SOCIAL SECURITY

MEMORANDUM 

Date: November 17, 2005 Refer To: TCA

To: Jeffrey Liebman, Maya MacGuineas, 

Andrew Samwick 

From: Stephen C. Goss, Chief Actuary 

Alice H. Wade, Deputy Chief Actuary 

Subject: Estimated Financial Effects of “A Nonpartisan Approach to Reforming Social Security - A 

Proposal Developed by Jeffrey Liebman, Maya MacGuineas and Andrew Samwick”--

INFORMATION

This memorandum provides estimates of the financial effects of the plan you have developed 

for modifying the benefit and financing provisions of the Social Security program. Included 

is a description of the basic elements of the plan as we understand them. Also included are 

some examples of potential effects on benefit levels for future participants. All estimates are 

based on the intermediate assumption of the 2005 Trustees Report plus additional 

assumptions described below. Development of estimates for this plan depended critically on 

the contributions of Chris Chaplain, Jason Schultz, Seung An, Bill Piet, Michael Clingman, 

John Morrison and others from the Office of the Actuary. 

This plan is designed to (a) establish mandatory personal retirement accounts (PRAs) with 

annual contributions equal to 3 percent of taxable earnings, ultimately half financed from trust 

fund revenue and half from additional contributions from workers; (b) gradually increase the 

maximum taxable earnings level so that 90 percent of OASDI covered earnings will be 

taxable, but continue to base benefits and PRA contributions on the current-law maximum; 

and (c) gradually reduce benefits so that 75-year solvency and sustainable solvency are 

achieved, and so that the cost of the program at the end of 75 years is equal to approximately 

12.4 percent of the current-law taxable payroll. Further details of these provisions are 

provided below. 

We project that this plan would improve the long-range OASDI actuarial balance by 2.14 

percent of taxable payroll, replacing the present-law actuarial deficit of 1.92 percent of payroll 

with a positive actuarial balance of 0.21 percent of payroll. For 2079, the projected cost of 

the OASDI program would be 11.50 percent of the new taxable payroll, or about 12.5 percent 

of the current-law taxable payroll (excluding the additional taxable earnings from raising the 

taxable maximum amount). 
2

The OASDI Trust Fund assets would be expected to remain above 100 percent of annual 

program cost through 2079, reaching about 361 percent of annual cost by the end of that year, 

and increasing by about 10 percentage points per year. While these results easily satisfy the 

criteria for attaining sustainable solvency, it should be noted that some small continuing 

incremental changes might be needed after the end of the long-range period. The plan 

specifies no change in the benefit formula or other program parameters after 2050. This 

possibility is indicated by the fact that positive annual (cash-flow) balances are gradually 

diminishing at the end of the period due to projected continued increases in life expectancy. 

We note that the estimates cited above reflect expected returns on financial assets invested in 

PRAs. Described below are additional estimates provided that reflect a low, or risk-adjusted 

yield for PRA assets. Because the only effect on the OASDI program of this assumption is on 

the revenue projected from taxation of PRA distributions, the difference is small. 

Detailed Plan Provisions 

1) Personal Retirement Accounts (PRAs) 

Participation in PRAs would be mandatory starting with earnings in 2008 for workers born in 

1950 or later (i.e., workers who are under age 55 at the beginning of 2005). The contribution 

to each worker’s account would be equal to 3 percent of their OASDI covered earnings, up to 

the maximum earnings taxable under current law. Initially, the OASDI Trust Fund would be 

able to finance more than half of the total PRA contributions without creating annual cashflow shortfalls. The trust funds would continue to finance PRA contributions with the entire 

OASDI annual cash-flow excess (excess of tax revenue over program cost) until this excess 

no longer finances one half of the PRA contributions. Thereafter, the trust funds would 

finance precisely one half of PRA contributions regardless of the level of the program annual 

cash-flow balance. The amount of the contributions to PRAs that is not financed by the trust 

funds would be provided by additional contributions from workers. 

PRAs would be administered by a Central Administrative Authority (CAA). All records of 

account contributions, investments and asset holdings would be maintained by the CAA. A 

range of broad index funds would be available for account holders with an annual option to 

change the portfolio allocation. The CAA would invest the combined assets in bulk with 

investment companies. Required worker contributions to the PRA would be collected along 

with OASDI payroll taxes, and the entire amount of PRA contributions would be remitted 

from the government to the CAA on a periodic basis. Reconciliation of precise amounts of 

PRA contributions for individual workers would be made as earnings records become 

available in the following year. 

