3,113 759 15,125 3,110 3,863

2015 20.8 0.5 27.7 801 3,227 804 15,398 3,222 4,023

2016 9.3 0.2 12.8 836 3,331 834 15,669 3,322 4,158

2017 0.0 0.0 0.0 860 3,423 851 15,942 3,409 4,269

2018 0.0 0.0 0.0 885 3,504 867 16,214 3,483 4,368

2019 0.0 0.0 0.0 911 3,570 884 16,489 3,543 4,454

2020 0.0 0.0 0.0 939 3,621 900 16,759 3,584 4,523

2021 0.0 0.0 0.0 967 3,653 915 17,032 3,606 4,573

2022 0.0 0.0 0.0 996 3,667 929 17,302 3,609 4,605

2023 0.0 0.0 0.0 1,026 3,663 942 17,574 3,591 4,616

2024 0.0 0.0 0.0 1,057 3,639 955 17,843 3,551 4,608

2025 0.0 0.0 0.0 1,088 3,594 966 18,111 3,490 4,578

2026 0.0 0.0 0.0 1,121 3,528 977 18,383 3,405 4,526

2027 0.0 0.0 0.0 1,155 3,442 986 18,665 3,298 4,453

2028 0.0 0.0 0.0 1,189 3,335 995 18,955 3,169 4,358

2029 0.0 0.0 0.0 1,225 3,210 1,002 19,245 3,019 4,244

2030 0.0 0.0 0.0 1,262 3,065 1,008 19,537 2,847 4,109

2031 0.0 0.0 0.0 1,299 2,901 1,012 19,836 2,654 3,954

2032 0.0 0.0 0.0 1,338 2,719 1,016 20,147 2,441 3,779

2033 0.0 0.0 0.0 1,379 2,520 1,018 20,468 2,208 3,587

2034 0.0 0.0 0.0 1,420 2,306 1,019 20,792 1,957 3,377

2035 0.0 0.0 0.0 1,463 2,076 1,018 21,116 1,689 3,152

2036 0.0 0.0 0.0 1,506 1,832 1,016 21,446 1,404 2,910

2037 0.0 0.0 0.0 1,552 1,575 1,012 21,785 1,102 2,654

2038 0.0 0.0 0.0 1,598 1,304 1,007 22,132 785 2,383

2039 0.0 0.0 0.0 1,646 1,021 1,000 22,486 452 2,099

2040 0.0 0.0 0.0 1,696 726 991 22,842 105 1,800

2041 0.0 0.0 0.0 1,746 418 981 23,204 -259 1,487

2042 0.0 0.0 0.0 1,799 96 970 23,573 -639 1,159

2043 0.0 0.0 0.0 1,853 -240 956 23,948 -1,036 816

2044 0.0 0.0 0.0 1,908 -589 942 24,325 -1,451 457

2045 0.0 0.0 0.0 1,966 -954 925 24,702 -1,884 82

2046 0.0 0.0 0.0 2,025 -1,335 906 25,081 -2,336 -312

2047 0.0 0.0 0.0 2,085 -1,733 886 25,466 -2,809 -724

2048 0.0 0.0 0.0 2,148 -2,149 865 25,857 -3,302 -1,155

2049 0.0 0.0 0.0 2,212 -2,583 841 26,248 -3,818 -1,606

2050 0.0 0.0 0.0 2,279 -3,037 817 26,640 -4,357 -2,078

2051 0.0 0.0 0.0 2,347 -3,512 789 27,040 -4,920 -2,573

2052 0.0 0.0 0.0 2,417 -4,009 760 27,447 -5,510 -3,092

2053 0.0 0.0 0.0 2,490 -4,529 730 27,860 -6,127 -3,637

2054 0.0 0.0 0.0 2,565 -5,077 699 28,281 -6,772 -4,208

2055 0.0 0.0 0.0 2,642 -5,652 669 28,705 -7,448 -4,806

2056 0.0 0.0 0.0 2,721 -6,257 640 29,132 -8,154 -5,433

2057 0.0 0.0 0.0 2,802 -6,893 611 29,567 -8,894 -6,091

2058 0.0 0.0 0.0 2,887 -7,562 582 30,008 -9,667 -6,781

2059 0.0 0.0 0.0 2,973 -8,264 555 30,455 -10,476 -7,503

2060 0.0 0.0 0.0 3,062 -9,001 528 30,907 -11,321 -8,258

2061 0.0 0.0 0.0 3,154 -9,774 502 31,364 -12,203 -9,049

2062 0.0 0.0 0.0 3,249 -10,585 478 31,831 -13,126 -9,877

2063 0.0 0.0 0.0 3,346 -11,436 454 32,308 -14,089 -10,743

2064 0.0 0.0 0.0 3,447 -12,328 431 32,790 -15,096 -11,650

2065 0.0 0.0 0.0 3,550 -13,264 410 33,279 -16,147 -12,597

2066 0.0 0.0 0.0 3,657 -14,243 390 33,765 -17,244 -13,588

2067 0.0 0.0 0.0 3,766 -15,268 372 34,259 -18,389 -14,623

2068 0.0 0.0 0.0 3,879 -16,341 354 34,772 -19,582 -15,703

2069 0.0 0.0 0.0 3,996 -17,462 339 35,294 -20,826 -16,831

2070 0.0 0.0 0.0 4,115 -18,633 324 35,822 -22,121 -18,006

2071 0.0 0.0 0.0 4,239 -19,855 312 36,355 -23,470 -19,231

2072 0.0 0.0 0.0 4,366 -21,130 300 36,895 -24,873 -20,507

2073 0.0 0.0 0.0 4,497 -22,460 290 37,445 -26,333 -21,836

2074 0.0 0.0 0.0 4,632 -23,846 282 38,003 -27,851 -23,219

2075 0.0 0.0 0.0 4,771 -25,290 275 38,566 -29,430 -24,659

2076 0.0 0.0 0.0 4,914 -26,794 270 39,137 -31,072 -26,157

2077 0.0 0.0 0.0 5,062 -28,361 266 39,714 -32,778 -27,716

2078 0.0 0.0 0.0 5,213 -29,991 263 40,300 -34,551 -29,338

2079 0.0 0.0 0.0 5,370 -31,689 262 40,894 -36,394 -31,024

2080 0.0 0.0 0.0 5,531 -33,455 261 41,496 -38,308 -32,777

Total 609.9

Based on Intermediate Assumptions of the 2005 Trustees Report.

