SOCIAL SECURITY

MEMORANDUM 

Date: March 10, 2005 Refer To: TCA

To: Senator Chuck Hagel 

From: Stephen C. Goss, Chief Actuary 

Alice H. Wade, Deputy Chief Actuary 

Subject: Estimated Financial Effects of “The Saving Social Security Act of 2005”---INFORMATION 

This memorandum provides estimates of the financial effects of the legislation you have 

developed and introduced on March 7, 2005. This bill, named “The Saving Social Security 

Act of 2005,” would provide for voluntary personal accounts and for modifications of the 

benefit provisions of the Social Security program that are expected to result in solvency for 

the program throughout the 75-year long-range period. In addition, these provisions are 

projected to result in trust fund levels for the Social Security program that are stable or rising 

at the end of the long range period, thus meeting the criteria for sustainable solvency. That is, 

the Social Security (OASDI) program would be expected to be solvent for the foreseeable 

future under the intermediate assumptions of the 2004 Trustees Report and other assumptions 

described within this memorandum. 

A detailed description of the provisions of the proposal is provided below based on our 

understanding of your intent from discussions with you, with Lou Ann Linehan, your Chief of 

Staff, and with Joe Cwiklinski of your staff. Following this description of the proposal is a 

report of the assumptions we have used and the projected financial effects of the proposal 

based on these assumptions. 

Provisions of the Proposal

Workers who are age 45 or older on January 1, 2006 (those born in 1960 and earlier) will 

continue to participate in the OASDI program unchanged from current law. For workers 

under age 45 on January 1, 2006, personal accounts will be available on a voluntary basis and 

modifications in the OASI benefit provisions will apply. 

1. Personal Accounts

Individuals who are under age 45 on January 1, 2006 (those born in 1961 and later) will have 

the option to participate in a personal account plan for earnings in calendar year 2006 and 
2

later. For those participating, contributions equal to 4 percent of their annual OASDI taxable 

earnings will be redirected from the OASI Trust Fund to their personal accounts. 

Individual account contributions for a worker based on a year’s earnings are not determinable 

until earnings are reported to and tabulated by the Social Security Administration. Because 

this reporting is made by employers on an annual basis, after the end of the calendar year, 

amounts for individual workers are not determinable for somewhat over a year, on average, 

after the date on which earnings are paid. Under the proposal, IA contributions during this 

initial period would be determined based on employer reports of aggregate OASDI taxable 

earnings of their employees, and would be invested in aggregate on behalf of the workers in 

the average portfolio. The accumulated IA contributions would be allocated to the individual 

accounts of specific workers as soon as current earnings reporting permits. Allocations would 

be made assuming that the pattern of earnings throughout the year was the same for all 

workers. 

Personal accounts will be administered by a Central Administrative Authority (CAA) that 

would receive contributions and individual records of participants’ earnings from the Social 

Security Administration. Individuals would be able to choose how their account assets would 

be invested from the selection of options currently being offered by the government employee 

Thrift Savings Plan (TSP), with the possible addition of a life cycle fund. The central 

administrative authority would maintain records and issue periodic statements to account 

holders. The IA management would be based on the design of the government employee 

TSP, with limited reporting requirements. Aggregated assets would be invested by privately 

managed investment firms. Through this approach it is assumed that IA administrative costs 

can be expected to be modest, ultimately around 0.30 percent of IA assets on average, with 

this being the charge for each account holder. This might require some Federal subsidy in 

early years for the IA, when account balances are low and start-up costs are incurred. 

There would be no access to account assets prior to retirement except in the case of death. If 

a married worker dies before retiring, then the account assets would be transferred to the 

account of the surviving spouse. If a worker dies before retiring and has no current spouse, 

then the assets would pass to the workers estate. Workers who divorce before retirement 

would split evenly the amounts they each accumulated during the marriage based on 

individual account contributions during the marriage. 

Upon retirement and entitlement to retired worker benefits (or at age 62 and entitlement to an 

aged spouse or aged surviving spouse benefit) personal account assets would be available to 

the individual and a CPI-indexed life annuity would be made available (joint and survivor 

annuity available for married couples) by the CAA. The annuity available from the CAA 

would be administered by the CAA with assets invested in the same manner as for individual 

accounts with the private investment firms. 

Distributions from personal accounts will be treated like OASDI benefits for the computation 

of federal personal income tax liability, with the proceeds transferred to the OASI, DI, and HI 

Trust Funds, as in current law. 
3

2. Benefit Offsets for Personal Account Participants 

Upon entitlement to retired worker or aged (surviving) spouse benefits an offset would be 

computed based on a hypothetical account accumulation and would be applied to OASI 

benefits received. The hypothetical account, or “shadow account”, would be the 

accumulation of all individual account contributions applied to the individual’s account 

(through their own work, through divorce distributions, or from amounts transferred at the 

death of a spouse). These account contributions would be accumulated at 3 percent over the 

rate of inflation that had been realized in the CPI-W in years between the year of earnings 

upon which a contribution was based and the year of benefit entitlement. Reductions would 

be computed on the basis of a CPI-indexed life annuity calculation using unisex mortality 

rates, expected future inflation rates, and a valuation interest rate equal to 3 percent over the 

expected future rates of inflation, all reflecting the intermediate assumptions of the most 

recently published Trustees report at the time of benefit entitlement. The annuity calculation 

would be based on a joint and two-thirds survivor annuity for married couples1. 

3. Raise the Normal Retirement Age to Age 68 

For all individuals attaining age 62 in 2023 and later, the normal retirement age (NRA) will be 

68. This is a 1-year increase in the NRA from the level for those attaining age 62 in 2022 (the 

last age cohort for which the individual account option would not be available). With 

eligibility for retired worker benefits still available at age 62, up to 6 years of early retirement 

would be possible. The percentage of the basic benefit level, or primary insurance amount 

(PIA), payable to workers retiring at 62 would be 65.5 percent, or 4.5 percentage points less 

than for retirement with 5 years of early retirement reduction. See provision 5 for further 

modification of early retirement reduction factors. The benefit reduction of 28.5 percent for 

entitlement to aged surviving spouse benefits at age 60 would be retained and scaled linearly 

by age between age 60 and the new NRA of 68. 

4. Longevity Indexing of Retirement Benefits 

For individuals attaining age 62 in 2024 and later, retired worker and aged (surviving) spouse 

benefits would be based on a modified PIA reflecting adjustments for increasing life 

expectancy. This modification would take the form of reductions in the PIA factors, 90, 32, 

and 15 that would gradually increase over time. The calculation would be based on the 

measured unisex life expectancy at age 68 based on the period life table produced by the 

Office of the Chief Actuary of the Social Security Administration using Social Security and 

Medicare data for the year 2020. This would be referred to as the “base life expectancy.” In 

2023, the Office of the Chief Actuary will compute a similar period life table based on data 

for the year 2021, and compute the NRA that would, based on this table, produce a life 

expectancy equal to the base life expectancy (for age 68 in the 2020 period life table). If the 

computed NRA based on the 2021 life table is greater than 68, then the actuarial reduction for 

retirement at age 68 under this increased NRA would be computed and would be applied as 

the reduction to the PIA factors (90, 32, and 15) for benefit eligibility in 2024. 

 

1

 Annuity payments are reduced by 1/3 when only one spouse is alive. 
4

For benefit eligibility in years after 2024, the reductions applied to the 90, 32 and 15 PIA 

factors would be computed as above by producing the period life table for the third prior year, 

computing the effective NRA that would have the same life expectancy as the base life 

expectancy, and compute the actuarial reduction for retirement at age 68 with this effective 

NRA. Based on the intermediate assumptions of the 2004 Trustees Report, the “effective 

NRA” is projected to increase by slightly less than 1 month per year after 2020, and the 

effective reduction in the PIA factors is projected to be about 0.5 percent (multiply by 0.995) 

each year. 

The reduced PIA described above would not apply for the computation of benefits payable to 

surviving child beneficiaries, or to surviving spouse benefits with a child in care. Nor would 

the reduced PIA apply for benefits payable from the Disability Insurance Trust Fund. In these 

cases benefits would be based on the current PIA formula factors (90, 32, and 15). However, 

upon conversion to retirement status at NRA, disabled worker beneficiaries would have 

monthly benefits based on a weighted average of the PIA continued from disabled worker 

status, and the modified PIA for retired workers of the same age (reflecting years of disability 

freeze in the benefit computation). The weight on the continuation of the disabled worker 

PIA (WD) would equal the proportion of elapsed years2

 after calendar year 2005 in which the 

individual was receiving disability benefits. The weight on the modified PIA for retired 

workers (WR) would equal 1 minus WD. 

5. Modify Early Retirement and Delayed Retirement Factors 

 

Early retirement and delayed retirement factors in current law are designed to produce 

approximately equivalent expected present values of future lifetime benefits for individuals 

who at age 62 choose among the possibilities of beginning benefit entitlement at ages 62 

through 70. This provision increases the size of both early retirement reduction and delayed 

retirement increase factors, providing a greater incentive for workers to delay benefit 

entitlement and work to a higher age. 

Early retirement factors would be increased gradually over 5 years, for those becoming 

eligible at age 62 in years 2024 through 2028. Over this period, the reduction for the first 3 

years of early retirement would be gradually increased from 20 to 25 percent (from 6 2/3 

percentage points per year to 8 1/3 percentage points per year.) The reduction for the next 

additional 2 years of early retirement would be increased from 10 percentage points (5 per 

year) to 12 percentage points (6 per year). And the reduction for the sixth year of early 

benefit entitlement would be increased from 4 1⁄2 percentage points per year to 5 1⁄2 percentage 

points per year. 

Under current law, the delayed retirement credit (DRC) is scheduled to increase to 8 

percentage points per year for those attaining age 65 in 2008. Under this provision, the DRC 

will be increased by an additional 0.5 percentage point every other year starting for those 

attaining age 65 in 2027, and reaching an ultimate level of 10 percentage points per year for 

those attaining age 65 in 2033. 

 

2

 Elapsed years are those years from ages 22 through 61. 
5

6. General Revenues Transfers to the Trust Funds 

In any year for which the Trustees intermediate projections show that the combined OASDI 

trust fund ratio is expected to fall below 100 percent of the annual cost of the program, 

transfers will be made from the General Fund of the Treasury sufficient to maintain the 

OASDI Trust Funds at a level no lower than 100 percent of annual program cost. This 

provision would guarantee solvency and sustainable solvency for the trust funds in any 

circumstance. 

Assumptions

As indicated above, estimates provided in this memorandum are based on the intermediate 

assumptions of the 2004 Trustees Report. 

Given the nature of the individual accounts and the offsets, individual account participation is 

expected to be substantial, but not universal. Because IA participation requires no additional 

contribution by workers, and the account assets would not be subject to potential future 

modification (as are basic monthly OASDI benefits), most individuals are expected to 

participate. The uncertainty of achieving a net real yield in excess of 3 percent on IA assets 

will cause some to pass on the option. On balance, we assume that about two thirds of the 

potential IA contributions for eligible workers will be realized through worker elections. 

The ultimate average real yield on corporate bonds is assumed to be 3.5 percent, or 0.5 

percentage point above the Trustees intermediate assumption for long-tern Treasury bonds. In 

addition, the long-term ultimate average annual real yield assumed for equities is 6.5 percent. 

This is somewhat lower than the historical real equity yield over the last several decades. On 

average, account holders are assumed to invest their assets about 50 percent in equities, 30 

percent in corporate bonds and 20 percent in Treasury bonds. With an assumed ultimate 

administrative expense of about 0.30 percent (30 basis points) of assets per year, the average 

net annual yield is assumed to be about 4.6 percent over inflation. Variation in realized yield 

will, however, be substantial both across generations and among individuals within each 

generation. In order to understand the implications of this variability, a second estimate is 

provided reflecting a low yield, or risk-adjusted yield, for individual account assets equal to 

the assumed long-term Treasury bond yield of 3 percent over inflation. 

A consensus appears to have formed among economists that equity pricing, as indicated by 

price-to-earnings ratios, may average somewhat higher in the long-term future than in the 

long-term past. This is consistent with broader access to equity markets and the belief that 

equities may be viewed as somewhat less “risky” in the future than in the past. Equity pricing 

will vary in the future as in the past. Price-to-earnings ratios were very high through 1999, 

and are now lower. The lower-than-historical average ultimate real yield assumed for equities 

purchased in future years is consistent with an average ultimate level of equity pricing 

somewhat above the average level of the past. 
6

The assumption for an ultimate real equity yield of 7 percent that was used by the Office of 

the Chief Actuary until 2001 was developed in 1995 with the 1994-96 Advisory Council. At 

that time, the Trustees assumption for the ultimate average real yield on long-term Treasury 

bonds was 2.3 percent. Real yields on corporate bonds are believed to bear a close 

relationship to Treasury bond yields of similar duration. The 2004 Trustees Report includes 

the assumption that the ultimate real yield on long-term Treasury bonds will average 3 

percent, or 0.7 percentage point higher than assumed in 1995. This increase in the assumed 

bond yield is consistent with a reduction in the perceived risk associated with equity 

investments. 