PRA accumulations would be required to be used to purchase CPI-indexed life annuities 

between ages 62 and 68. All distributions from PRAs would be taxed like OASDI benefits, 

with the proceeds remitted to the OASDI and HI Trust Funds. No benefit offsets based on 

PRA contributions would be assessed under the plan. 
3

2) Raise the Taxable Maximum 

The taxable maximum amount of annual earnings for the OASDI payroll tax would be 

increased at a rate starting in 2008 so that the maximum for the year 2017 would be expected 

to subject 90 percent of all OASDI covered earnings to the payroll tax. This gradual increase 

would be expected to result in a total taxable payroll for 2017 that is about 8.6 percent higher 

than the level based on the present-law taxable maximum amount. The increase in the taxable 

maximum amount for 2017 is projected to be equivalent to a taxable maximum amount of 

$171,600 for 2006. The increased taxable maximum would be used only for assessing the 

amount of OASDI payroll tax due. Earnings credited for the computation of OASDI benefits 

and earnings used for the determination of PRA contributions would be subject to the currentlaw taxable maximum (without regard to this provision.) 

The estimated effect of this provision alone on the OASDI actuarial balance is an 

improvement of 1.00 percent of payroll. 

3) Normal Retirement Age (NRA) 

Under current law, the NRA is scheduled to begin rising from its current level of 66 by 2 

months per year beginning for those attaining age 62 in 2017, and stabilizing at 67 for those 

reaching age 62 in 2022 and later. This provision would advance this transition by eleven 

years, starting the increase in 2006 and continuing the increase to an NRA of 68 for those 

attaining age 62 in 2017. 

The estimated effect of this provision alone on the OASDI actuarial balance is an 

improvement of 0.62 percent of payroll. 

We note that the plan is intended to also include an increase in the earliest eligibility age 

(EEA) for retired worker benefits. While this provision has not been included in these 

estimates, doing so would not materially affect the projections of program financial status. 

Changes in the EEA have only a very small net effect on aggregate benefit payments. 

4) Change Benefit Formula for Aged OASI Beneficiaries 

This provision gradually reduces the level of benefits paid to aged OASI beneficiaries by 

modifying the primary insurance amount (PIA) formula. The formula is currently specified to 

include three fixed factors, 90, 32 and 15 percent, which apply to progressively higher 

brackets of average career earnings (AIME). For affected beneficiaries becoming eligible for 

benefits in 2008 through 2045, progressively multiply the upper (15) PIA factor by 0.982 each 

year, resulting in a factor of 7.5 for those newly eligible in 2045 and later. The middle PIA 

factor (32) would be multiplied progressively by 0.982 for those newly eligible in years 2013 

through 2050, resulting in a factor of 16 for 2050 and later. The lower PIA factor (90) 

multiplied progressively by 0.9925 for those newly eligible in years 2013 through 2050, 

resulting in a factor of 67.6 for 2050 and later. This reduced PIA formula would apply for 
4

OASI beneficiaries newly eligible for retired worker, aged spouse, and aged surviving spouse 

benefits. Benefits for disabled workers (and their auxiliary beneficiaries) and for child 

beneficiaries and spouse beneficiaries with an eligible child in their care under the OASI 

program would be paid based on the current PIA formula without regard to this provision. 

For disabled worker beneficiaries who reach their NRA and are then converted to retired 

worker status (and are paid then from the OASI Trust Fund), reductions applicable for their 

birth cohort will be applied on a proportional basis. Specifically, the full PIA reduction 

applicable in the absence of any period of disability will be multiplied by the ratio of years 

without entitlement to disabled worker benefits from age 22 (or 2008 if later) through age 61, 

to the number of years from age 22 (or 2008 if later) through age 61. 

The estimated effect of this provision alone on the OASDI actuarial balance is an 

improvement of 2.08 percent of payroll. 

Assumptions 

As mentioned above, all estimates are based on the intermediate assumptions of the 2005 

Trustees Report. Participation in the PRA is mandatory and is thus assumed to be 100 percent 

participation. 

Because distributions from PRAs are to be taxed like OASDI benefits, with the proceeds 

remitted to the trust funds, it is necessary to project expected PRA accumulations and 

disbursements. We assume that, on average, workers will invest their account assets 

approximately 50 percent in the equity index fund (a broad fund like the Wilshire 5000), 25 

percent in a high-grade corporate bond fund, and 25 percent in a long term Treasury bond 

fund, or the equivalent. 

For these estimates, we assume that the ultimate average annual yields on the equity, 

corporate bond, and Treasury bond funds will be 6.5, 3.5, and 3.0 percent in excess of price 

inflation (CPI-W). With an assumed ultimate average annual PRA administrative charge 

totaling 0.3 percent (30 basis points) of annual PRA assets, we estimate the expected average 

net annual yield on PRA assets to be about 4.58 percent in excess of inflation (6.5 X 0.5 + 

3.5 X 0.25 + 3 X 0.25 -0.3). 

PRA accumulations are assumed to be annuitzed at retirement (or disability conversion if 

applicable). During the disbursement period (after retirement), the average annual net real 

yield from annuities is expected to be 3 percent. 