1

 Including annuity assets, assuming all annuitize fully. Office of the Actuary 2

 Theoretical Social Security is the current Social Security program with the assumption Social Security Administration

 that the law is modified to permit borrowing from the General Fund of the Treasury. July 14, 2005

Annual Transfers

Theoretical Social Security 2

with Borrowing Authority

Net OASDI Trust Fund Assets at EOY
Table 2b IA Contributions, IA Offset, Other Changes, & Budget Effect

IA Investment Average Individual Account Contribution Rate: 1.39% Benefit Offset: 100.0%

Only in Amount Other Changes Change in 

Treasury Contributed to Offset to In Unified Annual Debt Held Annual 

Bond Fund IA by Federal OASDI Ben Budget Unified Budget by Public Unified Budget

Government From IA Cash Flow Cash Flow (EOY) Balance

(1) (2) (3) (4)=(3)+(2)-(1) (5) (6)

Year (Billions of $, Present Value on 1-1-2005)

2006 79.8 0.0 0.0 -79.8 79.8 -79.8

2007 82.3 0.0 0.0 -82.3 162.1 -86.3

2008 81.7 0.0 0.0 -81.7 243.8 -89.9

2009 74.4 0.0 0.0 -74.4 318.2 -86.8

2010 69.3 0.0 0.0 -69.3 387.4 -85.6

2011 63.7 0.0 0.0 -63.7 451.1 -83.8

2012 53.8 0.0 0.0 -53.7 504.9 -77.3

2013 43.2 0.6 0.0 -42.5 547.4 -69.1

2014 31.7 1.3 0.0 -30.4 577.8 -59.3

2015 20.8 1.9 0.0 -18.9 596.7 -49.7

2016 9.3 2.6 0.0 -6.7 603.4 -38.9

2017 0.0 3.2 0.0 3.2 600.2 -29.6

2018 0.0 3.9 0.0 3.9 596.3 -29.2

2019 0.0 4.5 0.0 4.5 591.9 -28.7

2020 0.0 5.1 0.0 5.1 586.8 -27.8

2021 0.0 5.7 0.0 5.7 581.1 -26.9

2022 0.0 6.2 0.0 6.2 574.9 -26.1

2023 0.0 6.8 0.0 6.8 568.1 -25.2

2024 0.0 7.3 0.0 7.3 560.9 -24.3

2025 0.0 7.8 0.0 7.8 553.1 -23.4

2026 0.0 8.2 0.0 8.2 544.9 -22.5

2027 0.0 8.7 0.0 8.7 536.2 -21.6

2028 0.0 9.1 0.0 9.1 527.0 -20.7

2029 0.0 9.5 0.0 9.5 517.5 -19.7

2030 0.0 9.9 0.0 9.9 507.5 -18.8

2031 0.0 10.3 0.0 10.3 497.3 -17.9

2032 0.0 10.6 0.0 10.6 486.6 -17.0

2033 0.0 10.9 0.0 10.9 475.7 -16.1

2034 0.0 11.2 0.0 11.2 464.5 -15.2

2035 0.0 11.5 0.0 11.5 453.0 -14.3

2036 0.0 11.7 0.0 11.7 441.3 -13.5

2037 0.0 11.9 0.0 11.9 429.4 -12.6

2038 0.0 12.1 0.0 12.1 417.3 -11.8

2039 0.0 12.2 0.0 12.2 405.0 -10.9

2040 0.0 12.4 0.0 12.4 392.7 -10.1

2041 0.0 12.5 0.0 12.5 380.2 -9.3

2042 0.0 12.6 0.0 12.6 367.6 -8.5

2043 0.0 12.6 0.0 12.6 354.9 -7.8

2044 0.0 12.7 0.0 12.7 342.2 -7.0

2045 0.0 12.7 0.0 12.7 329.5 -6.3

2046 0.0 12.8 0.0 12.8 316.8 -5.6

2047 0.0 12.7 0.0 12.7 304.1 -4.9

2048 0.0 12.6 0.0 12.6 291.5 -4.3

2049 0.0 12.5 0.0 12.5 279.0 -3.7

2050 0.0 12.4 0.0 12.4 266.7 -3.1

2051 0.0 12.4 0.0 12.4 254.2 -2.4

2052 0.0 12.4 0.0 12.4 241.8 -1.7

2053 0.0 12.2 0.0 12.2 229.6 -1.2

2054 0.0 11.6 0.0 11.6 218.0 -1.1

2055 0.0 11.0 0.0 11.0 207.0 -1.1

2056 0.0 10.4 0.0 10.4 196.6 -1.1

2057 0.0 9.8 0.0 9.8 186.8 -1.1

2058 0.0 9.2 0.0 9.2 177.6 -1.2

2059 0.0 8.6 0.0 8.6 169.0 -1.2

2060 0.0 8.1 0.0 8.1 160.9 -1.3

2061 0.0 7.5 0.0 7.5 153.4 -1.4

2062 0.0 7.0 0.0 7.0 146.4 -1.5

2063 0.0 6.5 0.0 6.5 139.9 -1.7

2064 0.0 6.0 0.0 6.0 133.9 -1.8

2065 0.0 5.5 0.0 5.5 128.4 -1.9

2066 0.0 5.0 0.0 5.0 123.4 -2.1

2067 0.0 4.6 0.0 4.6 118.8 -2.3

2068 0.0 4.2 0.0 4.2 114.6 -2.4

2069 0.0 3.8 0.0 3.8 110.9 -2.6

2070 0.0 3.4 0.0 3.4 107.5 -2.8

2071 0.0 3.0 0.0 3.0 104.4 -3.0

2072 0.0 2.7 0.0 2.7 101.8 -3.1

2073 0.0 2.4 0.0 2.4 99.4 -3.3

2074 0.0 2.1 0.0 2.1 97.3 -3.5

2075 0.0 1.8 0.0 1.8 95.5 -3.6

2076 0.0 1.6 0.0 1.6 94.0 -3.8

2077 0.0 1.3 0.0 1.3 92.7 -3.9

2078 0.0 1.1 0.0 1.1 91.5 -4.0

2079 0.0 0.9 0.0 0.9 90.6 -4.1

2080 0.0 0.8 0.0 0.8 89.8 -4.2

Total 2005-2079 609.9 519.3 0.0

 Based on the Intermediate Assumptions of the 2005 Trustees Report.

 With Ultimate Real Trust Fund Interest Rate of 3.0 Office of the Actuary

Benefit Offset Yield Rate = TreasBondYield - 0.3 = 2.7 Social Security Administration

BenefitOffsetDiscount Rate = TreasBondYield - 0.3 = 2.7 July 14, 2005
Table 2b.c IA Contributions, IA Offset, Other Changes, & Budget Effect

IA Investment Average Individual Account Contribution Rate: 1.39% Benefit Offset: 100.0%

Only in Amount Other Changes Change in 

Treasury Contributed to Offset to In Unified Annual Debt Held Annual 

Bond Fund IA by Federal OASDI Ben Budget Unified Budget by Public Unified Budget

Government From IA Cash Flow Cash Flow (EOY) Balance

(1) (2) (3) (4)=(3)+(2)-(1) (5) (6)

Year (Billions of Constant 2005 $)