It should be noted that the precise effects of implementing a plan that would result in a 

significant demand for equities and corporate bonds on the yields of these securities is not 

clear. This demand would likely be at least partially offset by reductions in demand for other 

investment mechanisms. For the purpose of these estimates, it is assumed that there will be 

no net dynamic feedback effects on the economy or on the financial markets. 

Financial Effects of the Plan

Trust Fund Operations 

Table 1 indicates that under the intermediate assumptions of the 2004 Trustees Report and the 

assumed average yields for equities and corporate bonds described above, the OASDI 

program is projected to be solvent throughout the 75-year projection period and to satisfy the 

criteria for sustainable solvency (stable or rising trust fund ratio, TFR, at the end of 75 years). 

The annual cost rate (cost of the OASDI program as a percent of payroll) is expected to 

decline steadily after 2033, reflecting the increasing extent of benefit reductions due to the 

basic benefit modifications and offsets associated with personal account participation. The 

annual balance (net cash-flow balance as a percent of payroll) is projected to be a small deficit 

of 0.22 percent of payroll for 2079 and declining. Continued decline would be expected after 

2079 due to the continuation of the longevity indexing provision. The TFR is projected to be 

stabilized at 100 percent of annual cost between 2025 and 2077 through General Fund 

transfers. Thereafter, the TFR is projected to remain steady at 100 percent of annual program 

cost through 2079 and would be expected to later begin rising slowly. 

General Fund transfers, expressed as a percent of taxable payroll, are projected to rise to a 

peak of 4.80 percent for 2030 through 2033 and decline thereafter, reaching zero for 2078 and 

later. The “effective” OASDI contribution rate is projected to be reduced from the nominal 

level of 12.4 percent by the amount redirected to personal accounts but increased temporarily 

by General Revenue transfers. Aggregate IA contributions are projected to reach 2.67 percent 

of taxable payroll for 2035 and later (two thirds of the 4-percent individual account 

contribution rate). 

The actuarial deficit for the OASDI program over the 75-year projection period would be 

improved by an estimated 1.89 percent of taxable payroll, from an actuarial deficit of 1.89 

percent of payroll projected under current law to an actuarial balance of zero under the plan. 
7

Program Transfers and Assets 

Table 1a provides an analysis of General Fund transfers under the plan and of OASDI Trust 

Fund and individual account assets. Columns 1 through 3 provide the estimated amounts of 

annual transfers to maintain a 100 percent TFR under the mechanism described above. 

Column 4 provides the cumulative total amount of these transfers from the General Fund of 

the Treasury through the end of each year. Under the plan, transfers from the General Fund 

would not be expected to be required until 2024; and the total expected transfers needed 

between 2024 and 2077 are $3.6 trillion in present value. As seen in table 1d, column 7, this 

contributes to achieving a trust fund level of $0.2 trillion in present value at the end of 2078. 

Total projected OASDI Trust Fund assets are shown in column 5 of table 1a. For purpose of 

comparison, the net OASDI Trust Fund assets are also shown for a theoretical Social Security 

program where borrowing authority is assumed for the trust funds. The theoretical Social 

Security program with borrowing authority is presented both without and with the General 

Fund transfers expected under this plan, in columns 8 and 9, respectively. Column 1 of table 

1d shows that transfers or borrowing from the General Fund of the Treasury required to 

finance currently scheduled benefits through 2078 would total $3.7 trillion in present value, 

and this would leave the cash holdings of the trust fund at zero at the end of 2078. 

If the individual accounts are considered as a part of a “total system”, along with the OASDI 

program, then it is reasonable to consider “total system assets”. These would be the sum of 

OASDI Trust Fund assets and IA assets (columns 5 and 6 of table 1a). Under the 

intermediate assumptions and assuming full annuitization of IA assets, total system assets are 

expected to be large and growing in real terms at the end of the 75-year projection period. 

Effect on the Federal Unified Budget 

Table 1b (present value dollars) and table 1b.c (constant dollars) provide estimates of the 

effect on federal unified budget cash flows and balances under this plan and these 

assumptions. All values in these tables represent the amount of the change that would be 

expected as a result of implementing the proposal, from the level that would be projected 

under current law. The effect of the plan on unified budget cash flow (column 4) would be 

expected to be negative initially, but positive starting 2040. This total cash flow change is the 

combination of the specific plan effects shown in columns 1-3. It is important to note that 

these estimates are based on the intermediate assumptions of the 2004 Trustees Report and 

thus are not consistent with estimates made by the OMB or the CBO based of their 

assumptions. 

The fifth column provides the projected effect of implementing the plan on the Federal debt 

held by the public. For 2075 and later, the accumulated effect on debt held by the public is 

expected to be less than under current law scheduled benefits, assuming the law was changed 

to permit borrowing authority by the trust funds. The final column provides the projected 

effect on the annual unified budget balances, including both the cash flow effect in column 4 

and the additional interest on the accumulated debt. 
8

Cash Flow to the General Fund of the Treasury 

Table 1c provides estimates of the net cash flow from the OASDI Trust Funds to the General 

Fund of the Treasury. Revenue paid by the Treasury to the trust funds for the redemption of 

the special-issue Treasury obligations held by the trust funds is included here as a negative 

cash flow to the General Fund. To the extent that General Fund transfers are invested in 

special-issue Treasury obligations and are subsequently redeemed, they will, upon 

redemption, affect cash flow between OASDI Trust Funds and the General Fund of the 

Treasury. 

Values in Table 1c are shown as a percent of taxable payroll, in current dollars, in present 

value dollars as of 1/1/2004, and in constant 2004 dollars (discounted to 2004 with the 

projected growth in the CPI). For comparison purposes, net cash flow is also shown for a 

theoretical Social Security program where transfers from the General Fund of the Treasury to 

the OASDI Trust Funds are assumed to occur as needed to assure full payment of scheduled 

benefits in 2042 and later. 

Change in Long-Range Trust Fund Assets/Unfunded Obligation 

Table 1d provides estimates of the amount of assets in the combined OASI and DI 

Trust Funds at the end of each year, in present discounted value. Negative values do 

not indicate levels of trust fund assets as the program does not have borrowing 

authority. Instead, negative values reflect the magnitude of the unfunded obligation 

of the program through the end of the year. The first column presents these 

estimates under present law, where the unfunded obligation is $3.7 trillion through 

2078, the end of the 75-year long-range period. 

Columns 2 through 5 show the annual effects of the components of the proposal that 

move the OASDI program to elimination of the unfunded obligation. These include 

the basic OASI changes (the change in the NRA, the benefit formula, and the early 

retirement and delayed retirement factors, plus the effects on taxation of OASDI 

benefits and on IA distributions), IA contributions redirected from the trust funds to 

the IAs, offsets against OASI benefits due to IA participation, and the General Fund 

transfers needed to maintain solvency in 2024 through 2077. 

The combination of the annual effects in columns 2 through 5 is accumulated in 

column 6, showing the effect on projected trust fund assets, or on the unfunded 

obligation, through the end of each year. Column 7 shows the resulting trust fund 

asset levels projected under the proposal. The overall effect of the proposal is to 

transform the projected $3.7 trillion long-range unfunded obligation for the program 

under current law into an expected positive trust fund balance of $ 0.2 trillion at the 

end of the period. 
9

Estimates with Low or Risk-Adjusted Yields on Assets 

Tables 2, 2a, 2b, 2b.c, 2c, and 2d provide an analysis of the implications of realizing actual 

real yields on individual account assets that are equal to the assumed average real yield on 

long-term Treasury bonds, or 3 percent. This may be viewed as either illustrating the case 

where the average real yield on equities and corporate bonds is no higher than on government 

bonds, or illustrating the effect of assuming “risk-adjusted” returns on equities and corporate 

bonds. In either case, the “expected” yield on annuitized assets is assumed to match the 

actual yield, on average. 

The historically higher returns on equities and corporate bonds than on Treasury bonds is 

associated with the relatively higher degree of variability in the returns on these assets. One 

way of accounting for the combination of this increased variability and the associated higher 

expected return that is demanded in the markets is to portray the returns of the more variable 

assets as being the same as the relatively low-yield asset, Treasury bonds. Tables 2 serve this 

purpose. It should also be noted that while average real yields for equities have been at or 

below average bond yields for periods of a decade or so, the likelihood of having such a low 

average yield for a period of several decades seems extremely low. 

Differences between Tables 1 and 2 are small because the only effect on the solvency of the 

trust funds due to variation in IA investment yields comes from the relatively small changes in 

income taxes paid on the IA distributions. 

 Stephen C. Goss 

 Alice H. Wade 

Attachments 
Table 1 Hagel Plan

IA Contribution is 4% of taxable earnings starting in 2006

Tax IA like Benefits Ult Real TF Int Rate of 3.00 Assumed Participation in Voluntary IA: 66.7%

IA to Estate Benefit Offset Real Yield Rate Set at 3.00 Benefit Offset: 100.0%

at Death <65 Benefit Offset Real Discount Rate Set at 3.00 "Effective" "Effective" "Effective"