Because investments of all types involve substantial uncertainty and variation in returns from 

year to year, and even over longer periods of time, it is important to consider potential 

variation in returns. For this reason, we also include in our analysis projections assuming a 

low average-annual return on all assets at the level previously mentioned for Treasury bonds, 

3 percent in excess of inflation. This result also represents the expected return for those who 

invest solely in the Treasury bond fund, and the “risk-adjusted” return for assets invested in 

any consistent manner. 
5

Financial Effects of the Plan 

Trust Fund Operations 

Table 1 indicates that under the intermediate assumptions of the 2005 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 beyond. The 

annual cost rate (cost of the OASDI program as a percent of payroll) declines steadily after 

2033 and through about 2069, reflecting the plan benefit reductions that increase for newly 

eligible beneficiaries through 2050. The annual balance (net cash-flow balance as a percent 

of payroll) is projected to become positive in 2054, reach a high level in 2071, and to decline 

gradually thereafter, as life expectancy of beneficiaries increases. The trust fund ratio is 

projected to reach a low point of 139 percent of annual program cost for 2050 and to 

gradually increase thereafter. The continued gradual increase after 2050 is due to retained 

interest on the assets being more than needed to maintain a constant trust fund ratio through 

2053 and annual positive balances being projected thereafter through 2080. 

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

improved by an estimated 2.14 percent of taxable payroll, from an actuarial deficit of 1.92 

percent of payroll projected under current law to a positive actuarial balance of 0.21 percent 

of payroll under the plan. Because the plan is projected to achieve both solvency throughout 

the 75-year long-range period and a rising trust fund ratio at the end of this period, the plan 

achieves “sustainable solvency” under the intermediate assumptions. However, as noted 

earlier, because plan specifications do not include any changes in benefit or revenue 

parameters after 2050, the annual positive cash-flow balances are projected to be decreasing 

at the end of the period. Thus, to maintain solvency it may be necessary under this proposal 

to eventually provide for a small incremental continuation of some benefit reductions or 

revenue additions after the end of the long-range period. 

Program Transfers and Assets 

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

Trust Fund assets. The plan calls for no General Fund transfers to the trust funds other than 

those based on dedicated revenue sources (payroll taxes and taxes on benefits). Thus, values 

in columns 1-4 are all zero. 

Total projected OASDI Trust Fund assets are shown in column 5. For purpose of comparison, 

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. These values are the same as no 

transfers are specified in this plan. 
6

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” under the proposal. These 

would be the sum of OASDI Trust Fund assets and PRA assets (columns 5 and 6). 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. Gross Domestic Product (GDP) is shown in 

column 7 for comparison with other values in the table. 

Effect on the Federal Unified Budget 

Table 1b provides estimates of the effect on federal unified budget cash flows and balances 

under this plan and these assumptions in present value discounted dollars. These effects are 

also shown in constant 2005 dollars in table 1b.c. 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 5) would be expected to be negative initially, but positive starting 2017. 

This total cash flow change is the combination of the specific plan effects shown in columns 1 

through 4. Projected PRA contributions shown in the first column are total contributions 

including both the amount from the trust funds and the additional amount from the workers 

each year. The fourth column indicates the percentage of the total contributions that is 

provided by the trust funds. Only this portion of contributions (that from the trust fund) has 

an effect on the unified budget. It is important to note that these estimates are based on the 

intermediate assumptions of the 2005 Trustees Report and thus are not consistent with 

estimates made by the OMB or the CBO based on their assumptions. 

Column 6 provides the projected effect of implementing the plan on the federal debt held by 

the public. Under the plan, reductions in this debt are projected to occur beginning in 2031. 

Column 7 provides the projected effect on the annual unified budget balances, including both 

the cash flow effect in column 5 and the additional interest on the accumulated debt indicated 

in column 6. 

Cash Flow to the General Fund of the Treasury 

Table 1c provides estimates of the net cash flow from the OASDI Trust Fund 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. 

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

value dollars as of 1/1/2005, and in constant 2005 dollars (discounted to 2005 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 Fund are assumed to occur as needed to assure full payment of scheduled 

benefits in 2041 and later. 
7

Changes in Trust Fund Assets and Unfunded Obligations under the Plan 

Table 1d provides estimates of the changes in projected OASDI Trust Fund assets, and for 

years after trust fund exhaustion, the level of unfunded obligations through the year. The 

table illustrates the effect of various components of the proposal on assets/unfunded 

obligations on annual and cumulative bases. For the 75-year long-range period as a whole, 

the present law unfunded obligation of $4.0 trillion in present value is replaced with a positive 

trust fund balance of $0.7 trillion in present value at the end of the period. This change is the 

net effect of an $8 trillion reduction in OASI benefit payments and increase in payroll taxes 

and taxes on benefits and PRAs (column 2), and the expenditure of the portion (column 3a) of 

total PRA contributions (column 3) that is financed by the trust funds (about one half of the 

total $6.2 trillion). 