2006 84.5 0.0 0.0 -84.5 86.7 -86.7

2007 89.5 0.0 0.0 -89.5 180.8 -96.3

2008 91.0 0.0 0.0 -91.0 278.8 -102.8

2009 84.9 0.0 0.0 -84.9 372.9 -101.7

2010 81.1 0.0 0.0 -81.1 465.7 -102.9

2011 76.5 0.0 0.0 -76.5 556.2 -103.3

2012 66.3 0.0 0.0 -66.2 638.9 -97.8

2013 54.6 0.8 0.0 -53.8 711.2 -89.7

2014 41.1 1.6 0.0 -39.5 770.9 -79.1

2015 27.7 2.6 0.0 -25.2 818.1 -68.2

2016 12.8 3.5 0.0 -9.3 850.7 -54.9

2017 0.0 4.6 0.0 4.6 870.5 -43.0

2018 0.0 5.6 0.0 5.6 890.3 -43.5

2019 0.0 6.7 0.0 6.7 910.1 -44.1

2020 0.0 7.8 0.0 7.8 929.4 -44.0

2021 0.0 9.0 0.0 9.0 948.1 -44.0

2022 0.0 10.2 0.0 10.2 966.0 -43.8

2023 0.0 11.4 0.0 11.4 983.3 -43.6

2024 0.0 12.6 0.0 12.6 999.9 -43.3

2025 0.0 13.9 0.0 13.9 1,015.6 -43.0

2026 0.0 15.2 0.0 15.2 1,030.5 -42.5

2027 0.0 16.5 0.0 16.5 1,044.4 -42.0

2028 0.0 17.8 0.0 17.8 1,057.4 -41.5

2029 0.0 19.2 0.0 19.2 1,069.4 -40.8

2030 0.0 20.5 0.0 20.5 1,080.4 -40.1

2031 0.0 21.9 0.0 21.9 1,090.2 -39.3

2032 0.0 23.3 0.0 23.3 1,098.9 -38.4

2033 0.0 24.7 0.0 24.7 1,106.5 -37.5

2034 0.0 26.1 0.0 26.1 1,112.8 -36.5

2035 0.0 27.5 0.0 27.5 1,117.9 -35.4

2036 0.0 28.9 0.0 28.9 1,121.6 -34.2

2037 0.0 30.3 0.0 30.3 1,124.1 -33.0

2038 0.0 31.7 0.0 31.7 1,125.2 -31.7

2039 0.0 33.1 0.0 33.1 1,124.9 -30.4

2040 0.0 34.4 0.0 34.4 1,123.3 -29.0

2041 0.0 35.8 0.0 35.8 1,120.2 -27.5

2042 0.0 37.1 0.0 37.1 1,115.6 -25.9

2043 0.0 38.4 0.0 38.4 1,109.5 -24.3

2044 0.0 39.7 0.0 39.7 1,101.9 -22.6

2045 0.0 41.0 0.0 41.0 1,092.8 -20.8

2046 0.0 42.3 0.0 42.3 1,082.0 -19.0

2047 0.0 43.3 0.0 43.3 1,069.9 -17.4

2048 0.0 44.3 0.0 44.3 1,056.4 -15.7

2049 0.0 45.3 0.0 45.3 1,041.6 -13.9

2050 0.0 46.3 0.0 46.3 1,025.2 -12.0

2051 0.0 47.9 0.0 47.9 1,006.6 -9.4

2052 0.0 49.1 0.0 49.1 986.4 -7.1

2053 0.0 49.8 0.0 49.8 964.7 -5.2

2054 0.0 48.8 0.0 48.8 943.4 -5.0

2055 0.0 47.7 0.0 47.7 922.6 -4.9

2056 0.0 46.4 0.0 46.4 902.5 -5.0

2057 0.0 45.0 0.0 45.0 883.3 -5.3

2058 0.0 43.6 0.0 43.6 864.9 -5.7

2059 0.0 42.1 0.0 42.1 847.6 -6.2

2060 0.0 40.5 0.0 40.5 831.3 -6.8

2061 0.0 38.9 0.0 38.9 816.2 -7.5

2062 0.0 37.2 0.0 37.2 802.3 -8.4

2063 0.0 35.5 0.0 35.5 789.8 -9.4

2064 0.0 33.8 0.0 33.8 778.8 -10.4

2065 0.0 32.0 0.0 32.0 769.2 -11.6

2066 0.0 30.2 0.0 30.2 761.2 -12.9

2067 0.0 28.4 0.0 28.4 754.8 -14.4

2068 0.0 26.5 0.0 26.5 750.2 -15.9

2069 0.0 24.7 0.0 24.7 747.3 -17.5

2070 0.0 22.8 0.0 22.8 746.2 -19.3

2071 0.0 21.0 0.0 21.0 747.0 -21.1

2072 0.0 19.2 0.0 19.2 749.7 -23.0

2073 0.0 17.4 0.0 17.4 754.2 -25.0

2074 0.0 15.7 0.0 15.7 760.7 -27.0

2075 0.0 14.1 0.0 14.1 769.0 -29.1

2076 0.0 12.5 0.0 12.5 779.2 -31.1

2077 0.0 11.0 0.0 11.0 791.2 -33.3

2078 0.0 9.6 0.0 9.6 805.1 -35.4

2079 0.0 8.3 0.0 8.3 820.6 -37.5

2080 0.0 7.2 0.0 7.2 837.9 -39.6

 Based on the Intermediate Assumptions of the 2005 Trustees Report.

 With Ultimate Real Trust Fund Interest Rate of 3.0 Office of the Actuary

Benefit Offset Yield Rate = TreasBondYield - 0.3 = 2.7 Social Security Administration

BenefitOffsetDiscount Rate = TreasBondYield - 0.3 = 2.7 July 14, 2005
Table 2c OASDI Cash Flow to General Fund of the Treasury--- Proposal vs. Theoretical OASDI

IA Investment Proposal Theoretical Social Security with PAYGO Transfers

Only in Net Amount of Cash-Flow from the OASDI Net Amount of Cash-Flow from the OASDI

Treasury Trust Funds to the General Fund of the Trust Funds to the General Fund of the

Bond Fund Treasury During the Year 1 Treasury During the Year 1

Percent Billions of Dollars Percent Billions of Dollars

Year of Payroll Current $ 1/1/2005 PV Const 2005 $ of Payroll Current $ 1/1/2005 PV Const 2005 $