If No Survivor Change OASDI General IA

Cost Income Annual TFR in OASDI Contribution Revenue Contribution

Year Rate1 Rate Balance 1-1-yr Contribution Rate Rate2 Transfer Rate

2004 11.07 12.71 1.64 306 12.40 0.00

2005 10.87 12.73 1.86 325 12.40 0.00

2006 10.77 11.27 0.50 347 -1.465 10.94 1.46

2007 10.75 11.14 0.40 353 -0.142 10.79 1.61

2008 10.80 11.12 0.33 357 -0.061 10.73 1.67

2009 10.95 11.05 0.10 357 -0.062 10.67 1.73

2010 11.08 11.01 -0.07 356 -0.063 10.61 1.79

2011 11.25 10.99 -0.25 352 -0.065 10.54 1.86

2012 11.50 10.96 -0.54 346 -0.063 10.48 1.92

2013 11.76 10.93 -0.83 338 -0.063 10.42 1.98

2014 12.02 10.88 -1.14 328 -0.063 10.35 2.05

2015 12.30 10.84 -1.47 315 -0.062 10.29 2.11

2016 12.61 10.80 -1.81 299 -0.059 10.23 2.17

2017 12.92 10.76 -2.17 282 -0.057 10.18 2.22

2018 13.25 10.72 -2.52 263 -0.054 10.12 2.28

2019 13.58 10.69 -2.89 242 -0.051 10.07 2.33

2020 13.93 10.66 -3.27 219 -0.048 10.02 2.38

2021 14.27 10.64 -3.63 194 -0.044 9.98 2.42

2022 14.57 10.62 -3.95 168 -0.040 9.94 2.46

2023 14.77 10.60 -4.18 142 -0.036 9.90 2.50

2024 14.81 12.37 -2.44 116 1.769 11.67 1.8 2.53

2025 15.02 14.96 -0.06 100 2.574 14.24 4.4 2.56

2026 15.18 15.05 -0.13 100 0.078 14.32 4.5 2.58

2027 15.32 15.14 -0.17 100 0.082 14.40 4.6 2.60

2028 15.42 15.14 -0.28 100 -0.014 14.39 4.6 2.61

2029 15.37 15.13 -0.24 100 -0.011 14.38 4.6 2.62

2030 15.43 15.33 -0.09 100 0.190 14.57 4.8 2.63

2031 15.50 15.34 -0.17 100 -0.009 14.56 4.8 2.64

2032 15.56 15.34 -0.22 100 -0.008 14.55 4.8 2.65

2033 15.58 15.34 -0.24 100 -0.007 14.54 4.8 2.66

2034 15.57 15.24 -0.33 100 -0.106 14.44 4.7 2.66

2035 15.53 15.24 -0.29 100 -0.005 14.43 4.7 2.67

2036 15.47 15.15 -0.32 100 -0.100 14.33 4.6 2.67

2037 15.38 14.95 -0.43 100 -0.200 14.13 4.4 2.67

2038 15.26 14.95 -0.31 100 0.000 14.13 4.4 2.67

2039 15.13 14.75 -0.38 100 -0.200 13.93 4.2 2.67

2040 14.99 14.65 -0.34 100 -0.100 13.83 4.1 2.67

2041 14.84 14.45 -0.39 100 -0.200 13.63 3.9 2.67

2042 14.68 14.25 -0.43 100 -0.200 13.43 3.7 2.67

2043 14.52 14.15 -0.37 100 -0.100 13.33 3.6 2.67

2044 14.35 13.95 -0.40 100 -0.200 13.13 3.4 2.67

2045 14.18 13.75 -0.43 100 -0.200 12.93 3.2 2.67

2046 14.01 13.65 -0.35 100 -0.100 12.83 3.1 2.67

2047 13.84 13.46 -0.38 100 -0.200 12.63 2.9 2.67

2048 13.67 13.26 -0.42 100 -0.200 12.43 2.7 2.67

2049 13.51 13.16 -0.35 100 -0.100 12.33 2.6 2.67

2050 13.34 12.96 -0.38 100 -0.200 12.13 2.4 2.67

2051 13.19 12.86 -0.33 100 -0.100 12.03 2.3 2.67

2052 13.05 12.67 -0.38 100 -0.200 11.83 2.1 2.67

2053 12.91 12.57 -0.34 100 -0.100 11.73 2.0 2.67

2054 12.77 12.37 -0.40 100 -0.200 11.53 1.8 2.67

2055 12.64 12.28 -0.36 100 -0.100 11.43 1.7 2.67

2056 12.51 12.18 -0.33 100 -0.100 11.33 1.6 2.67

2057 12.38 12.09 -0.29 100 -0.100 11.23 1.5 2.67

2058 12.25 11.90 -0.35 100 -0.200 11.03 1.3 2.67

2059 12.11 11.80 -0.31 100 -0.100 10.93 1.2 2.67

2060 11.96 11.61 -0.36 100 -0.200 10.73 1.0 2.67

2061 11.81 11.51 -0.30 100 -0.100 10.63 0.9 2.67

2062 11.67 11.32 -0.35 100 -0.200 10.43 0.7 2.67

2063 11.53 11.33 -0.21 100 0.000 10.43 0.7 2.67

2064 11.48 11.23 -0.25 100 -0.100 10.33 0.6 2.67

2065 11.43 11.13 -0.29 100 -0.100 10.23 0.5 2.67

2066 11.37 11.14 -0.24 100 0.000 10.23 0.5 2.67

2067 11.33 11.14 -0.19 100 0.000 10.23 0.5 2.67

2068 11.28 11.04 -0.24 100 -0.100 10.13 0.4 2.67

2069 11.23 11.04 -0.19 100 0.000 10.13 0.4 2.67

2070 11.18 10.94 -0.24 100 -0.100 10.03 0.3 2.67

2071 11.14 10.89 -0.25 100 -0.050 9.98 0.3 2.67

2072 11.10 10.84 -0.25 100 -0.050 9.93 0.2 2.67

2073 11.06 10.84 -0.21 100 0.000 9.93 0.2 2.67

2074 11.02 10.84 -0.18 100 0.000 9.93 0.2 2.67

2075 10.98 10.74 -0.24 100 -0.100 9.83 0.1 2.67

2076 10.95 10.74 -0.21 100 0.000 9.83 0.1 2.67

2077 10.92 10.74 -0.18 100 0.000 9.83 0.1 2.67

2078 10.89 10.64 -0.24 100 -0.100 9.73 2.67

2079 10.86 10.64 -0.22 100 0.000 9.73 2.67

Summarized OASDI

Actuarial Change in 

Cost Rate Income Rate Balance Actuarial Balance

2004 - 2078 13.18 13.18 0.00 1.89

Based on Intermediate Assumptions of the 2004 Trustees Report

With Ultimate Real Trust Fund Interest Rate of 3.00 Office of the Actuary

1

Net of Benefit Offset Social Security Administration 2

 Including General Revenue Transfer March 9, 2005
Table 1a Proposal GF Transfers, OASDI Trust Fund Assets, Individual Account Assets, and Theoretical OASDI Assets

Expected Theoretical Social Security 2

Proposal General Fund Transfers Total OASDI Individual with Borrowing Authority

Accumulated Trust Fund Account Net OASDI TF Assets End of Year

Present Value Percent of Annual as of Assets Assets 1 Without GF With GF Transfer

as of 1-1-2004 Tax Payroll Transfers End of Year at End of Year at End of Year GDP Transfer (amount for Prop)

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

Year Billions Billions of Constant 2004$ Billions of Constant 2004 Dollars

2004 0.0 0.0 0.0 0 1,684 0 11,544 1,684 1,684

2005 0.0 0.0 0.0 0 1,840 0 11,911 1,840 1,840

2006 0.0 0.0 0.0 0 1,925 73 12,246 1,998 1,998

2007 0.0 0.0 0.0 0 2,000 158 12,562 2,156 2,156

2008 0.0 0.0 0.0 0 2,068 252 12,870 2,315 2,315

2009 0.0 0.0 0.0 0 2,127 355 13,171 2,473 2,473

2010 0.0 0.0 0.0 0 2,179 467 13,466 2,631 2,631

2011 0.0 0.0 0.0 0 2,224 589 13,752 2,790 2,790

2012 0.0 0.0 0.0 0 2,256 722 14,024 2,944 2,944

2013 0.0 0.0 0.0 0 2,270 866 14,285 3,091 3,091

2014 0.0 0.0 0.0 0 2,268 1,022 14,547 3,230 3,230

2015 0.0 0.0 0.0 0 2,247 1,190 14,804 3,360 3,360

2016 0.0 0.0 0.0 0 2,203 1,372 15,061 3,478 3,478

2017 0.0 0.0 0.0 0 2,136 1,568 15,322 3,584 3,584

2018 0.0 0.0 0.0 0 2,045 1,778 15,586 3,675 3,675

2019 0.0 0.0 0.0 0 1,925 2,003 15,842 3,750 3,750

2020 0.0 0.0 0.0 0 1,775 2,244 16,100 3,805 3,805

2021 0.0 0.0 0.0 0 1,595 2,500 16,354 3,841 3,841

2022 0.0 0.0 0.0 0 1,385 2,770 16,610 3,857 3,857

2023 0.0 0.0 0.0 0 1,150 3,052 16,861 3,851 3,851

2024 63.6 1.8 117.0 117 1,021 3,347 17,117 3,823 3,940

2025 153.0 4.4 289.8 410 1,046 3,654 17,372 3,773 4,183

2026 154.0 4.5 300.4 723 1,068 3,972 17,634 3,700 4,423

2027 154.9 4.6 311.2 1,056 1,087 4,303 17,903 3,604 4,660

2028 152.4 4.6 315.4 1,403 1,099 4,645 18,174 3,486 4,889

2029 150.0 4.6 319.6 1,765 1,114 4,998 18,451 3,346 5,110

2030 154.0 4.8 338.1 2,156 1,140 5,362 18,733 3,184 5,340

2031 151.5 4.8 342.7 2,563 1,161 5,738 19,022 3,000 5,563

2032 149.1 4.8 347.4 2,987 1,179 6,124 19,319 2,796 5,783

2033 146.8 4.8 352.1 3,429 1,195 6,521 19,622 2,570 5,999

2034 141.5 4.7 349.5 3,881 1,205 6,929 19,929 2,325 6,207

2035 139.2 4.7 354.4 4,352 1,218 7,347 20,243 2,062 6,414

2036 134.2 4.6 351.7 4,834 1,228 7,774 20,564 1,780 6,614

2037 126.4 4.4 341.2 5,321 1,230 8,211 20,892 1,481 6,802

2038 124.4 4.4 346.0 5,826 1,241 8,657 21,226 1,165 6,991

2039 116.9 4.2 334.9 6,336 1,246 9,112 21,562 833 7,169

2040 112.4 4.1 331.5 6,858 1,254 9,575 21,904 485 7,343

2041 105.2 3.9 319.8 7,383 1,258 10,046 22,252 120 7,503

2042 98.3 3.7 307.7 7,912 1,259 10,524 22,605 -262 7,650

2043 94.1 3.6 303.5 8,453 1,264 11,010 22,961 -662 7,791

2044 87.5 3.4 290.7 8,997 1,266 11,502 23,322 -1,080 7,918

2045 81.1 3.2 277.3 9,545 1,264 12,000 23,687 -1,516 8,028

2046 77.3 3.1 272.4 10,103 1,270 12,503 24,055 -1,972 8,131

2047 71.2 2.9 258.3 10,665 1,272 13,011 24,426 -2,449 8,216

2048 65.2 2.7 243.7 11,228 1,271 13,524 24,799 -2,946 8,282

2049 61.8 2.6 237.8 11,803 1,275 14,041 25,174 -3,465 8,338

2050 56.1 2.4 222.4 12,379 1,276 14,559 25,552 -4,008 8,371

2051 52.9 2.3 215.9 12,967 1,281 15,078 25,936 -4,577 8,390

2052 47.5 2.1 199.7 13,555 1,281 15,598 26,324 -5,172 8,384

2053 44.5 2.0 192.7 14,155 1,285 16,117 26,721 -5,795 8,360

2054 39.4 1.8 175.8 14,755 1,282 16,635 27,123 -6,447 8,308

2055 36.6 1.7 168.2 15,366 1,283 17,150 27,528 -7,130 8,236

2056 33.9 1.6 160.3 15,987 1,286 17,660 27,939 -7,845 8,142

2057 31.2 1.5 152.3 16,619 1,293 18,163 28,354 -8,594 8,025

2058 26.6 1.3 133.7 17,252 1,294 18,658 28,775 -9,378 7,874

2059 24.2 1.2 125.0 17,894 1,299 19,142 29,204 -10,196 7,698

2060 19.8 1.0 105.5 18,536 1,298 19,613 29,639 -11,052 7,485

2061 17.5 0.9 96.2 19,189 1,303 20,068 30,078 -11,946 7,243

2062 13.4 0.7 75.8 19,840 1,302 20,505 30,526 -12,880 6,960

2063 13.2 0.7 76.8 20,512 1,316 20,923 30,978 -13,857 6,655

2064 11.1 0.6 66.6 21,194 1,326 21,342 31,438 -14,876 6,318

2065 9.1 0.5 56.3 21,886 1,331 21,761 31,906 -15,940 5,946

2066 9.0 0.5 57.0 22,600 1,342 22,200 32,379 -17,050 5,550

2067 8.8 0.5 57.7 23,335 1,359 22,641 32,861 -18,208 5,128

2068 6.9 0.4 46.8 24,082 1,370 23,085 33,359 -19,414 4,669

2069 6.8 0.4 47.4 24,852 1,387 23,533 33,859 -20,670 4,182

2070 5.0 0.3 36.0 25,634 1,397 23,986 34,366 -21,978 3,656

2071 4.1 0.3 30.4 26,433 1,407 24,445 34,882 -23,340 3,094

2072 3.2 0.2 24.6 27,251 1,416 24,909 35,404 -24,756 2,495

2073 3.2 0.2 25.0 28,093 1,429 25,381 35,931 -26,230 1,864

2074 3.1 0.2 25.3 28,961 1,448 25,861 36,464 -27,762 1,199

2075 1.5 0.1 12.8 29,843 1,458 26,350 37,006 -29,356 487

2076 1.5 0.1 13.0 30,751 1,473 26,848 37,555 -31,014 -262

2077 1.5 0.1 13.1 31,687 1,492 27,357 38,112 -32,736 -1,049

2078 0.0 0.0 0.0 32,638 1,502 27,877 38,677 -34,527 -1,889

2079 0.0 0.0 0.0 33,617 1,516 28,409 39,245 -36,387 -2,770

Total 3,597.7

Based on Intermediate Assumptions of the 2004 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. March 9, 2005

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

 Individual Account Contribution Rate: 4.0% Benefit Offset: 100.0%

Amount(%) Other Change in 

Contributed to Offset to Changes Annual Debt Held Annual 

IA by Fed Gov: OASDI Ben in OASDI Unified Budget by Public Unified Budget

100 From IA Cash flow Cashflow (EOY) Balance

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

Year (Billions of $, Present Value on 1-1-2004)