Change in OASDI Effective Taxable Payroll 

Table 1e provides estimates of the amounts of OASDI covered earnings that are subject to the 

payroll tax (12.4 percent). Estimates are shown for both the proposal and for present law. 

The percentage increase in taxable payroll under the proposal is shown in the last column. 

Sensitivity Analysis 

Tables 2, 2a, 2b, 2c, 2d, and 2e 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 longterm 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. It should 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 is fairly low. 

Table 2 indicates that improvement in the actuarial balance and in annual cash-flow balances 

would be somewhat less than with the expected yields. However, the trust fund ratio is still 

projected to remain above 100 through 2080, and to be rising after 2051. Annual balances are 

smaller at the end of the period and dropping. 

The likely need for subsequent additional small changes to benefits or revenue is clear for the 

purpose of maintaining sustainable solvency. 

It must be noted that the uncertainties associated with equity investments, bond yields, and 

mortality improvement, as well as with a number of additional variables mean that actual 

experience could vary from the illustrations provided in Tables 1 and 2. In any case, the plan 

is expected to be able to provide for adequate financing for the OASDI program through the 

provisions described above. 
8

Benefit Levels under the Plan 

The attached tables B1 provide a comparison of potential benefit levels under the plan with 

those scheduled under the present law OASI program. Benefits paid under the Disability 

Insurance program would be unchanged under this proposal, except that disabled worker 

benefits would be available to a new higher normal retirement age. 

Table B1 provides the projected level of scheduled benefits for certain theoretical retired 

worker beneficiaries both under present law and under the proposal. The examples include 

retirees at age 65 in various future years, and with various lifetime earnings levels. For a full 

explanation of the theoretical earnings patterns shown for scaled workers and the steady 

maximum earner, see Actuarial Note 2005.3 at 

http://www.ssa.gov/OACT/NOTES/ran3/an2005-3.pdf. 

Table B1 identifies the reductions introduced in the proposal from increasing the normal 

retirement age and from reducing the factors in the basic (PIA) benefit formula. 

Table B1a provides projected levels of PRA asset accumulation for these selected workers at 

65, just before retirement. The table also provides the estimated level of the CPI-indexed life 

annuity that would be available from the CAA using the entire PRA accumulation at age 65. 

Illustrations are provided for various marital status examples. Married couples are assumed to 

purchase joint and 2/3 survivor annuities. PRA assets and annuity levels are illustrated 

assuming both the expected yields with a mixed portfolio (described above) and with the low 

yield, or risk adjusted yield scenario. 

Table B1b presents the projected level of the scheduled PIA for retired workers under present 

law and the proposal. The table also provides the dollar level of potential PRA annuities, 

expressed in constant 2005 dollars. 

Table B1c provides the level of the basic OASI benefit alone and the combined basic benefit 

plus the PRA expressed as percentages of the present law scheduled OASI benefit. 

All examples are for individuals who have had no period of disability benefit entitlement. 

Benefits for those with disability periods would differ somewhat, having lower PRA 

annuities, but also lower reductions in the PIA. 

 

 Stephen C. Goss 

 

 Alice H. Wade 

Attachments 
Table 1: Liebman-MacGuineas-Samwick Proposal

Expected PRA Yield Ultimate Real Trust Fund Interest Rate of 3.0 Basic PRA Contribution is 3.0% of taxable earnings 

Tax PRA Distributions like OASDI Benefits Ultimate Net Real PRA Yield Rate of 4.575 Assumed Participation in PRA: 100.0% - MANDATORY

PRA Contributions based on PL Tax Max Annuity Net Real Yld Rate of 3.0 Benefit Offset: 0.0%

"Effective" "Effective" Total

Basic PRA Change in OASDI OASDI General PRA

Cost Income Annual TFR Contribution Rate Contribution Contribution Revenue Contribution