2005 1.5 70 68 70 1.5 70 68 70

2006 1.8 88 81 86 1.8 88 81 86

2007 1.8 94 82 89 1.8 94 82 89

2008 1.8 98 82 91 1.8 98 82 91

2009 1.6 94 74 85 1.6 94 74 85

2010 1.5 92 69 81 1.5 92 69 81

2011 1.4 90 64 77 1.4 90 64 77

2012 1.2 80 54 66 1.2 80 54 66

2013 1.0 68 43 55 1.0 67 43 54

2014 0.7 52 32 41 0.7 50 30 40

2015 0.5 36 21 28 0.4 33 19 25

2016 0.2 17 9 13 0.2 12 7 9

2017 -0.1 -4 -2 -3 -0.1 -11 -5 -8

2018 -0.3 -28 -14 -20 -0.4 -36 -17 -25

2019 -0.6 -54 -25 -37 -0.7 -64 -29 -44

2020 -0.9 -83 -36 -55 -1.0 -95 -41 -63

2021 -1.2 -114 -47 -74 -1.3 -128 -52 -83

2022 -1.4 -147 -57 -93 -1.6 -163 -63 -103

2023 -1.7 -181 -66 -111 -1.9 -200 -73 -123

2024 -2.0 -218 -75 -130 -2.2 -239 -82 -143

2025 -2.2 -257 -84 -149 -2.4 -281 -91 -163

2026 -2.5 -299 -92 -169 -2.7 -325 -100 -184

2027 -2.7 -340 -99 -187 -3.0 -370 -107 -203

2028 -2.9 -381 -105 -204 -3.2 -415 -114 -222

2029 -3.1 -422 -109 -219 -3.4 -459 -119 -239

2030 -3.3 -463 -113 -234 -3.6 -504 -123 -255

2031 -3.4 -505 -117 -248 -3.7 -550 -127 -270

2032 -3.6 -547 -119 -261 -3.9 -595 -130 -285

2033 -3.7 -586 -121 -273 -4.0 -639 -132 -297

2034 -3.7 -623 -121 -282 -4.1 -681 -132 -308

2035 -3.8 -659 -121 -290 -4.1 -722 -132 -318

2036 -3.8 -695 -120 -298 -4.2 -762 -132 -326

2037 -3.9 -729 -119 -304 -4.2 -802 -131 -334

2038 -3.9 -762 -118 -309 -4.3 -840 -130 -341

2039 -3.9 -794 -116 -313 -4.3 -877 -128 -346

2040 -3.8 -826 -114 -317 -4.3 -916 -126 -351

2041 -3.8 -860 -112 -321 -4.3 -955 -124 -356

2042 -3.8 -895 -110 -325 -4.3 -997 -123 -362

2043 -3.8 -932 -108 -329 -4.3 -1,040 -121 -367

2044 -3.8 -969 -106 -333 -4.3 -1,085 -119 -373

2045 -3.8 -1,010 -105 -337 -4.3 -1,133 -117 -378

2046 -3.8 -1,053 -103 -342 -4.3 -1,183 -116 -385

2047 -3.8 -1,100 -102 -348 -4.3 -1,237 -114 -391

2048 -3.8 -1,149 -100 -353 -4.3 -1,293 -113 -398

2049 -3.9 -1,202 -99 -359 -4.4 -1,353 -112 -405

2050 -3.9 -1,258 -98 -366 -4.4 -1,417 -110 -412

2051 -3.9 -1,317 -97 -373 -4.4 -1,486 -109 -421

2052 -3.9 -1,382 -96 -380 -4.4 -1,560 -108 -430

2053 -4.0 -1,453 -95 -389 -4.5 -1,639 -108 -439

2054 -4.0 -1,534 -95 -400 -4.5 -1,722 -107 -449

2055 -4.1 -1,622 -95 -411 -4.6 -1,810 -106 -459

2056 -4.2 -1,717 -95 -423 -4.6 -1,905 -105 -470

2057 -4.2 -1,817 -95 -436 -4.7 -2,005 -105 -481

2058 -4.3 -1,923 -95 -449 -4.7 -2,110 -104 -492

2059 -4.4 -2,035 -95 -462 -4.8 -2,220 -103 -504

2060 -4.4 -2,152 -95 -475 -4.8 -2,335 -103 -516

2061 -4.5 -2,276 -95 -489 -4.9 -2,457 -102 -528

2062 -4.6 -2,409 -94 -503 -4.9 -2,587 -101 -541

2063 -4.6 -2,551 -94 -518 -5.0 -2,726 -101 -554

2064 -4.7 -2,701 -94 -534 -5.0 -2,872 -100 -568

2065 -4.8 -2,856 -94 -549 -5.1 -3,023 -100 -581

2066 -4.9 -3,021 -94 -565 -5.1 -3,182 -99 -595

2067 -4.9 -3,194 -94 -581 -5.2 -3,350 -99 -610

2068 -5.0 -3,374 -94 -597 -5.2 -3,523 -98 -624

2069 -5.1 -3,560 -94 -613 -5.3 -3,704 -97 -638

2070 -5.1 -3,754 -93 -629 -5.3 -3,890 -97 -652

2071 -5.2 -3,955 -93 -644 -5.4 -4,084 -96 -665

2072 -5.3 -4,166 -92 -660 -5.4 -4,287 -95 -680

2073 -5.3 -4,385 -92 -676 -5.5 -4,498 -94 -694

2074 -5.4 -4,614 -91 -692 -5.5 -4,719 -93 -708

2075 -5.4 -4,854 -91 -708 -5.5 -4,951 -92 -722

2076 -5.5 -5,105 -90 -725 -5.6 -5,194 -91 -737

2077 -5.5 -5,369 -89 -741 -5.6 -5,448 -91 -752

2078 -5.6 -5,644 -89 -758 -5.7 -5,715 -90 -768

2079 -5.7 -5,932 -88 -775 -5.7 -5,996 -89 -783

2080 -5.7 -6,233 -87 -792 -5.8 -6,290 -88 -799

Total 2005-79 -5,180 -5,699

1 Equals net investment in special Treasury Bonds by the Trust Funds Office of the Actuary

less the Amount of General Fund transfers specified in the proposal or in the theoretical Social Security Administration

plan (PAYGO Transfers). July 14, 2005
Table 2d Change in Long-Range Trust Fund Assets / Unfunded Obligation

IA Investment Average Individual Account Contribution Rate: 1.39% Benefit Offset: 100.0%

Only in Present Law OASDI

Treasury Trust Fund Assets Basic Offset to Proposal OASDI

Bond Fund or if Negative, Changes OASDI Trust Fund Assets/

Unfunded Obligation in OASDI Benefit Total Change Unfunded Obligation

Through EOY Cash Flow from IA Through EOY1 Through EOY

(1) (2) (3) (4) (5) = (1) + (4)

Year (Billions of $, Present Value on 1-1-2005)