2005 0.0 0.0 0.0 0.0 0.0 0.0

2006 64.0 0.0 0.0 -64.0 64.0 -64.0

2007 69.8 0.0 0.0 -69.8 133.8 -73.1

2008 72.2 0.0 0.0 -72.2 206.0 -79.1

2009 74.4 0.0 0.0 -74.4 280.4 -85.2

2010 76.6 0.0 0.0 -76.6 356.9 -91.4

2011 78.6 0.0 0.0 -78.6 435.6 -97.6

2012 80.4 0.0 0.0 -80.4 516.0 -103.7

2013 82.0 0.0 0.0 -82.0 598.0 -109.7

2014 83.7 0.0 0.0 -83.7 681.7 -116.0

2015 85.2 0.0 0.0 -85.2 766.9 -122.3

2016 86.4 0.0 0.0 -86.4 853.3 -128.5

2017 87.5 0.0 0.0 -87.5 940.8 -134.6

2018 88.4 0.0 0.0 -88.4 1,029.2 -140.7

2019 89.0 0.0 0.0 -89.0 1,118.2 -146.2

2020 89.5 0.0 0.0 -89.5 1,207.7 -151.6

2021 89.7 0.0 0.0 -89.7 1,297.4 -156.9

2022 89.8 1.1 0.0 -88.7 1,386.1 -160.8

2023 89.7 3.1 2.5 -84.1 1,470.2 -161.2

2024 89.4 5.0 9.7 -74.7 1,544.9 -156.4

2025 88.9 7.1 10.9 -70.9 1,615.8 -156.8

2026 88.2 9.1 12.9 -66.1 1,681.9 -155.9

2027 87.4 11.2 15.1 -61.1 1,743.0 -154.5

2028 86.5 13.4 17.3 -55.8 1,798.8 -152.6

2029 85.5 15.6 23.5 -46.4 1,845.2 -146.4

2030 84.4 17.8 25.3 -41.3 1,886.5 -143.9

2031 83.4 20.0 26.1 -37.3 1,923.8 -142.1

2032 82.3 22.2 26.7 -33.4 1,957.2 -140.3

2033 81.2 24.4 27.6 -29.2 1,986.4 -137.9

2034 80.1 26.7 28.4 -25.0 2,011.4 -135.4

2035 79.0 28.9 29.2 -20.9 2,032.3 -132.7

2036 77.8 31.1 30.2 -16.5 2,048.8 -129.4

2037 76.6 33.3 31.2 -12.1 2,060.9 -125.9

2038 75.4 35.5 32.1 -7.7 2,068.6 -122.3

2039 74.2 37.7 33.2 -3.3 2,071.9 -118.3

2040 73.1 39.9 34.2 1.0 2,070.9 -114.1

2041 72.0 42.0 35.4 5.4 2,065.5 -109.7

2042 70.8 44.1 36.5 9.8 2,055.7 -105.0

2043 69.7 46.2 37.7 14.1 2,041.5 -100.1

2044 68.7 48.2 38.9 18.4 2,023.1 -95.0

2045 67.6 50.2 40.0 22.7 2,000.4 -89.8

2046 66.5 52.2 41.2 26.9 1,973.5 -84.3

2047 65.4 54.0 42.3 30.9 1,942.6 -78.8

2048 64.4 55.7 43.4 34.7 1,907.9 -73.2

2049 63.4 57.4 44.4 38.5 1,869.4 -67.5

2050 62.3 59.4 45.3 42.4 1,827.0 -61.5

2051 61.3 61.1 46.2 46.0 1,781.0 -55.5

2052 60.3 62.7 46.9 49.4 1,731.6 -49.6

2053 59.3 64.3 47.6 52.6 1,679.0 -43.6

2054 58.3 65.9 48.3 55.8 1,623.2 -37.5

2055 57.4 67.4 48.9 58.9 1,564.3 -31.3

2056 56.4 68.9 49.4 61.9 1,502.4 -25.0

2057 55.5 70.4 49.9 64.8 1,437.6 -18.7

2058 54.6 71.9 50.3 67.6 1,369.9 -12.2

2059 53.7 73.4 50.7 70.4 1,299.5 -5.7

2060 52.8 74.9 51.1 73.2 1,226.3 1.0

2061 51.9 76.4 51.5 76.0 1,150.3 7.9

2062 51.1 77.8 52.0 78.7 1,071.6 14.8

2063 50.2 79.0 52.4 81.2 990.3 21.7

2064 49.4 78.6 52.8 82.0 908.4 26.9

2065 48.6 78.0 53.1 82.6 825.8 32.1

2066 47.8 77.4 53.4 83.1 742.7 37.2

2067 47.0 76.8 53.7 83.5 659.3 42.2

2068 46.2 76.0 54.0 83.8 575.5 47.2

2069 45.5 75.3 54.2 84.0 491.5 52.0

2070 44.7 74.4 54.4 84.1 407.4 56.8

2071 44.0 73.6 54.5 84.1 323.2 61.5

2072 43.3 72.7 54.7 84.1 239.1 66.1

2073 42.5 71.8 54.8 84.0 155.1 70.7

2074 41.8 70.8 54.9 83.9 71.3 75.2

2075 41.1 69.8 55.0 83.7 -12.4 79.7

2076 40.5 68.8 55.1 83.4 -95.8 84.1

2077 39.8 67.8 55.1 83.2 -179.0 88.5

2078 39.1 66.8 55.2 82.9 -261.9 92.8

2079 38.5 65.8 55.2 82.5 -344.4 97.1

 Based on the Intermediate Assumptions of the 2004 Trustees Report

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

Benefit Offset Real Yield Rate Set at 3.0% Social Security Administration

Benefit Offset Real Discount Rate Set at 3.0% March 9, 2005
Table 1b.c IA Contributions, IA Offset, Other Changes, & Budget Effect

 Individual Account Contribution Rate: 4.0% Benefit Offset: 100.0%

Amount(%) Other Change in 

Contributed to Offset to Changes Annual Debt Held Annual 

IA by Fed Gov: OASDI Ben in OASDI Unified Budget by Public Unified Budget

100 From IA Cash flow Cashflow (EOY) Balance

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

Year (Billions of Constant 2004 $)

2005 0.0 0.0 0.0 0.0 0.0 0.0

2006 70.8 0.0 0.0 -70.8 71.8 -72.7

2007 79.5 0.0 0.0 -79.5 154.2 -85.4

2008 84.3 0.0 0.0 -84.3 243.6 -94.9

2009 89.2 0.0 0.0 -89.2 340.4 -104.9

2010 94.2 0.0 0.0 -94.2 445.1 -115.5

2011 99.4 0.0 0.0 -99.4 558.1 -126.8

2012 104.5 0.0 0.0 -104.5 679.4 -138.5

2013 109.5 0.0 0.0 -109.5 809.4 -150.5

2014 114.8 0.0 0.0 -114.8 948.8 -163.7

2015 120.2 0.0 0.0 -120.2 1,098.0 -177.5

2016 125.6 0.0 0.0 -125.6 1,257.4 -191.9

2017 130.8 0.0 0.0 -130.8 1,427.4 -207.1

2018 136.1 0.0 0.0 -136.1 1,608.3 -222.9

2019 141.2 0.0 0.0 -141.2 1,799.9 -238.6

2020 146.2 0.0 0.0 -146.2 2,002.2 -254.9

2021 151.0 0.0 0.0 -151.0 2,215.5 -271.6

2022 155.6 2.0 0.0 -153.7 2,438.0 -286.7

2023 160.0 5.5 4.4 -150.2 2,663.5 -296.0

2024 164.4 9.3 17.8 -137.3 2,882.7 -295.8

2025 168.3 13.4 20.6 -134.3 3,105.5 -305.5

2026 172.1 17.8 25.2 -129.0 3,329.6 -313.0

2027 175.6 22.6 30.3 -122.7 3,554.0 -319.5

2028 179.0 27.7 35.9 -115.4 3,777.7 -325.0

2029 182.2 33.2 50.0 -99.0 3,991.5 -321.1

2030 185.3 39.0 55.6 -90.7 4,203.3 -325.0

2031 188.5 45.2 59.0 -84.3 4,415.0 -330.7

2032 191.7 51.7 62.2 -77.8 4,626.4 -336.3

2033 194.8 58.6 66.2 -69.9 4,836.2 -340.5

2034 197.9 65.9 70.2 -61.8 5,044.0 -344.3

2035 201.0 73.5 74.3 -53.2 5,249.3 -347.5

2036 203.9 81.6 79.1 -43.2 5,450.7 -349.1

2037 206.8 90.0 84.1 -32.6 5,647.3 -349.9

2038 209.7 98.8 89.3 -21.5 5,838.6 -349.9

2039 212.6 108.0 95.1 -9.5 6,023.3 -348.6

2040 215.6 117.6 101.0 3.0 6,201.0 -346.4

2041 218.7 127.6 107.5 16.5 6,370.2 -342.9

2042 221.7 138.1 114.3 30.7 6,530.2 -338.1

2043 224.8 148.9 121.5 45.6 6,679.8 -332.0

2044 228.0 160.2 129.0 61.2 6,818.1 -324.7

2045 231.1 171.8 136.8 77.5 6,944.0 -315.9

2046 234.3 184.0 145.1 94.8 7,056.1 -305.4

2047 237.5 196.0 153.6 112.1 7,154.0 -294.2

2048 240.7 208.3 162.2 129.8 7,236.9 -281.6

2049 243.9 221.1 171.0 148.2 7,303.6 -267.5

2050 247.1 235.4 179.8 168.1 7,352.1 -250.9

2051 250.4 249.7 188.5 187.8 7,382.0 -233.4

2052 253.6 263.9 197.4 207.7 7,392.7 -214.7

2053 257.0 278.7 206.4 228.1 7,383.0 -194.3

2054 260.4 294.0 215.5 249.1 7,351.7 -172.1

2055 263.8 309.9 224.7 270.8 7,297.4 -148.0

2056 267.2 326.4 233.9 293.0 7,218.9 -122.0

2057 270.7 343.5 243.2 316.0 7,114.8 -93.8

2058 274.2 361.4 252.6 339.8 6,983.4 -63.3

2059 277.8 379.9 262.2 364.4 6,823.1 -30.3

2060 281.4 399.3 272.1 390.0 6,631.9 5.4

2061 285.0 419.4 282.8 417.2 6,407.5 44.4

2062 288.7 439.7 293.9 444.9 6,148.2 86.0

2063 292.4 460.1 305.4 473.1 5,852.5 130.0

2064 296.2 471.2 316.6 491.6 5,529.2 166.2

2065 300.1 482.0 328.1 510.0 5,177.5 203.9

2066 303.9 492.7 339.9 528.6 4,796.3 243.5

2067 307.9 503.1 351.9 547.2 4,384.9 284.7

2068 312.0 513.3 364.3 565.7 3,942.4 327.6

2069 316.0 523.3 376.6 583.9 3,468.0 372.1

2070 320.2 533.2 389.3 602.3 2,960.9 418.5

2071 324.4 542.8 402.2 620.6 2,419.8 466.8

2072 328.6 552.2 415.4 639.0 1,843.9 517.1

2073 332.9 561.5 428.8 657.4 1,232.0 569.5

2074 337.2 570.6 442.5 676.0 582.9 624.1

2075 341.5 579.6 456.5 694.6 -104.6 680.9

2076 345.9 588.5 470.8 713.4 -831.7 740.2

2077 350.4 597.4 485.4 732.4 -1,600.0 801.9

2078 354.9 606.2 500.4 751.6 -2,410.8 866.3

2079 359.5 614.9 515.7 771.1 -3,265.7 933.4

 Based on the Intermediate Assumptions of the 2004 Trustees Report

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

Benefit Offset Real Yield Rate Set at 3.0% Social Security Administration

Benefit Offset Real Discount Rate Set at 3.0% March 9, 2005
Table 1c OASDI Cash Flow to General Fund of the Treasury--- Proposal vs. Theoretical OASDI

Proposal Theoretical Social Security with PAYGO Transfers

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

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

Treasury During the Year 1 Treasury During the Year 1

Percent Billions of Dollars Percent Billions of Dollars

Year of Payroll Current $ 1/1/2004 PV Const 2004 $ of Payroll Current $ 1/1/2004 PV Const 2004 $