Year Rate Rate Balance 1-1-yr From Trust Fund1 Rate Rate Transfers Rate

2005 11.13 12.72 1.59 320 12.40 0.00

2006 11.00 12.73 1.73 337 12.40 0.00

2007 10.94 12.74 1.81 355 12.40 0.00

2008 10.82 10.82 0.00 371 2.30 -1.958 10.44 2.55

2009 10.79 10.79 0.00 369 2.29 -0.008 10.43 2.58

2010 10.77 10.79 0.02 368 2.29 -0.016 10.42 2.60

2011 10.81 10.82 0.01 365 2.29 -0.015 10.40 2.62

2012 10.91 10.91 0.00 362 2.20 0.065 10.47 2.63

2013 11.03 11.02 0.00 359 2.08 0.093 10.56 2.65

2014 11.14 11.15 0.00 356 1.94 0.114 10.68 2.67

2015 11.25 11.25 0.00 354 1.83 0.092 10.77 2.68

2016 11.33 11.33 0.00 353 1.75 0.068 10.84 2.68

2017 11.45 11.44 0.00 351 1.63 0.105 10.94 2.69

2018 11.63 11.57 -0.07 350 1.50 0.109 11.05 2.70

2019 11.82 11.57 -0.24 348 1.50 -0.006 11.04 2.71

2020 12.02 11.58 -0.44 346 1.50 -0.005 11.04 2.72

2021 12.22 11.59 -0.63 341 1.50 -0.004 11.03 2.73

2022 12.42 11.61 -0.82 336 1.50 -0.004 11.03 2.74

2023 12.61 11.62 -1.00 330 1.50 -0.004 11.03 2.75

2024 12.80 11.63 -1.17 323 1.50 -0.003 11.02 2.75

2025 12.97 11.64 -1.33 314 1.50 -0.002 11.02 2.76

2026 13.15 11.65 -1.49 305 1.50 -0.002 11.02 2.76

2027 13.30 11.67 -1.63 296 1.50 0.000 11.02 2.76

2028 13.42 11.68 -1.74 286 1.50 0.000 11.02 2.76

2029 13.51 11.69 -1.82 275 1.50 0.000 11.02 2.76

2030 13.58 11.71 -1.88 265 1.50 0.000 11.02 2.76

2031 13.63 11.72 -1.92 255 1.50 0.000 11.02 2.76

2032 13.66 11.73 -1.93 244 1.50 0.000 11.02 2.76

2033 13.66 11.73 -1.93 234 1.50 -0.001 11.02 2.76

2034 13.64 11.74 -1.90 224 1.50 0.000 11.02 2.76

2035 13.59 11.75 -1.85 215 1.50 0.000 11.02 2.76

2036 13.54 11.75 -1.79 205 1.50 0.000 11.02 2.76

2037 13.47 11.76 -1.71 197 1.50 0.000 11.02 2.76

2038 13.39 11.76 -1.62 188 1.50 -0.001 11.02 2.76

2039 13.28 11.77 -1.52 181 1.50 0.000 11.02 2.76

2040 13.18 11.77 -1.41 173 1.50 0.000 11.02 2.76

2041 13.07 11.78 -1.29 167 1.50 0.000 11.02 2.76

2042 12.96 11.78 -1.18 161 1.50 0.000 11.02 2.76

2043 12.86 11.79 -1.07 156 1.50 0.000 11.02 2.76

2044 12.75 11.79 -0.96 151 1.50 0.000 11.02 2.76

2045 12.64 11.80 -0.84 147 1.50 0.000 11.02 2.76

2046 12.54 11.80 -0.73 144 1.50 0.000 11.02 2.76

2047 12.43 11.81 -0.63 142 1.50 0.000 11.02 2.76

2048 12.33 11.82 -0.52 140 1.50 0.000 11.02 2.76

2049 12.23 11.82 -0.41 139 1.50 0.000 11.02 2.76

2050 12.14 11.83 -0.31 139 1.50 0.000 11.02 2.76

2051 12.04 11.84 -0.20 140 1.50 0.000 11.02 2.76

2052 11.96 11.85 -0.11 141 1.50 0.000 11.02 2.76

2053 11.88 11.86 -0.02 144 1.50 0.000 11.02 2.76

2054 11.81 11.87 0.06 147 1.50 0.000 11.02 2.76

2055 11.74 11.87 0.14 150 1.50 0.000 11.02 2.76

2056 11.68 11.88 0.21 155 1.50 0.000 11.02 2.76

2057 11.62 11.89 0.27 160 1.50 0.000 11.02 2.76

2058 11.57 11.90 0.33 165 1.50 0.000 11.02 2.76

2059 11.53 11.91 0.38 172 1.50 0.000 11.02 2.76

2060 11.49 11.91 0.43 178 1.50 0.000 11.02 2.76

2061 11.45 11.92 0.47 185 1.50 0.000 11.02 2.76

2062 11.43 11.93 0.50 193 1.50 0.000 11.02 2.76

2063 11.41 11.94 0.53 201 1.50 0.000 11.02 2.76

2064 11.40 11.95 0.55 209 1.50 0.000 11.02 2.76

2065 11.38 11.95 0.57 217 1.50 0.000 11.02 2.76

2066 11.38 11.96 0.59 226 1.50 0.000 11.02 2.76

2067 11.37 11.97 0.60 235 1.50 0.000 11.02 2.76

2068 11.37 11.98 0.61 244 1.50 0.000 11.02 2.76

2069 11.37 11.98 0.62 253 1.50 0.000 11.02 2.76

2070 11.37 11.99 0.62 263 1.50 0.000 11.02 2.76

2071 11.37 12.00 0.63 272 1.50 0.000 11.02 2.76

2072 11.38 12.00 0.62 282 1.50 0.000 11.02 2.76

2073 11.38 12.01 0.62 292 1.50 0.000 11.02 2.76

2074 11.39 12.01 0.62 302 1.50 0.000 11.02 2.76

2075 11.41 12.02 0.61 312 1.50 0.000 11.02 2.76

2076 11.44 12.02 0.59 321 1.50 0.000 11.02 2.76

2077 11.46 12.02 0.57 331 1.50 0.000 11.02 2.76

2078 11.48 12.03 0.55 341 1.50 0.000 11.02 2.76

2079 11.50 12.03 0.54 351 1.50 0.000 11.02 2.76

2080 11.52 12.04 0.52 361 1.50 0.000 11.02 2.76

Summarized OASDI

Actuarial Change in 

Cost Rate Income Rate Balance Actuarial Balance

2005 - 2079 12.17 12.38 0.21 2.14

Based on Intermediate Assumptions of the 2005 Trustees Report. Office of the Actuary 1

 Expressed as percent of present law taxable payroll. Social Security Administration

All other values are expressed as percents of taxable payroll under the proposal, except TFR. November 17, 2005
Table 1a Proposal General Fund Transfers, OASDI Trust Fund Assets, PRA Assets, and Theoretical OASDI Assets

Proposal General Fund Transfers Total OASDI

Accumulated Trust Fund

Present Value Percent of Annual as of Assets PRA Assets 1 Without General With Proposed Plan 

as of 1-1-2005 Taxable Payroll Transfers End of Year at End of Year at End of Year GDP Fund Transfers General 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 0.0 0.0 0.0 0 1,995 0 12,746 1,995 1,995