2006 1,835.2 0.0 0.0 0.0 1,835.2

2007 1,917.1 0.0 0.0 0.0 1,917.1

2008 1,998.4 0.0 0.0 0.0 1,998.4

2009 2,072.5 0.0 0.0 0.0 2,072.5

2010 2,141.5 0.0 0.0 0.0 2,141.5

2011 2,204.9 0.0 0.0 0.0 2,204.9

2012 2,258.4 0.0 0.0 0.0 2,258.5

2013 2,300.8 0.0 0.6 0.7 2,301.4

2014 2,331.0 0.0 1.3 1.9 2,332.9

2015 2,349.7 0.0 1.9 3.9 2,353.6

2016 2,356.4 0.0 2.6 6.4 2,362.8

2017 2,350.7 0.0 3.2 9.7 2,360.4

2018 2,333.1 0.0 3.9 13.5 2,346.7

2019 2,303.8 0.0 4.5 18.0 2,321.9

2020 2,262.7 0.0 5.1 23.1 2,285.8

2021 2,210.4 0.0 5.7 28.8 2,239.2

2022 2,147.5 0.0 6.2 35.0 2,182.5

2023 2,074.6 0.0 6.8 41.7 2,116.3

2024 1,992.1 0.0 7.3 49.0 2,041.1

2025 1,900.6 0.0 7.8 56.8 1,957.3

2026 1,800.6 0.0 8.2 65.0 1,865.6

2027 1,693.2 0.0 8.7 73.7 1,766.9

2028 1,579.5 0.0 9.1 82.9 1,662.4

2029 1,460.7 0.0 9.5 92.4 1,553.1

2030 1,337.6 0.0 9.9 102.3 1,439.9

2031 1,210.7 0.0 10.3 112.6 1,323.3

2032 1,080.9 0.0 10.6 123.3 1,204.2

2033 949.4 0.0 10.9 134.2 1,083.5

2034 817.0 0.0 11.2 145.4 962.4

2035 684.5 0.0 11.5 156.9 841.4

2036 552.4 0.0 11.7 168.6 720.9

2037 421.0 0.0 11.9 180.5 601.5

2038 291.1 0.0 12.1 192.6 483.7

2039 162.9 0.0 12.2 204.8 367.7

2040 36.6 0.0 12.4 217.2 253.8

2041 -87.9 0.0 12.5 229.7 141.8

2042 -210.7 0.0 12.6 242.3 31.6

2043 -331.6 0.0 12.6 254.9 -76.6

2044 -450.7 0.0 12.7 267.6 -183.0

2045 -568.1 0.0 12.7 280.4 -287.7

2046 -684.0 0.0 12.8 293.1 -390.8

2047 -798.4 0.0 12.7 305.8 -492.6

2048 -911.3 0.0 12.6 318.4 -592.9

2049 -1,022.9 0.0 12.5 330.8 -692.0

2050 -1,133.2 0.0 12.4 343.2 -790.0

2051 -1,242.5 0.0 12.4 355.7 -886.8

2052 -1,350.9 0.0 12.4 368.1 -982.8

2053 -1,458.4 0.0 12.2 380.2 -1,078.1

2054 -1,565.1 0.0 11.6 391.9 -1,173.2

2055 -1,671.0 0.0 11.0 402.9 -1,268.1

2056 -1,776.3 0.0 10.4 413.3 -1,363.0

2057 -1,881.0 0.0 9.8 423.1 -1,457.9

2058 -1,985.0 0.0 9.2 432.3 -1,552.7

2059 -2,088.4 0.0 8.6 440.9 -1,647.4

2060 -2,191.0 0.0 8.1 449.0 -1,742.0

2061 -2,293.1 0.0 7.5 456.5 -1,836.6

2062 -2,394.6 0.0 7.0 463.5 -1,931.1

2063 -2,495.5 0.0 6.5 470.0 -2,025.5

2064 -2,596.0 0.0 6.0 476.0 -2,120.0

2065 -2,695.9 0.0 5.5 481.5 -2,214.4

2066 -2,795.2 0.0 5.0 486.5 -2,308.7

2067 -2,893.9 0.0 4.6 491.1 -2,402.8

2068 -2,991.9 0.0 4.2 495.3 -2,496.7