2004 1.4 65 63 65 1.4 65 63 65

2005 1.9 89 82 87 1.9 89 82 87

2006 0.5 24 21 23 1.9 97 85 94

2007 0.4 21 17 19 2.0 105 87 99

2008 0.3 17 13 16 2.0 109 86 100

2009 0.1 5 4 4 1.8 105 78 93

2010 -0.1 -6 -4 -5 1.7 103 73 89

2011 -0.3 -17 -11 -14 1.6 101 67 85

2012 -0.5 -36 -23 -29 1.4 91 58 75

2013 -0.8 -58 -35 -47 1.1 79 47 63

2014 -1.1 -83 -47 -64 0.9 65 37 50

2015 -1.5 -111 -60 -84 0.6 48 25 36

2016 -1.8 -144 -73 -106 0.3 27 14 20

2017 -2.2 -179 -86 -128 0.0 4 2 3

2018 -2.5 -217 -98 -151 -0.3 -22 -10 -15

2019 -2.9 -260 -111 -176 -0.6 -51 -22 -35

2020 -3.3 -306 -123 -201 -0.9 -84 -34 -55

2021 -3.6 -354 -135 -227 -1.2 -119 -45 -76

2022 -4.0 -402 -145 -250 -1.5 -155 -56 -97

2023 -4.2 -442 -150 -268 -1.8 -195 -66 -118

2024 -4.3 -468 -150 -276 -2.1 -236 -76 -139

2025 -4.5 -513 -156 -295 -2.4 -279 -85 -160

2026 -4.6 -555 -159 -310 -2.7 -324 -93 -181

2027 -4.8 -596 -161 -324 -3.0 -370 -100 -201

2028 -4.9 -635 -162 -335 -3.2 -416 -106 -220

2029 -4.8 -655 -158 -337 -3.4 -463 -112 -238

2030 -4.9 -691 -157 -345 -3.6 -510 -116 -255

2031 -5.0 -731 -157 -355 -3.8 -558 -120 -271

2032 -5.0 -770 -156 -364 -4.0 -606 -123 -287

2033 -5.0 -805 -154 -370 -4.1 -653 -125 -300

2034 -5.0 -837 -152 -375 -4.2 -699 -127 -313

2035 -5.0 -867 -148 -377 -4.3 -744 -127 -324

2036 -4.9 -890 -144 -377 -4.4 -788 -127 -334

2037 -4.8 -911 -139 -375 -4.4 -831 -127 -343

2038 -4.7 -927 -134 -371 -4.5 -873 -126 -350

2039 -4.6 -939 -128 -366 -4.5 -915 -124 -357

2040 -4.4 -948 -122 -360 -4.5 -956 -123 -363

2041 -4.3 -955 -116 -352 -4.5 -1,000 -121 -369

2042 -4.1 -959 -110 -344 -4.5 -1,045 -120 -375

2043 -4.0 -961 -104 -335 -4.5 -1,091 -118 -381

2044 -3.8 -959 -98 -326 -4.5 -1,139 -116 -387

2045 -3.6 -954 -92 -315 -4.5 -1,189 -115 -393

2046 -3.5 -946 -86 -304 -4.6 -1,241 -113 -399

2047 -3.3 -938 -81 -293 -4.6 -1,297 -112 -405

2048 -3.1 -928 -75 -282 -4.6 -1,355 -110 -412

2049 -3.0 -916 -70 -271 -4.6 -1,417 -109 -419

2050 -2.8 -899 -65 -259 -4.6 -1,483 -108 -427

2051 -2.6 -884 -61 -247 -4.6 -1,555 -107 -435

2052 -2.5 -871 -56 -237 -4.7 -1,634 -106 -445

2053 -2.4 -855 -52 -227 -4.7 -1,717 -105 -455

2054 -2.2 -838 -48 -216 -4.8 -1,805 -104 -465

2055 -2.1 -818 -45 -205 -4.8 -1,899 -104 -476

2056 -1.9 -797 -41 -194 -4.9 -1,999 -103 -487

2057 -1.8 -772 -38 -183 -4.9 -2,104 -102 -499

2058 -1.7 -741 -34 -171 -5.0 -2,214 -102 -511

2059 -1.5 -704 -31 -158 -5.0 -2,328 -101 -522

2060 -1.4 -660 -27 -144 -5.1 -2,447 -100 -534

2061 -1.2 -609 -24 -129 -5.1 -2,574 -100 -547

2062 -1.1 -555 -20 -115 -5.2 -2,709 -99 -560

2063 -0.9 -500 -17 -100 -5.2 -2,854 -98 -574

2064 -0.9 -488 -16 -95 -5.3 -3,003 -98 -587

2065 -0.8 -474 -15 -90 -5.3 -3,157 -97 -600

2066 -0.7 -461 -13 -85 -5.4 -3,319 -96 -614

2067 -0.7 -448 -12 -81 -5.4 -3,489 -96 -628

2068 -0.6 -433 -11 -76 -5.5 -3,665 -95 -641

2069 -0.6 -417 -10 -71 -5.5 -3,847 -94 -655

2070 -0.6 -400 -9 -66 -5.6 -4,037 -93 -669

2071 -0.5 -383 -8 -62 -5.6 -4,235 -92 -682

2072 -0.5 -365 -8 -57 -5.7 -4,442 -92 -696

2073 -0.4 -347 -7 -53 -5.7 -4,660 -91 -710

2074 -0.4 -330 -6 -49 -5.7 -4,888 -90 -725

2075 -0.4 -312 -5 -45 -5.8 -5,127 -89 -740

2076 -0.3 -294 -5 -41 -5.8 -5,377 -88 -755

2077 -0.3 -275 -4 -38 -5.9 -5,640 -87 -770

2078 -0.3 -255 -4 -34 -5.9 -5,915 -87 -785

2079 -0.2 -235 -3 -30 -6.0 -6,203 -86 -801

Total 2004-78 -4,963 -5,225

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) March 9, 2005
Table 1d Change in Long-Range Trust Fund Assets / Unfunded Obligation

 Individual Account Contribution Rate: 4.0% Benefit Offset: 100.0%

Present Law OASDI

Trust Fund Assets Basic Amount(%) Offset to Proposal OASDI

or if Negative, Changes Contributed to OASDI Trust Fund Assets/

Unfunded Obligation in OASDI IA by Fed Gov: Benefit General Total Change Unfunded Obligation

Through EOY Cash flow 100 from IA Fund Transfers Through EOY1 Through EOY

(1) (2) (3) (4) (5) (6) (7)

Year (Billions of $, Present Value on 1-1-2004)

2005 1,674.6 0.0 0.0 0.0 0.0 0.0 1,674.6

2006 1,759.0 0.0 64.0 0.0 0.0 -64.0 1,695.0

2007 1,845.5 0.0 69.8 0.0 0.0 -133.8 1,711.7

2008 1,930.8 0.0 72.2 0.0 0.0 -206.0 1,724.8

2009 2,008.4 0.0 74.4 0.0 0.0 -280.4 1,728.1

2010 2,080.8 0.0 76.6 0.0 0.0 -356.9 1,723.8

2011 2,148.0 0.0 78.6 0.0 0.0 -435.6 1,712.4

2012 2,205.6 0.0 80.4 0.0 0.0 -516.0 1,689.6

2013 2,252.4 0.0 82.0 0.0 0.0 -598.0 1,654.4

2014 2,289.0 0.0 83.7 0.0 0.0 -681.7 1,607.3

2015 2,314.3 0.0 85.2 0.0 0.0 -766.9 1,547.5

2016 2,327.9 0.0 86.4 0.0 0.0 -853.3 1,474.6

2017 2,329.7 0.0 87.5 0.0 0.0 -940.8 1,388.9

2018 2,319.7 0.0 88.4 0.0 0.0 -1,029.2 1,290.5

2019 2,297.6 0.0 89.0 0.0 0.0 -1,118.2 1,179.4

2020 2,263.7 0.0 89.5 0.0 0.0 -1,207.7 1,056.0

2021 2,218.5 0.0 89.7 0.0 0.0 -1,297.4 921.0

2022 2,162.6 0.0 89.8 1.1 0.0 -1,386.1 776.5

2023 2,096.4 2.5 89.7 3.1 0.0 -1,470.2 626.2

2024 2,020.7 9.7 89.4 5.0 63.6 -1,481.3 539.5

2025 1,936.1 10.9 88.9 7.1 153.0 -1,399.1 537.0

2026 1,843.3 12.9 88.2 9.1 154.0 -1,311.3 532.0

2027 1,743.3 15.1 87.4 11.2 154.9 -1,217.5 525.8

2028 1,637.0 17.3 86.5 13.4 152.4 -1,120.8 516.2

2029 1,525.4 23.5 85.5 15.6 150.0 -1,017.3 508.1

2030 1,409.4 25.3 84.4 17.8 154.0 -904.6 504.8

2031 1,289.5 26.1 83.4 20.0 151.5 -790.4 499.1

2032 1,166.5 26.7 82.3 22.2 149.1 -674.6 491.8

2033 1,041.2 27.6 81.2 24.4 146.8 -557.0 484.2

2034 914.6 28.4 80.1 26.7 141.5 -440.6 474.0

2035 787.2 29.2 79.0 28.9 139.2 -322.2 465.0

2036 659.9 30.2 77.8 31.1 134.2 -204.6 455.3

2037 533.0 31.2 76.6 33.3 126.4 -90.3 442.7

2038 407.2 32.1 75.4 35.5 124.4 26.4 433.5

2039 282.7 33.2 74.2 37.7 116.9 140.0 422.7

2040 159.8 34.2 73.1 39.9 112.4 253.4 413.1

2041 38.4 35.4 72.0 42.0 105.2 364.0 402.5

2042 -81.4 36.5 70.8 44.1 98.3 472.1 390.8

2043 -199.5 37.7 69.7 46.2 94.1 580.4 380.9

2044 -316.0 38.9 68.7 48.2 87.5 686.4 370.4

2045 -430.8 40.0 67.6 50.2 81.1 790.1 359.3

2046 -544.1 41.2 66.5 52.2 77.3 894.3 350.3

2047 -655.8 42.3 65.4 54.0 71.2 996.4 340.6

2048 -766.0 43.4 64.4 55.7 65.2 1,096.3 330.4

2049 -874.8 44.4 63.4 57.4 61.8 1,196.6 321.8

2050 -982.4 45.3 62.3 59.4 56.1 1,295.1 312.6

2051 -1,089.0 46.2 61.3 61.1 52.9 1,394.0 304.9

2052 -1,194.8 46.9 60.3 62.7 47.5 1,490.8 296.0

2053 -1,299.7 47.6 59.3 64.3 44.5 1,587.9 288.3

2054 -1,403.9 48.3 58.3 65.9 39.4 1,683.1 279.3

2055 -1,507.4 48.9 57.4 67.4 36.6 1,778.6 271.2

2056 -1,610.3 49.4 56.4 68.9 33.9 1,874.4 264.1

2057 -1,712.7 49.9 55.5 70.4 31.2 1,970.4 257.8

2058 -1,814.4 50.3 54.6 71.9 26.6 2,064.7 250.3

2059 -1,915.3 50.7 53.7 73.4 24.2 2,159.3 244.0

2060 -2,015.6 51.1 52.8 74.9 19.8 2,252.3 236.7

2061 -2,115.1 51.5 51.9 76.4 17.5 2,345.8 230.7

2062 -2,214.1 52.0 51.1 77.8 13.4 2,437.9 223.8

2063 -2,312.6 52.4 50.2 79.0 13.2 2,532.3 219.7

2064 -2,410.5 52.8 49.4 78.6 11.1 2,625.4 214.9

2065 -2,507.7 53.1 48.6 78.0 9.1 2,717.1 209.4

2066 -2,604.1 53.4 47.8 77.4 9.0 2,809.1 205.0

2067 -2,699.9 53.7 47.0 76.8 8.8 2,901.4 201.5

2068 -2,794.9 54.0 46.2 76.0 6.9 2,992.1 197.2

2069 -2,889.1 54.2 45.5 75.3 6.8 3,082.9 193.8

2070 -2,982.5 54.4 44.7 74.4 5.0 3,172.1 189.6

2071 -3,075.0 54.5 44.0 73.6 4.1 3,260.3 185.3

2072 -3,166.6 54.7 43.3 72.7 3.2 3,347.7 181.1

2073 -3,257.4 54.8 42.5 71.8 3.2 3,434.9 177.5

2074 -3,347.3 54.9 41.8 70.8 3.1 3,521.9 174.6

2075 -3,436.4 55.0 41.1 69.8 1.5 3,607.1 170.7

2076 -3,524.7 55.1 40.5 68.8 1.5 3,692.0 167.4

2077 -3,612.1 55.1 39.8 67.8 1.5 3,776.7 164.6

2078 -3,698.7 55.2 39.1 66.8 0.0 3,859.6 160.9

Total 2004-78 2,281.1 4,925.0 2,905.7 3,597.7

 Based on the Intermediate Assumptions of the 2004 Trustees Report

 With Ultimate Real Trust Fund Interest Rate of 3.0%

Benefit Offset Real Yield Rate Set at 3.0% Office of the Actuary

Benefit Offset Real Discount Rate Set at 3.0% Social Security Administration 1

Total change equals total change from the prior year + Column(2) - Column(3) + Column(4) + Column (5) March 9, 2005
Table 2 Hagel Plan

IA Contribution is 4% of taxable earnings starting in 2006

Sensitivity Ult Real TF Int Rate of 3.00 Assumed Participation in Voluntary IA: 66.7%

Low/RiskAdj Benefit Offset Real Yield Rate Set at 3.00 Benefit Offset: 100.0%

Yld on IA Benefit Offset Real Discount Rate Set at 3.00 "Effective" "Effective" "Effective"