2007 0.0 0.0 0.0 0 2,139 0 13,080 2,139 2,139

2008 0.0 0.0 0.0 0 2,191 137 13,389 2,285 2,285

2009 0.0 0.0 0.0 0 2,244 284 13,690 2,429 2,429

2010 0.0 0.0 0.0 0 2,300 443 13,989 2,574 2,574

2011 0.0 0.0 0.0 0 2,359 614 14,286 2,719 2,719

2012 0.0 0.0 0.0 0 2,420 797 14,573 2,858 2,858

2013 0.0 0.0 0.0 0 2,483 992 14,850 2,989 2,989

2014 0.0 0.0 0.0 0 2,548 1,198 15,125 3,110 3,110

2015 0.0 0.0 0.0 0 2,617 1,417 15,398 3,222 3,222

2016 0.0 0.0 0.0 0 2,690 1,648 15,669 3,322 3,322

2017 0.0 0.0 0.0 0 2,765 1,891 15,942 3,409 3,409

2018 0.0 0.0 0.0 0 2,841 2,148 16,214 3,483 3,483

2019 0.0 0.0 0.0 0 2,908 2,417 16,489 3,543 3,543

2020 0.0 0.0 0.0 0 2,964 2,699 16,759 3,584 3,584

2021 0.0 0.0 0.0 0 3,007 2,992 17,032 3,606 3,606

2022 0.0 0.0 0.0 0 3,038 3,298 17,302 3,609 3,609

2023 0.0 0.0 0.0 0 3,055 3,615 17,574 3,591 3,591

2024 0.0 0.0 0.0 0 3,059 3,943 17,843 3,551 3,551

2025 0.0 0.0 0.0 0 3,050 4,284 18,111 3,490 3,490

2026 0.0 0.0 0.0 0 3,027 4,635 18,383 3,405 3,405

2027 0.0 0.0 0.0 0 2,991 4,998 18,665 3,298 3,298

2028 0.0 0.0 0.0 0 2,944 5,371 18,955 3,169 3,169

2029 0.0 0.0 0.0 0 2,888 5,754 19,245 3,019 3,019

2030 0.0 0.0 0.0 0 2,823 6,148 19,537 2,847 2,847

2031 0.0 0.0 0.0 0 2,750 6,552 19,836 2,654 2,654

2032 0.0 0.0 0.0 0 2,672 6,966 20,147 2,441 2,441

2033 0.0 0.0 0.0 0 2,590 7,389 20,468 2,208 2,208

2034 0.0 0.0 0.0 0 2,506 7,820 20,792 1,957 1,957

2035 0.0 0.0 0.0 0 2,421 8,260 21,116 1,689 1,689

2036 0.0 0.0 0.0 0 2,337 8,708 21,446 1,404 1,404

2037 0.0 0.0 0.0 0 2,255 9,162 21,785 1,102 1,102

2038 0.0 0.0 0.0 0 2,176 9,623 22,132 785 785

2039 0.0 0.0 0.0 0 2,103 10,090 22,486 452 452

2040 0.0 0.0 0.0 0 2,035 10,561 22,842 105 105

2041 0.0 0.0 0.0 0 1,974 11,036 23,204 -259 -259

2042 0.0 0.0 0.0 0 1,920 11,514 23,573 -639 -639

2043 0.0 0.0 0.0 0 1,873 11,994 23,948 -1,036 -1,036

2044 0.0 0.0 0.0 0 1,835 12,474 24,325 -1,451 -1,451

2045 0.0 0.0 0.0 0 1,805 12,953 24,702 -1,884 -1,884

2046 0.0 0.0 0.0 0 1,785 13,430 25,081 -2,336 -2,336

2047 0.0 0.0 0.0 0 1,774 13,904 25,466 -2,809 -2,809

2048 0.0 0.0 0.0 0 1,772 14,372 25,857 -3,302 -3,302

2049 0.0 0.0 0.0 0 1,782 14,834 26,248 -3,818 -3,818

2050 0.0 0.0 0.0 0 1,802 15,288 26,640 -4,357 -4,357