2069 -3,089.3 0.0 3.8 499.0 -2,590.2

2070 -3,185.8 0.0 3.4 502.4 -2,683.4

2071 -3,281.6 0.0 3.0 505.4 -2,776.1

2072 -3,376.5 0.0 2.7 508.1 -2,868.4

2073 -3,470.6 0.0 2.4 510.5 -2,960.1

2074 -3,563.7 0.0 2.1 512.6 -3,051.2

2075 -3,656.1 0.0 1.8 514.4 -3,141.7

2076 -3,747.6 0.0 1.6 515.9 -3,231.7

2077 -3,838.2 0.0 1.3 517.2 -3,321.0

2078 -3,928.0 0.0 1.1 518.4 -3,409.6

2079 -4,017.0 0.0 0.9 519.3 -3,497.7

Total 2005-2079 0.0 519.3

 Based on the Intermediate Assumptions of the 2005 Trustees Report.

 With Ultimate Real Trust Fund Interest Rate of 3.0

Benefit Offset Yield Rate = TreasBondYield - 0.3 = 2.7 Office of the Actuary

BenefitOffsetDiscount Rate = TreasBondYield - 0.3 = 2.7 Social Security Administration 1

Total change through the year is the accumulation of changes in columns 2 and 3. July 14, 2005
Table A1. Social Security Monthly Retirement Benefit for Hypothetical Workers

 Retire at 65 Low, Medium, and High are Scaled Earners Starting at Age 21 1/

OASDI Monthly Scheduled Benefit at Age 65 Under Present Law

Single Retired Worker Beneficiary

Year Attain Primary Insurance Amount (PIA)

Age 65 Low Ernr Med Ernr High Ernr Max Ernr

(constant 2005 dollars)

2016 857 1,412 1,872 2,269

2026 952 1,568 2,079 2,540

2036 1,057 1,742 2,310 2,826

2046 1,180 1,943 2,577 3,148

2056 1,315 2,166 2,872 3,505

Monthly Benefit Amount (with actuarial reduction)

Low Ernr Med Ernr High Ernr Max Ernr

(constant 2005 dollars)

2016 799 1,318 1,747 2,118

2026 825 1,359 1,802 2,201

2036 916 1,510 2,002 2,449

2046 1,022 1,684 2,233 2,728

2056 1,139 1,877 2,489 3,037

Married Retired Worker and NonWorking Spouse

Year Attain Primary Insurance Amount (PIA)

Age 65 Low Ernr Med Ernr High Ernr Max Ernr

(constant 2005 dollars)

2016 857 1,412 1,872 2,269

2026 952 1,568 2,079 2,540

2036 1,057 1,742 2,310 2,826

2046 1,180 1,943 2,577 3,148

2056 1,315 2,166 2,872 3,505

Monthly Benefit Amount (with actuarial reduction or DRC)

Low Ernr Med Ernr High Ernr Max Ernr

(constant 2005 dollars)

2016 1,192 1,965 2,605 3,158

2026 1,222 2,012 2,669 3,259

2036 1,357 2,236 2,965 3,627

2046 1,514 2,494 3,307 4,039

2056 1,687 2,780 3,686 4,498

1/ The Max Earner is always assumed to be a steady Max earner starting at age 22.