Tax IA like Bens Change OASDI General IA

Cost Income Annual TFR in OASDI Contribution Revenue Contribution

Year Rate1 Rate Balance 1-1-yr Contribution Rate Rate2 Transfer Rate

2004 11.07 12.71 1.64 306 12.40 0.00

2005 10.87 12.73 1.86 325 12.40 0.00

2006 10.77 11.27 0.50 347 -1.465 10.94 1.46

2007 10.75 11.14 0.40 353 -0.142 10.79 1.61

2008 10.80 11.12 0.33 357 -0.061 10.73 1.67

2009 10.95 11.05 0.10 357 -0.062 10.67 1.73

2010 11.08 11.01 -0.07 356 -0.063 10.61 1.79

2011 11.25 10.99 -0.25 352 -0.065 10.54 1.86

2012 11.50 10.96 -0.54 346 -0.063 10.48 1.92

2013 11.76 10.93 -0.83 338 -0.063 10.42 1.98

2014 12.02 10.88 -1.14 328 -0.063 10.35 2.05

2015 12.30 10.84 -1.47 315 -0.062 10.29 2.11

2016 12.61 10.80 -1.81 299 -0.059 10.23 2.17

2017 12.92 10.76 -2.17 282 -0.057 10.18 2.22

2018 13.25 10.72 -2.52 263 -0.054 10.12 2.28

2019 13.58 10.69 -2.89 242 -0.051 10.07 2.33

2020 13.93 10.66 -3.27 219 -0.048 10.02 2.38

2021 14.27 10.64 -3.63 194 -0.044 9.98 2.42

2022 14.57 10.62 -3.95 168 -0.040 9.94 2.46

2023 14.77 10.60 -4.18 142 -0.036 9.90 2.50

2024 14.81 12.37 -2.44 116 1.769 11.67 1.8 2.53

2025 15.02 14.96 -0.06 100 2.574 14.24 4.4 2.56

2026 15.18 15.05 -0.13 100 0.078 14.32 4.5 2.58

2027 15.32 15.14 -0.17 100 0.082 14.40 4.6 2.60

2028 15.42 15.14 -0.28 100 -0.014 14.39 4.6 2.61

2029 15.37 15.23 -0.14 100 0.089 14.48 4.7 2.62

2030 15.43 15.23 -0.20 100 -0.010 14.47 4.7 2.63

2031 15.50 15.23 -0.27 100 -0.009 14.46 4.7 2.64

2032 15.56 15.33 -0.23 100 0.092 14.55 4.8 2.65

2033 15.58 15.33 -0.24 100 -0.007 14.54 4.8 2.66

2034 15.57 15.33 -0.23 100 -0.006 14.54 4.8 2.66

2035 15.53 15.23 -0.30 100 -0.105 14.43 4.7 2.67

2036 15.47 15.14 -0.33 100 -0.100 14.33 4.6 2.67

2037 15.38 15.04 -0.34 100 -0.100 14.23 4.5 2.67

2038 15.26 14.94 -0.33 100 -0.100 14.13 4.4 2.67

2039 15.13 14.74 -0.39 100 -0.200 13.93 4.2 2.67

2040 14.99 14.64 -0.35 100 -0.100 13.83 4.1 2.67

2041 14.84 14.44 -0.40 100 -0.200 13.63 3.9 2.67

2042 14.68 14.33 -0.35 100 -0.100 13.53 3.8 2.67

2043 14.52 14.13 -0.39 100 -0.200 13.33 3.6 2.67

2044 14.35 13.93 -0.42 100 -0.200 13.13 3.4 2.67

2045 14.18 13.73 -0.45 100 -0.200 12.93 3.2 2.67

2046 14.01 13.62 -0.38 100 -0.100 12.83 3.1 2.67

2047 13.84 13.52 -0.32 100 -0.100 12.73 3.0 2.67

2048 13.67 13.22 -0.45 100 -0.300 12.43 2.7 2.67

2049 13.51 13.12 -0.39 100 -0.100 12.33 2.6 2.67

2050 13.34 13.02 -0.33 100 -0.100 12.23 2.5 2.67

2051 13.19 12.81 -0.37 100 -0.200 12.03 2.3 2.67

2052 13.05 12.71 -0.34 100 -0.100 11.93 2.2 2.67

2053 12.91 12.51 -0.40 100 -0.200 11.73 2.0 2.67

2054 12.77 12.41 -0.36 100 -0.100 11.63 1.9 2.67

2055 12.64 12.31 -0.33 100 -0.100 11.53 1.8 2.67

2056 12.51 12.21 -0.30 100 -0.100 11.43 1.7 2.67

2057 12.38 12.01 -0.37 100 -0.200 11.23 1.5 2.67

2058 12.25 11.91 -0.34 100 -0.100 11.13 1.4 2.67

2059 12.11 11.81 -0.29 100 -0.100 11.03 1.3 2.67

2060 11.96 11.61 -0.35 100 -0.200 10.83 1.1 2.67

2061 11.81 11.51 -0.30 100 -0.100 10.73 1.0 2.67

2062 11.67 11.31 -0.36 100 -0.200 10.53 0.8 2.67

2063 11.53 11.31 -0.22 100 0.000 10.53 0.8 2.67

2064 11.48 11.21 -0.27 100 -0.100 10.43 0.7 2.67

2065 11.43 11.21 -0.21 100 0.000 10.43 0.7 2.67

2066 11.37 11.11 -0.26 100 -0.100 10.33 0.6 2.67

2067 11.33 11.11 -0.21 100 0.000 10.33 0.6 2.67

2068 11.28 11.01 -0.27 100 -0.100 10.23 0.5 2.67

2069 11.23 11.01 -0.22 100 0.000 10.23 0.5 2.67

2070 11.18 11.01 -0.17 100 0.000 10.23 0.5 2.67

2071 11.14 10.91 -0.23 100 -0.100 10.13 0.4 2.67

2072 11.10 10.91 -0.19 100 0.000 10.13 0.4 2.67

2073 11.06 10.81 -0.25 100 -0.100 10.03 0.3 2.67

2074 11.02 10.81 -0.21 100 0.000 10.03 0.3 2.67

2075 10.98 10.81 -0.18 100 0.000 10.03 0.3 2.67

2076 10.95 10.70 -0.25 100 -0.100 9.93 0.2 2.67

2077 10.92 10.70 -0.22 100 0.000 9.93 0.2 2.67

2078 10.89 10.70 -0.18 100 0.000 9.93 0.2 2.67

2079 10.86 10.70 -0.16 100 0.000 9.93 0.2 2.67

Summarized OASDI

Actuarial Change in 

Cost Rate Income Rate Balance Actuarial Balance

2004 - 2078 13.18 13.18 0.00 1.89

Based on Intermediate Assumptions of the 2004 Trustees Report

With Ultimate Real Trust Fund Interest Rate of 3.00 Office of the Actuary

1

Net of Benefit Offset Social Security Administration 2

 Including General Revenue Transfer March 9, 2005
Table 2a Proposal GF Transfers, OASDI Trust Fund Assets, Individual Account Assets, and Theoretical OASDI Assets

Expected Theoretical Social Security 2

Proposal General Fund Transfers Total OASDI Individual with Borrowing Authority

Accumulated Trust Fund Account Net OASDI TF Assets End of Year

Present Value Percent of Annual as of Assets Assets 1 Without GF With GF Transfer

as of 1-1-2004 Tax Payroll Transfers End of Year at End of Year at End of Year GDP Transfer (amount for Prop)

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

Year Billions Billions of Constant 2004$ Billions of Constant 2004 Dollars

2004 0.0 0.0 0.0 0 1,684 0 11,544 1,684 1,684

2005 0.0 0.0 0.0 0 1,840 0 11,911 1,840 1,840

2006 0.0 0.0 0.0 0 1,925 73 12,246 1,998 1,998

2007 0.0 0.0 0.0 0 2,000 156 12,562 2,156 2,156

2008 0.0 0.0 0.0 0 2,068 246 12,870 2,315 2,315

2009 0.0 0.0 0.0 0 2,127 343 13,171 2,473 2,473

2010 0.0 0.0 0.0 0 2,179 448 13,466 2,631 2,631

2011 0.0 0.0 0.0 0 2,224 561 13,752 2,790 2,790

2012 0.0 0.0 0.0 0 2,256 682 14,024 2,944 2,944

2013 0.0 0.0 0.0 0 2,270 812 14,285 3,091 3,091

2014 0.0 0.0 0.0 0 2,268 950 14,547 3,230 3,230

2015 0.0 0.0 0.0 0 2,247 1,098 14,804 3,360 3,360

2016 0.0 0.0 0.0 0 2,203 1,256 15,061 3,478 3,478

2017 0.0 0.0 0.0 0 2,136 1,423 15,322 3,584 3,584

2018 0.0 0.0 0.0 0 2,045 1,602 15,586 3,675 3,675

2019 0.0 0.0 0.0 0 1,925 1,790 15,842 3,750 3,750

2020 0.0 0.0 0.0 0 1,775 1,989 16,100 3,805 3,805

2021 0.0 0.0 0.0 0 1,595 2,197 16,354 3,841 3,841

2022 0.0 0.0 0.0 0 1,385 2,415 16,610 3,857 3,857

2023 0.0 0.0 0.0 0 1,150 2,639 16,861 3,851 3,851

2024 63.6 1.8 117.0 117 1,021 2,870 17,117 3,823 3,940

2025 153.0 4.4 289.8 410 1,046 3,107 17,372 3,773 4,183

2026 154.0 4.5 300.4 723 1,068 3,350 17,634 3,700 4,423

2027 154.9 4.6 311.2 1,056 1,087 3,598 17,903 3,604 4,660

2028 152.4 4.6 315.4 1,403 1,099 3,852 18,174 3,486 4,889

2029 153.2 4.7 326.6 1,772 1,121 4,110 18,451 3,346 5,117

2030 150.8 4.7 331.0 2,156 1,140 4,373 18,733 3,184 5,340

2031 148.4 4.7 335.5 2,556 1,153 4,641 19,022 3,000 5,556

2032 149.1 4.8 347.4 2,980 1,170 4,912 19,319 2,796 5,776

2033 146.8 4.8 352.1 3,422 1,186 5,188 19,622 2,570 5,992

2034 144.5 4.8 357.0 3,881 1,203 5,467 19,929 2,325 6,207

2035 139.2 4.7 354.4 4,352 1,215 5,749 20,243 2,062 6,414

2036 134.2 4.6 351.7 4,834 1,225 6,035 20,564 1,780 6,614

2037 129.2 4.5 348.9 5,328 1,233 6,322 20,892 1,481 6,809

2038 124.4 4.4 346.0 5,834 1,243 6,613 21,226 1,165 6,999

2039 116.9 4.2 334.9 6,344 1,247 6,905 21,562 833 7,177

2040 112.4 4.1 331.5 6,866 1,255 7,200 21,904 485 7,351

2041 105.2 3.9 319.8 7,391 1,257 7,496 22,252 120 7,512

2042 100.9 3.8 316.0 7,929 1,264 7,793 22,605 -262 7,667

2043 94.1 3.6 303.5 8,471 1,267 8,091 22,961 -662 7,809

2044 87.5 3.4 290.7 9,015 1,267 8,390 23,322 -1,080 7,936

2045 81.1 3.2 277.3 9,563 1,264 8,690 23,687 -1,516 8,047

2046 77.3 3.1 272.4 10,122 1,266 8,990 24,055 -1,972 8,150

2047 73.6 3.0 267.2 10,693 1,274 9,289 24,426 -2,449 8,245

2048 65.2 2.7 243.7 11,258 1,269 9,589 24,799 -2,946 8,312

2049 61.8 2.6 237.8 11,833 1,270 9,888 25,174 -3,465 8,368

2050 58.4 2.5 231.6 12,420 1,276 10,186 25,552 -4,008 8,412

2051 52.9 2.3 215.9 13,008 1,277 10,481 25,936 -4,577 8,432

2052 49.7 2.2 209.3 13,608 1,281 10,775 26,324 -5,172 8,436

2053 44.5 2.0 192.7 14,209 1,279 11,067 26,721 -5,795 8,414

2054 41.6 1.9 185.5 14,821 1,280 11,356 27,123 -6,447 8,374

2055 38.7 1.8 178.1 15,443 1,284 11,642 27,528 -7,130 8,313

2056 36.0 1.7 170.4 16,077 1,291 11,924 27,939 -7,845 8,232

2057 31.2 1.5 152.3 16,712 1,290 12,202 28,354 -8,594 8,117

2058 28.7 1.4 144.0 17,357 1,292 12,475 28,775 -9,378 7,979

2059 26.2 1.3 135.4 18,013 1,298 12,742 29,204 -10,196 7,817

2060 21.8 1.1 116.1 18,670 1,298 13,002 29,639 -11,052 7,618

2061 19.5 1.0 106.9 19,336 1,303 13,256 30,078 -11,946 7,391

2062 15.3 0.8 86.6 20,003 1,301 13,501 30,526 -12,880 7,123

2063 15.1 0.8 87.7 20,691 1,314 13,739 30,978 -13,857 6,834

2064 13.0 0.7 77.8 21,390 1,321 13,977 31,438 -14,876 6,513

2065 12.8 0.7 78.8 22,110 1,335 14,216 31,906 -15,940 6,170

2066 10.7 0.6 68.4 22,842 1,344 14,455 32,379 -17,050 5,792

2067 10.6 0.6 69.3 23,596 1,357 14,696 32,861 -18,208 5,389

2068 8.7 0.5 58.5 24,363 1,365 14,938 33,359 -19,414 4,949

2069 8.5 0.5 59.3 25,153 1,378 15,182 33,859 -20,670 4,483

2070 8.4 0.5 60.0 25,967 1,397 15,427 34,366 -21,978 3,989

2071 6.6 0.4 48.7 26,795 1,408 15,675 34,882 -23,340 3,455

2072 6.5 0.4 49.3 27,648 1,425 15,926 35,404 -24,756 2,892

2073 4.8 0.3 37.4 28,515 1,435 16,179 35,931 -26,230 2,285

2074 4.7 0.3 37.9 29,408 1,449 16,435 36,464 -27,762 1,646

2075 4.6 0.3 38.4 30,329 1,467 16,695 37,006 -29,356 973

2076 3.0 0.2 25.9 31,265 1,477 16,957 37,555 -31,014 251

2077 3.0 0.2 26.3 32,229 1,491 17,224 38,112 -32,736 -507

2078 2.9 0.2 26.6 33,223 1,509 17,494 38,677 -34,527 -1,304

2079 2.9 0.2 27.0 34,246 1,531 17,768 39,245 -36,387 -2,141

Total 3,665.1

Based on Intermediate Assumptions of the 2004 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. March 9, 2005

Annual Transfers
Table 2b IA Contributions, IA Offset, Other Changes, & Budget Effect