2051 0.0 0.0 0.0 0 1,833 15,730 27,040 -4,920 -4,920

2052 0.0 0.0 0.0 0 1,874 16,160 27,447 -5,510 -5,510

2053 0.0 0.0 0.0 0 1,927 16,577 27,860 -6,127 -6,127

2054 0.0 0.0 0.0 0 1,990 16,984 28,281 -6,772 -6,772

2055 0.0 0.0 0.0 0 2,063 17,380 28,705 -7,448 -7,448

2056 0.0 0.0 0.0 0 2,147 17,763 29,132 -8,154 -8,154

2057 0.0 0.0 0.0 0 2,242 18,134 29,567 -8,894 -8,894

2058 0.0 0.0 0.0 0 2,346 18,491 30,008 -9,667 -9,667

2059 0.0 0.0 0.0 0 2,460 18,834 30,455 -10,476 -10,476

2060 0.0 0.0 0.0 0 2,584 19,163 30,907 -11,321 -11,321

2061 0.0 0.0 0.0 0 2,717 19,477 31,364 -12,203 -12,203

2062 0.0 0.0 0.0 0 2,859 19,776 31,831 -13,126 -13,126

2063 0.0 0.0 0.0 0 3,010 20,058 32,308 -14,089 -14,089

2064 0.0 0.0 0.0 0 3,169 20,325 32,790 -15,096 -15,096

2065 0.0 0.0 0.0 0 3,336 20,576 33,279 -16,147 -16,147

2066 0.0 0.0 0.0 0 3,510 20,809 33,765 -17,244 -17,244

2067 0.0 0.0 0.0 0 3,693 21,043 34,259 -18,389 -18,389

2068 0.0 0.0 0.0 0 3,883 21,260 34,772 -19,582 -19,582

2069 0.0 0.0 0.0 0 4,081 21,460 35,294 -20,826 -20,826

2070 0.0 0.0 0.0 0 4,287 21,643 35,822 -22,121 -22,121

2071 0.0 0.0 0.0 0 4,501 21,810 36,355 -23,470 -23,470

2072 0.0 0.0 0.0 0 4,722 21,959 36,895 -24,873 -24,873

2073 0.0 0.0 0.0 0 4,951 22,091 37,445 -26,333 -26,333

2074 0.0 0.0 0.0 0 5,186 22,205 38,003 -27,851 -27,851

2075 0.0 0.0 0.0 0 5,429 22,303 38,566 -29,430 -29,430

2076 0.0 0.0 0.0 0 5,677 22,382 39,137 -31,072 -31,072

2077 0.0 0.0 0.0 0 5,930 22,444 39,714 -32,778 -32,778

2078 0.0 0.0 0.0 0 6,191 22,489 40,300 -34,551 -34,551

2079 0.0 0.0 0.0 0 6,457 22,515 40,894 -36,394 -36,394

2080 0.0 0.0 0.0 0 6,730 22,523 41,496 -38,308 -38,308

Total 0.0

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. November 17, 2005

Annual Transfers

Theoretical Social Security 2

with Borrowing Authority

OASDI Trust Fund Assets at EOY
Table 1b PRA Contributions, PRA Offset, Other Changes, & Budget Effect

 Basic PRA Contribution Rate: 3.00% Benefit Offset: 0.0%

Other Changes Percentage of Change in 

Total Amount Offset to In Unified PRA Contributions Annual Debt Held Annual 

Contributed to OASDI Ben Budget from the Unified Budget by Public Unified Budget

to PRA From PRA Cash Flow Trust Fund Cash Flow (EOY) Balance

(1) (2) (3) (4) (5)=(3)+(2)-(1)*(4) (6) (7)