Based on 2005 Trustees Report Alt 2 Projections

OCACT/SSA July 14, 2005
Table B1a. Projected IA Assets and Potential Life Annuity as Percent of Present Law Scheduled Benefits

 McCrery GROW Plan Finance IAs from General Revenue in Amount of OASDI Cash-Flow Surplus 2006-16

Accumulated IA at 65 Retire

Amount for Each Earner Value of CPI-Indexed Life Value of CP

Constant 2005$ Annuity as Percent of PL Scheduled Benefit Annuity as Percent 

Year IA Investment in-- Investment in Treasury Bond Index Fund Only Investment in 

Attain TreasBnd Mixed

Age 65 Fund Only Portfolio 1/ Scaled Low Earner Scaled 

Single 2-Earner Couple 2/ 1-Earner Couple 3/ Single 2-Earner Cou

Scaled Low Earner Earner Married Widowed Married Widowed Earner Married Wi

2016 2,712 2,968 2.0 1.8 2.4 1.2 1.2 2.2 2.0 2026 4,402 5,739 3.0 2.8 3.8 1.9 1.9 4.0 3.7 2036 5,377 8,383 3.3 3.0 4.1 2.1 2.1 5.1 4.7 2046 5,508 10,247 2.9 2.7 3.7 1.8 1.8 5.5 5.1 2056 937 1,958 0.4 0.4 0.5 0.3 0.3 0.9 0.9 

Scaled Medium Earner Scaled Medium Earner Scaled M

2016 6,027 6,596 2.7 2.5 3.3 1.7 1.7 2.9 2.7 2026 9,783 12,754 4.1 3.8 5.1 2.6 2.6 5.3 5.0 2036 11,948 18,628 4.4 4.1 5.5 2.8 2.8 6.9 6.4 2046 12,239 22,772 4.0 3.7 4.9 2.5 2.5 7.4 6.9 2056 2,083 4,351 0.6 0.6 0.7 0.4 0.4 1.2 1.2 

Scaled High Earner Scaled High Earner Scaled 

2016 9,643 10,554 3.2 3.0 4.0 2.0 2.0 3.5 3.3 2026 15,653 20,406 4.9 4.6 6.1 3.1 3.1 6.4 6.0 2036 19,117 29,806 5.3 4.9 6.6 3.3 3.3 8.3 7.7 2046 19,583 36,435 4.8 4.5 5.9 3.0 3.0 8.9 8.3 2056 3,332 6,961 0.7 0.7 0.9 0.5 0.5 1.5 1.4 

Steady Maximum Earner Steady Maximum Earner Steady Ma

2016 16,322 17,768 4.5 4.2 5.6 2.8 2.8 4.9 4.5 2026 21,525 28,047 5.6 5.2 6.9 3.5 3.5 7.2 6.7 2036 28,096 43,870 6.4 5.9 7.9 4.0 4.0 9.9 9.3 2046 36,674 68,619 7.3 6.8 9.1 4.6 4.6 13.7 12.8 2056 7,533 15,620 1.3 1.2 1.7 0.8 0.8 2.7 2.6 

1/ The mixed portfolio is assumed to be on average 50 percent in equity, 25 percent in corporate bond,

and 25 percent in Treasury-bond index funds. Values reflect expected yield. Ultimate administrative expense is assumed to be 0.3 percent of assets annually.

2/ The 2-earner couple is assumed to be the same age and to have the same career-average earnings. 

Annuities are expressed as a percentage of the benefits scheduled for the couple or survivor.

3/ The 1-earner couple is assumed to be the same age and to have only one spouse with earnings. 

Annuities are expressed as a percentage of the benefits scheduled for the couple or survivor.

All estimates based on the intermediate assumptions of the 2005 Trustees Report.

Office of the ActuarySocial Security Administration July 14, 2005
Table B1b. Projected Present Law PIA and Potential Life Annuity in Constant 2005 Dollars

 McCrery GROW Plan Finance IAs from General Revenue in Amount of OASDI Cash-Flow Surplus 2006-16

Present Law Value of CPI-Indexed Monthly Life Annuity Available Value of CPI-Indexed Mo

Year Scheduled Primary Based on Total Individual Account Accumulation Based on Total Individ

Attain Insurance Amount (PIA) Investment in Treasury Bond Index Fund Only Investment in 

Age 65 for Each Earner

constant 2005 dollars constant 2005 dollars constant 

Scaled Low Earner Scaled 

Scaled Low Earner Single 2-Earner Couple 2/ 1-Earner Couple 3/ Single 2-Earner Cou

Earner Married Widowed Married Widowed Earner Married Wi

2016 857 15.8 29.4 19.6 14.7 9.8 17.3 32.1 2026 952 25.0 46.6 31.1 23.3 15.5 32.6 60.7 2036 1,057 29.9 55.7 37.2 27.9 18.6 46.6 86.9 2046 1,180 30.0 56.0 37.3 28.0 18.7 55.8 104.2 2056 1,315 5.0 9.4 6.2 4.7 3.1 10.5 19.6 