 Individual Account Contribution Rate: 4.0% Benefit Offset: 100.0%

Amount(%) Other Change in 

Contributed to Offset to Changes Annual Debt Held Annual 

IA by Fed Gov: OASDI Ben in OASDI Unified Budget by Public Unified Budget

100 From IA Cash flow Cashflow (EOY) Balance

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

Year (Billions of $, Present Value on 1-1-2004)

2005 0.0 0.0 0.0 0.0 0.0 0.0

2006 64.0 0.0 0.0 -64.0 64.0 -64.0

2007 69.8 0.0 0.0 -69.8 133.8 -73.1

2008 72.2 0.0 0.0 -72.2 206.0 -79.1

2009 74.4 0.0 0.0 -74.4 280.4 -85.2

2010 76.6 0.0 0.0 -76.6 356.9 -91.4

2011 78.6 0.0 0.0 -78.6 435.6 -97.6

2012 80.4 0.0 0.0 -80.4 516.0 -103.7

2013 82.0 0.0 0.0 -82.0 598.0 -109.7

2014 83.7 0.0 0.0 -83.7 681.7 -116.0

2015 85.2 0.0 0.0 -85.2 766.9 -122.3

2016 86.4 0.0 0.0 -86.4 853.3 -128.5

2017 87.5 0.0 0.0 -87.5 940.8 -134.6

2018 88.4 0.0 0.0 -88.4 1,029.2 -140.7

2019 89.0 0.0 0.0 -89.0 1,118.2 -146.2

2020 89.5 0.0 0.0 -89.5 1,207.7 -151.6

2021 89.7 0.0 0.0 -89.7 1,297.4 -156.9

2022 89.8 1.1 0.0 -88.7 1,386.1 -160.8

2023 89.7 3.1 2.5 -84.1 1,470.2 -161.2

2024 89.4 5.0 9.7 -74.7 1,544.9 -156.4

2025 88.9 7.1 10.9 -70.9 1,615.8 -156.8

2026 88.2 9.1 12.9 -66.2 1,682.0 -156.0

2027 87.4 11.2 15.1 -61.1 1,743.1 -154.6

2028 86.5 13.4 17.3 -55.8 1,798.9 -152.7

2029 85.5 15.6 23.4 -46.5 1,845.4 -146.5

2030 84.4 17.8 25.3 -41.4 1,886.8 -143.9

2031 83.4 20.0 26.0 -37.4 1,924.2 -142.2

2032 82.3 22.2 26.6 -33.5 1,957.7 -140.5

2033 81.2 24.4 27.5 -29.3 1,987.0 -138.1

2034 80.1 26.7 28.2 -25.2 2,012.2 -135.6

2035 79.0 28.9 29.0 -21.1 2,033.3 -132.9

2036 77.8 31.1 29.9 -16.7 2,050.1 -129.7

2037 76.6 33.3 30.9 -12.4 2,062.4 -126.3

2038 75.4 35.5 31.8 -8.1 2,070.5 -122.7

2039 74.2 37.7 32.8 -3.7 2,074.2 -118.7

2040 73.1 39.9 33.8 0.6 2,073.6 -114.7

2041 72.0 42.0 34.9 4.9 2,068.6 -110.3

2042 70.8 44.1 36.0 9.3 2,059.4 -105.7

2043 69.7 46.2 37.1 13.6 2,045.8 -100.9

2044 68.7 48.2 38.2 17.8 2,028.0 -95.9

2045 67.6 50.2 39.3 22.0 2,006.1 -90.7

2046 66.5 52.2 40.4 26.1 1,980.0 -85.4

2047 65.4 54.0 41.5 30.0 1,949.9 -80.0

2048 64.4 55.7 42.5 33.8 1,916.1 -74.5

2049 63.4 57.4 43.4 37.5 1,878.6 -69.0

2050 62.3 59.4 44.3 41.3 1,837.2 -63.0

2051 61.3 61.1 45.0 44.9 1,792.3 -57.2

2052 60.3 62.7 45.7 48.2 1,744.2 -51.4

2053 59.3 64.3 46.4 51.4 1,692.8 -45.5

2054 58.3 65.9 46.9 54.5 1,638.3 -39.6

2055 57.4 67.4 47.5 57.5 1,580.8 -33.6

2056 56.4 68.9 47.9 60.4 1,520.4 -27.5

2057 55.5 70.4 48.3 63.2 1,457.2 -21.3

2058 54.6 71.9 48.6 66.0 1,391.2 -15.0

2059 53.7 73.4 48.9 68.7 1,322.6 -8.7

2060 52.8 74.9 49.2 71.3 1,251.3 -2.2

2061 51.9 76.4 49.5 74.0 1,177.2 4.5

2062 51.1 77.8 49.9 76.6 1,100.6 11.2

2063 50.2 79.0 50.3 79.1 1,021.5 17.9

2064 49.4 78.6 50.6 79.8 941.8 23.0

2065 48.6 78.0 50.9 80.4 861.4 28.0

2066 47.8 77.4 51.2 80.9 780.5 33.0

2067 47.0 76.8 51.5 81.3 699.3 37.9

2068 46.2 76.0 51.7 81.6 617.7 42.7

2069 45.5 75.3 52.0 81.8 535.9 47.4

2070 44.7 74.4 52.1 81.9 454.0 52.1

2071 44.0 73.6 52.3 81.9 372.1 56.7

2072 43.3 72.7 52.5 81.9 290.2 61.2

2073 42.5 71.8 52.6 81.8 208.3 65.7

2074 41.8 70.8 52.7 81.7 126.6 70.1

2075 41.1 69.8 52.9 81.5 45.1 74.5

2076 40.5 68.8 53.0 81.3 -36.3 78.8

2077 39.8 67.8 53.0 81.1 -117.3 83.1

2078 39.1 66.8 53.1 80.8 -198.1 87.3

2079 38.5 65.8 53.2 80.5 -278.6 91.5

 Based on the Intermediate Assumptions of the 2004 Trustees Report

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

Benefit Offset Real Yield Rate Set at 3.0% Social Security Administration

Benefit Offset Real Discount Rate Set at 3.0% March 9, 2005
Table 2 b.c. IA Contributions, IA Offset, Other Changes, & Budget Effect

 Individual Account Contribution Rate: 4.0% Benefit Offset: 100.0%

Amount(%) Other Change in 

Contributed to Offset to Changes Annual Debt Held Annual 

IA by Fed Gov: OASDI Ben in OASDI Unified Budget by Public Unified Budget

100 From IA Cash flow Cashflow (EOY) Balance

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

Year (Billions of Constant 2004 $)

2005 0.0 0.0 0.0 0.0 0.0 0.0

2006 70.8 0.0 0.0 -70.8 71.8 -72.7

2007 79.5 0.0 0.0 -79.5 154.2 -85.4

2008 84.3 0.0 0.0 -84.3 243.6 -94.9

2009 89.2 0.0 0.0 -89.2 340.4 -104.9

2010 94.2 0.0 0.0 -94.2 445.1 -115.5

2011 99.4 0.0 0.0 -99.4 558.1 -126.8

2012 104.5 0.0 0.0 -104.5 679.4 -138.5

2013 109.5 0.0 0.0 -109.5 809.4 -150.5

2014 114.8 0.0 0.0 -114.8 948.8 -163.7

2015 120.2 0.0 0.0 -120.2 1,098.0 -177.5

2016 125.6 0.0 0.0 -125.6 1,257.4 -191.9

2017 130.8 0.0 0.0 -130.8 1,427.4 -207.1

2018 136.1 0.0 0.0 -136.1 1,608.3 -222.9

2019 141.2 0.0 0.0 -141.2 1,799.9 -238.6

2020 146.2 0.0 0.0 -146.2 2,002.2 -254.9

2021 151.0 0.0 0.0 -151.0 2,215.5 -271.6

2022 155.6 2.0 0.0 -153.7 2,438.0 -286.7

2023 160.0 5.5 4.4 -150.2 2,663.5 -296.0

2024 164.4 9.3 17.8 -137.3 2,882.7 -295.8

2025 168.3 13.4 20.6 -134.3 3,105.5 -305.5

2026 172.1 17.8 25.2 -129.1 3,329.6 -313.0

2027 175.6 22.6 30.3 -122.7 3,554.1 -319.5

2028 179.0 27.7 35.8 -115.5 3,777.9 -325.1

2029 182.2 33.2 49.9 -99.1 3,991.8 -321.2

2030 185.3 39.0 55.5 -90.9 4,203.8 -325.2

2031 188.5 45.2 58.8 -84.5 4,415.7 -330.9

2032 191.7 51.7 61.9 -78.1 4,627.5 -336.6

2033 194.8 58.6 65.9 -70.3 4,837.6 -340.9

2034 197.9 65.9 69.8 -62.3 5,046.0 -344.8

2035 201.0 73.5 73.7 -53.8 5,251.9 -348.2

2036 203.9 81.6 78.4 -43.9 5,454.0 -349.9

2037 206.8 90.0 83.3 -33.4 5,651.5 -350.9

2038 209.7 98.8 88.4 -22.5 5,843.9 -351.1

2039 212.6 108.0 94.0 -10.6 6,029.9 -350.0

2040 215.6 117.6 99.8 1.8 6,209.0 -348.1

2041 218.7 127.6 106.1 15.0 6,380.0 -344.9

2042 221.7 138.1 112.7 29.0 6,542.0 -340.4

2043 224.8 148.9 119.6 43.7 6,693.9 -334.7

2044 228.0 160.2 126.9 59.0 6,834.8 -327.7

2045 231.1 171.8 134.4 75.1 6,963.6 -319.4

2046 234.3 184.0 142.3 92.0 7,079.1 -309.4

2047 237.5 196.0 150.6 109.0 7,180.8 -298.6

2048 240.7 208.3 158.8 126.5 7,267.9 -286.6

2049 243.9 221.1 167.2 144.5 7,339.4 -273.1

2050 247.1 235.4 175.6 163.9 7,393.1 -257.2

2051 250.4 249.7 184.0 183.3 7,428.9 -240.5

2052 253.6 263.9 192.4 202.7 7,446.1 -222.6

2053 257.0 278.7 200.9 222.6 7,443.6 -203.0

2054 260.4 294.0 209.5 243.1 7,420.1 -181.8

2055 263.8 309.9 218.2 264.3 7,374.6 -158.7

2056 267.2 326.4 226.8 285.9 7,305.6 -133.8

2057 270.7 343.5 235.4 308.2 7,212.0 -106.8

2058 274.2 361.4 244.2 331.3 7,092.1 -77.6

2059 277.8 379.9 253.0 355.2 6,944.4 -46.1

2060 281.4 399.3 262.1 380.0 6,767.0 -11.9

2061 285.0 419.4 271.9 406.4 6,557.6 25.5

2062 288.7 439.7 282.1 433.2 6,314.7 65.2

2063 292.4 460.1 292.8 460.5 6,036.8 107.3

2064 296.2 471.2 303.5 478.5 5,732.3 142.0

2065 300.1 482.0 314.5 496.4 5,400.5 178.2

2066 303.9 492.7 325.8 514.5 5,040.3 216.1

2067 307.9 503.1 337.4 532.6 4,650.9 255.6

2068 312.0 513.3 349.3 550.7 4,231.5 296.8

2069 316.0 523.3 361.2 568.5 3,781.5 339.4

2070 320.2 533.2 373.5 586.4 3,299.8 384.0

2071 324.4 542.8 386.0 604.4 2,785.4 430.4

2072 328.6 552.2 398.8 622.4 2,237.3 478.8

2073 332.9 561.5 411.8 640.5 1,654.4 529.2

2074 337.2 570.6 425.2 658.6 1,035.6 581.7

2075 341.5 579.6 438.8 676.9 379.6 636.5

2076 345.9 588.5 452.8 695.4 -314.7 693.5

2077 350.4 597.4 467.1 714.1 -1,048.9 753.0

2078 354.9 606.2 481.7 733.0 -1,824.2 815.1

2079 359.5 614.9 496.7 752.1 -2,642.2 879.8

 Based on the Intermediate Assumptions of the 2004 Trustees Report

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

Benefit Offset Real Yield Rate Set at 3.0% Social Security Administration

Benefit Offset Real Discount Rate Set at 3.0% March 9, 2005
Table 2c OASDI Cash Flow to General Fund of the Treasury--- Proposal vs. Theoretical OASDI

Proposal Theoretical Social Security with PAYGO Transfers

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

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

Treasury During the Year 1 Treasury During the Year 1

Percent Billions of Dollars Percent Billions of Dollars

Year of Payroll Current $ 1/1/2004 PV Const 2004 $ of Payroll Current $ 1/1/2004 PV Const 2004 $

2004 1.4 65 63 65 1.4 65 63 65

2005 1.9 89 82 87 1.9 89 82 87

2006 0.5 24 21 23 1.9 97 85 94

2007 0.4 21 17 19 2.0 105 87 99

2008 0.3 17 13 16 2.0 109 86 100

2009 0.1 5 4 4 1.8 105 78 93

2010 -0.1 -6 -4 -5 1.7 103 73 89

2011 -0.3 -17 -11 -14 1.6 101 67 85

2012 -0.5 -36 -23 -29 1.4 91 58 75

2013 -0.8 -58 -35 -47 1.1 79 47 63

2014 -1.1 -83 -47 -64 0.9 65 37 50

2015 -1.5 -111 -60 -84 0.6 48 25 36

2016 -1.8 -144 -73 -106 0.3 27 14 20

2017 -2.2 -179 -86 -128 0.0 4 2 3

2018 -2.5 -217 -98 -151 -0.3 -22 -10 -15

2019 -2.9 -260 -111 -176 -0.6 -51 -22 -35

2020 -3.3 -306 -123 -201 -0.9 -84 -34 -55

2021 -3.6 -354 -135 -227 -1.2 -119 -45 -76

2022 -4.0 -402 -144 -250 -1.5 -155 -56 -97

2023 -4.2 -442 -150 -268 -1.8 -195 -66 -118

2024 -4.3 -468 -150 -276 -2.1 -236 -76 -139

2025 -4.5 -513 -156 -295 -2.4 -279 -85 -160

2026 -4.6 -555 -159 -310 -2.7 -324 -93 -181

2027 -4.8 -596 -161 -324 -3.0 -370 -100 -201

2028 -4.9 -635 -162 -335 -3.2 -416 -106 -220

2029 -4.8 -656 -158 -337 -3.4 -463 -112 -238

2030 -4.9 -691 -157 -346 -3.6 -510 -116 -255

2031 -5.0 -731 -157 -356 -3.8 -558 -120 -271

2032 -5.0 -771 -157 -365 -4.0 -606 -123 -287

2033 -5.1 -806 -155 -371 -4.1 -653 -125 -300

2034 -5.0 -838 -152 -375 -4.2 -699 -127 -313

2035 -5.0 -868 -148 -378 -4.3 -744 -127 -324

2036 -4.9 -892 -144 -378 -4.4 -788 -127 -334

2037 -4.8 -913 -139 -376 -4.4 -831 -127 -343

2038 -4.7 -929 -134 -372 -4.5 -873 -126 -350

2039 -4.6 -942 -128 -367 -4.5 -915 -124 -357

2040 -4.5 -952 -122 -361 -4.5 -956 -123 -363

2041 -4.3 -959 -116 -354 -4.5 -1,000 -121 -369

2042 -4.2 -964 -111 -346 -4.5 -1,045 -120 -375

2043 -4.0 -966 -105 -337 -4.5 -1,091 -118 -381

2044 -3.8 -965 -99 -328 -4.5 -1,139 -116 -387

2045 -3.7 -962 -93 -318 -4.5 -1,189 -115 -393

2046 -3.5 -955 -87 -307 -4.6 -1,241 -113 -399

2047 -3.3 -948 -82 -296 -4.6 -1,297 -112 -405

2048 -3.2 -939 -76 -285 -4.6 -1,355 -110 -412

2049 -3.0 -928 -71 -275 -4.6 -1,417 -109 -419

2050 -2.8 -913 -66 -263 -4.6 -1,483 -108 -427

2051 -2.7 -901 -62 -252 -4.6 -1,555 -107 -435

2052 -2.5 -889 -58 -242 -4.7 -1,634 -106 -445

2053 -2.4 -876 -54 -232 -4.7 -1,717 -105 -455

2054 -2.3 -861 -50 -222 -4.8 -1,805 -104 -465

2055 -2.1 -845 -46 -212 -4.8 -1,899 -104 -476

2056 -2.0 -826 -43 -201 -4.9 -1,999 -103 -487

2057 -1.9 -805 -39 -191 -4.9 -2,104 -102 -499

2058 -1.7 -778 -36 -179 -5.0 -2,214 -102 -511

2059 -1.6 -745 -32 -167 -5.0 -2,328 -101 -522

2060 -1.5 -706 -29 -154 -5.1 -2,447 -100 -534

2061 -1.3 -660 -26 -140 -5.1 -2,574 -100 -547

2062 -1.2 -612 -22 -126 -5.2 -2,709 -99 -560

2063 -1.0 -563 -19 -113 -5.2 -2,854 -98 -574

2064 -1.0 -555 -18 -109 -5.3 -3,003 -98 -587

2065 -0.9 -546 -17 -104 -5.3 -3,157 -97 -600

2066 -0.9 -537 -16 -99 -5.4 -3,319 -96 -614

2067 -0.8 -528 -15 -95 -5.4 -3,489 -96 -628

2068 -0.8 -518 -13 -91 -5.5 -3,665 -95 -641

2069 -0.7 -508 -12 -86 -5.5 -3,847 -94 -655

2070 -0.7 -496 -11 -82 -5.6 -4,037 -93 -669

2071 -0.6 -483 -11 -78 -5.6 -4,235 -92 -682

2072 -0.6 -471 -10 -74 -5.7 -4,442 -92 -696

2073 -0.6 -459 -9 -70 -5.7 -4,660 -91 -710

2074 -0.5 -447 -8 -66 -5.7 -4,888 -90 -725

2075 -0.5 -435 -8 -63 -5.8 -5,127 -89 -740

2076 -0.5 -422 -7 -59 -5.8 -5,377 -88 -755

2077 -0.4 -409 -6 -56 -5.9 -5,640 -87 -770

2078 -0.4 -396 -6 -53 -5.9 -5,915 -87 -785

2079 -0.4 -381 -5 -49 -6.0 -6,203 -86 -801

Total 2004-78 -5,026 -5,225

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) March 9, 2005
Table 2d Change in Long-Range Trust Fund Assets / Unfunded Obligation

 Individual Account Contribution Rate: 4.0% Benefit Offset: 100.0%

Present Law OASDI

Trust Fund Assets Basic Amount(%) Offset to Proposal OASDI

or if Negative, Changes Contributed to OASDI Trust Fund Assets/

Unfunded Obligation in OASDI IA by Fed Gov: Benefit General Total Change Unfunded Obligation

Through EOY Cash flow 100 from IA Fund Transfers Through EOY1 Through EOY

(1) (2) (3) (4) (5) (6) (7)

Year (Billions of $, Present Value on 1-1-2004)

2005 1,674.6 0.0 0.0 0.0 0.0 0.0 1,674.6

2006 1,759.0 0.0 64.0 0.0 0.0 -64.0 1,695.0

2007 1,845.5 0.0 69.8 0.0 0.0 -133.8 1,711.7

2008 1,930.8 0.0 72.2 0.0 0.0 -206.0 1,724.8

2009 2,008.4 0.0 74.4 0.0 0.0 -280.4 1,728.1

2010 2,080.8 0.0 76.6 0.0 0.0 -356.9 1,723.8

2011 2,148.0 0.0 78.6 0.0 0.0 -435.6 1,712.4

2012 2,205.6 0.0 80.4 0.0 0.0 -516.0 1,689.6

2013 2,252.4 0.0 82.0 0.0 0.0 -598.0 1,654.4

2014 2,289.0 0.0 83.7 0.0 0.0 -681.7 1,607.3

2015 2,314.3 0.0 85.2 0.0 0.0 -766.9 1,547.5

2016 2,327.9 0.0 86.4 0.0 0.0 -853.3 1,474.6

2017 2,329.7 0.0 87.5 0.0 0.0 -940.8 1,388.9

2018 2,319.7 0.0 88.4 0.0 0.0 -1,029.2 1,290.5

2019 2,297.6 0.0 89.0 0.0 0.0 -1,118.2 1,179.4

2020 2,263.7 0.0 89.5 0.0 0.0 -1,207.7 1,056.0

2021 2,218.5 0.0 89.7 0.0 0.0 -1,297.4 921.0

2022 2,162.6 0.0 89.8 1.1 0.0 -1,386.1 776.5

2023 2,096.4 2.5 89.7 3.1 0.0 -1,470.2 626.2

2024 2,020.7 9.7 89.4 5.0 63.6 -1,481.3 539.5

2025 1,936.1 10.9 88.9 7.1 153.0 -1,399.1 536.9

2026 1,843.3 12.9 88.2 9.1 154.0 -1,311.3 532.0

2027 1,743.3 15.1 87.4 11.2 154.9 -1,217.5 525.8

2028 1,637.0 17.3 86.5 13.4 152.4 -1,120.9 516.1

2029 1,525.4 23.4 85.5 15.6 153.2 -1,014.2 511.2

2030 1,409.4 25.3 84.4 17.8 150.8 -904.8 504.6

2031 1,289.5 26.0 83.4 20.0 148.4 -793.8 495.7

2032 1,166.5 26.6 82.3 22.2 149.1 -678.2 488.3

2033 1,041.2 27.5 81.2 24.4 146.8 -560.7 480.5

2034 914.6 28.2 80.1 26.7 144.5 -441.4 473.1

2035 787.2 29.0 79.0 28.9 139.2 -323.3 463.9

2036 659.9 29.9 77.8 31.1 134.2 -205.9 454.0

2037 533.0 30.9 76.6 33.3 129.2 -89.1 444.0

2038 407.2 31.8 75.4 35.5 124.4 27.3 434.5

2039 282.7 32.8 74.2 37.7 116.9 140.5 423.2

2040 159.8 33.8 73.1 39.9 112.4 253.5 413.2

2041 38.4 34.9 72.0 42.0 105.2 363.6 402.1

2042 -81.4 36.0 70.8 44.1 100.9 473.9 392.5

2043 -199.5 37.1 69.7 46.2 94.1 581.6 382.0

2044 -316.0 38.2 68.7 48.2 87.5 686.9 370.8

2045 -430.8 39.3 67.6 50.2 81.1 789.9 359.1

2046 -544.1 40.4 66.5 52.2 77.3 893.3 349.3

2047 -655.8 41.5 65.4 54.0 73.6 997.0 341.2

2048 -766.0 42.5 64.4 55.7 65.2 1,096.1 330.1

2049 -874.8 43.4 63.4 57.4 61.8 1,195.3 320.5

2050 -982.4 44.3 62.3 59.4 58.4 1,295.1 312.7

2051 -1,089.0 45.0 61.3 61.1 52.9 1,392.9 303.8

2052 -1,194.8 45.7 60.3 62.7 49.7 1,490.8 296.0

2053 -1,299.7 46.4 59.3 64.3 44.5 1,586.7 287.0

2054 -1,403.9 46.9 58.3 65.9 41.6 1,682.7 278.8

2055 -1,507.4 47.5 57.4 67.4 38.7 1,778.9 271.5

2056 -1,610.3 47.9 56.4 68.9 36.0 1,875.3 265.0

2057 -1,712.7 48.3 55.5 70.4 31.2 1,969.7 257.1

2058 -1,814.4 48.6 54.6 71.9 28.7 2,064.4 250.0

2059 -1,915.3 48.9 53.7 73.4 26.2 2,159.2 243.9

2060 -2,015.6 49.2 52.8 74.9 21.8 2,252.3 236.7

2061 -2,115.1 49.5 51.9 76.4 19.5 2,345.8 230.7

2062 -2,214.1 49.9 51.1 77.8 15.3 2,437.7 223.6

2063 -2,312.6 50.3 50.2 79.0 15.1 2,531.9 219.3

2064 -2,410.5 50.6 49.4 78.6 13.0 2,624.6 214.1

2065 -2,507.7 50.9 48.6 78.0 12.8 2,717.7 210.1

2066 -2,604.1 51.2 47.8 77.4 10.7 2,809.4 205.2

2067 -2,699.9 51.5 47.0 76.8 10.6 2,901.2 201.3

2068 -2,794.9 51.7 46.2 76.0 8.7 2,991.4 196.5

2069 -2,889.1 52.0 45.5 75.3 8.5 3,081.7 192.6

2070 -2,982.5 52.1 44.7 74.4 8.4 3,172.0 189.5

2071 -3,075.0 52.3 44.0 73.6 6.6 3,260.5 185.6

2072 -3,166.6 52.5 43.3 72.7 6.5 3,349.0 182.3

2073 -3,257.4 52.6 42.5 71.8 4.8 3,435.6 178.2

2074 -3,347.3 52.7 41.8 70.8 4.7 3,522.0 174.7

2075 -3,436.4 52.9 41.1 69.8 4.6 3,608.2 171.8

2076 -3,524.7 53.0 40.5 68.8 3.0 3,692.5 167.9

2077 -3,612.1 53.0 39.8 67.8 3.0 3,776.6 164.5

2078 -3,698.7 53.1 39.1 66.8 2.9 3,860.3 161.7

Total 2004-78 2,217.4 4,925.0 2,905.7 3,662.2

 Based on the Intermediate Assumptions of the 2004 Trustees Report

 With Ultimate Real Trust Fund Interest Rate of 3.0%

Benefit Offset Real Yield Rate Set at 3.0% Office of the Actuary

Benefit Offset Real Discount Rate Set at 3.0% Social Security Administration 1

Total change equals total change from the prior year + Column(2) - Column(3) + Column(4) + Column (5) March 9, 2005