Scaled Medium Earner Scaled Medium Earner Scaled M

2016 1,412 35.1 65.2 43.5 32.6 21.7 38.4 71.4 2026 1,568 55.5 103.5 69.0 51.8 34.5 72.4 135.0 2036 1,742 66.4 123.8 82.6 61.9 41.3 103.5 193.1 12046 1,943 66.6 124.5 83.0 62.2 41.5 123.9 231.6 12056 2,166 11.1 20.8 13.9 10.4 6.9 23.2 43.5 

Scaled High Earner Scaled High Earner Scaled 

2016 1,872 56.1 104.4 69.6 52.2 34.8 61.4 114.3 2026 2,079 88.9 165.6 110.4 82.8 55.2 115.9 215.9 12036 2,310 106.2 198.2 132.1 99.1 66.1 165.6 309.0 22046 2,577 106.6 199.2 132.8 99.6 66.4 198.3 370.6 22056 2,872 17.8 33.3 22.2 16.7 11.1 37.2 69.6 

Steady Maximum Earner Steady Ma

Steady Maximum Earner

2016 2,269 94.9 176.7 117.8 88.3 58.9 103.4 192.3 12026 2,540 122.2 227.8 151.9 113.9 75.9 159.3 296.8 12036 2,826 156.1 291.2 194.2 145.6 97.1 243.7 454.7 32046 3,148 199.6 373.0 248.7 186.5 124.3 373.5 697.9 42056 3,505 40.2 75.3 50.2 37.6 25.1 83.4 156.1 1

1/ The mixed portfolio is assumed to be on average 50 percent in equity, 25 percent in corporate bond,

and 25 percent in Treasury-bond index funds. Values reflect expected yield. Ultimate administrative expense is assumed to be 0.3 percent of assets annually.

2/ The 2-earner couple is assumed to be the same age and to have the same career-average earnings. 

Annuities are expressed as a percentage of the benefits scheduled for the couple or survivor.

3/ The 1-earner couple is assumed to be the same age and to have only one spouse with earnings. 

Annuities are expressed as a percentage of the benefits scheduled for the couple or survivor.

All estimates based on the intermediate assumptions of the 2005 Trustees Report.

Office of the ActuarySocial Security Administration July 14, 2005
Table B1c. Proposal Benefit and Potential IA Life Annuity as Percent of Present Law Scheduled Benefits

 McCrery GROW Plan 

Proposal Basic Benefit* Proposal Basic Benefit Plus Full IA Life Annuity Proposal Basic Benef

Year for Retired Worker as with Benefit Offset for IA Participation --- with Benefit Offset 

Attain Percent of Present Law as Percent of Present Law Scheduled Benefit as Percent of Presen

Age 65 Scheduled Benefit Investment in Treasury Bond Index Fund Only Investment in 

Scaled Low Earner Scaled 

Scaled Low Earner Single 2-Earner Couple 2/ 1-Earner Couple 3/ Single 2-Earner Cou

Earner Married Widowed Married Widowed Earner Married Wi

2016 100.0 100.0 100.0 100.0 100.0 100.0 100.2 100.2 12026 100.0 100.0 100.0 100.0 100.0 100.0 100.9 100.9 12036 100.0 100.0 100.0 100.0 100.0 100.0 101.8 101.7 12046 100.0 100.0 100.0 100.0 100.0 100.0 102.5 102.4 12056 100.0 100.0 100.0 100.0 100.0 100.0 100.5 100.4 12075 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1

Scaled Medium Earner Scaled Medium Earner Scaled M

2016 100.0 100.0 100.0 100.0 100.0 100.0 100.3 100.2 12026 100.0 100.0 100.0 100.0 100.0 100.0 101.2 101.2 12036 100.0 100.0 100.0 100.0 100.0 100.0 102.5 102.3 12046 100.0 100.0 100.0 100.0 100.0 100.0 103.4 103.2 12056 100.0 100.0 100.0 100.0 100.0 100.0 100.6 100.6 12075 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1

Scaled High Earner Scaled High Earner Scaled 

2016 100.0 100.0 100.0 100.0 100.0 100.0 100.3 100.3 12026 100.0 100.0 100.0 100.0 100.0 100.0 101.5 101.4 12036 100.0 100.0 100.0 100.0 100.0 100.0 103.0 102.8 12046 100.0 100.0 100.0 100.0 100.0 100.0 104.1 103.8 12056 100.0 100.0 100.0 100.0 100.0 100.0 100.8 100.7 12075 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1

Steady Maximum Earner Steady Maximum Earner Steady Ma

2016 100.0 100.0 100.0 100.0 100.0 100.0 100.4 100.4 12026 100.0 100.0 100.0 100.0 100.0 100.0 101.7 101.6 12036 100.0 100.0 100.0 100.0 100.0 100.0 103.6 103.3 12046 100.0 100.0 100.0 100.0 100.0 100.0 106.4 106.0 12056 100.0 100.0 100.0 100.0 100.0 100.0 101.4 101.3 12075 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1

* Proposal Basic Benefit equals the OASI benefit under the proposal without consideration of the individual account.

1/ The mixed portfolio is assumed to be on average 50 percent in equity, 25 percent in corporate bond, Office of the Ac

and 25 percent in Treasury-bond index funds. Values reflect expected yield. Social Security Ultimate administrative expense is assumed to be 0.3 percent of assets annually. July 14, 2005

2/ The 2-earner couple is assumed to be the same age and to have the same career-average earnings. 

Annuities are expressed as a percentage of the benefits scheduled for the couple or survivor.

3/ The 1-earner couple is assumed to be the same age and to have only one spouse with earnings. 

Annuities are expressed as a percentage of the benefits scheduled for the couple or survivor.

All estimates based on the intermediate assumptions of the 2005 Trustees Report.