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

2006 0.0 0.0 0.0 0.0 0.0 0.0

2007 0.0 0.0 0.6 0.6 -0.6 0.6

2008 118.8 0.0 8.3 77 -82.8 82.2 -82.8

2009 120.6 0.0 16.4 76 -75.7 157.9 -79.9

2010 122.2 0.0 23.7 76 -69.6 227.5 -77.7

2011 123.4 0.0 30.0 76 -64.2 291.7 -76.0

2012 124.3 0.0 36.6 73 -54.5 346.2 -69.8

2013 124.9 0.0 43.1 69 -43.4 389.7 -61.6

2014 125.1 0.0 49.7 65 -31.2 420.9 -51.8

2015 125.0 0.0 56.4 61 -19.9 440.8 -42.3

2016 124.6 0.0 65.0 58 -7.7 448.5 -31.5

2017 124.0 0.0 71.8 54 4.5 444.0 -20.0

2018 123.0 0.0 75.4 50 13.9 430.2 -10.6

2019 121.9 0.0 78.6 50 17.6 412.5 -6.3

2020 120.5 0.0 81.4 50 21.1 391.4 -1.8

2021 119.0 0.0 83.8 50 24.3 367.1 2.5

2022 117.5 0.0 86.1 50 27.3 339.8 6.9

2023 115.9 0.0 88.2 50 30.3 309.5 11.4

2024 114.3 0.0 90.5 50 33.3 276.2 16.1

2025 112.7 0.0 92.8 50 36.5 239.7 21.2

2026 111.0 0.0 94.9 50 39.4 200.2 26.1

2027 109.2 0.0 97.1 50 42.5 157.7 31.4

2028 107.5 0.0 99.3 50 45.6 112.2 36.8

2029 105.7 0.0 101.5 50 48.6 63.5 42.4

2030 104.0 0.0 103.9 50 51.9 11.6 48.4

2031 102.3 0.0 106.5 50 55.4 -43.8 54.7

2032 100.7 0.0 109.1 50 58.7 -102.5 61.2

2033 99.2 0.0 111.3 50 61.7 -164.2 67.4

2034 97.6 0.0 113.5 50 64.7 -228.9 73.8

2035 96.1 0.0 115.8 50 67.7 -296.6 80.4

2036 94.6 0.0 117.8 50 70.5 -367.2 87.0

2037 93.1 0.0 119.8 50 73.2 -440.4 93.6

2038 91.7 0.0 121.5 50 75.7 -516.1 100.1

2039 90.3 0.0 123.3 50 78.2 -594.2 106.8

2040 88.9 0.0 125.1 50 80.6 -674.8 113.6

2041 87.5 0.0 126.8 50 83.1 -757.9 120.6

2042 86.1 0.0 128.5 50 85.4 -843.3 127.5

2043 84.8 0.0 130.0 50 87.5 -930.9 134.4

2044 83.5 0.0 131.5 50 89.7 -1,020.6 141.4

2045 82.2 0.0 133.0 50 91.9 -1,112.5 148.6

2046 80.9 0.0 134.4 50 94.0 -1,206.5 155.8

2047 79.6 0.0 135.8 50 96.0 -1,302.5 163.0

2048 78.3 0.0 137.1 50 97.9 -1,400.4 170.3

2049 77.0 0.0 138.3 50 99.8 -1,500.2 177.6

2050 75.8 0.0 139.5 50 101.6 -1,601.8 185.0

2051 74.5 0.0 140.7 50 103.5 -1,705.3 192.5

2052 73.3 0.0 141.8 50 105.1 -1,810.4 199.9

2053 72.1 0.0 142.6 50 106.6 -1,917.0 207.2

2054 70.9 0.0 143.3 50 107.9 -2,024.9 214.4

2055 69.8 0.0 144.0 50 109.1 -2,133.9 221.6

2056 68.6 0.0 144.4 50 110.1 -2,244.0 228.7

2057 67.5 0.0 144.7 50 111.0 -2,355.0 235.7

2058 66.4 0.0 144.8 50 111.6 -2,466.7 242.5

2059 65.3 0.0 144.7 50 112.1 -2,578.7 249.1

2060 64.2 0.0 144.5 50 112.4 -2,691.1 255.7

2061 63.1 0.0 144.1 50 112.5 -2,803.6 262.1

2062 62.1 0.0 143.6 50 112.6 -2,916.2 268.4

2063 61.1 0.0 143.0 50 112.4 -3,028.7 274.5

2064 60.1 0.0 142.3 50 112.2 -3,140.9 280.5

2065 59.1 0.0 141.4 50 111.9 -3,252.7 286.4

2066 58.1 0.0 140.5 50 111.4 -3,364.1 292.2

2067 57.1 0.0 139.4 50 110.9 -3,475.0 297.8

2068 56.2 0.0 138.3 50 110.2 -3,585.2 303.3

2069 55.3 0.0 137.1 50 109.5 -3,694.7 308.7

2070 54.3 0.0 135.8 50 108.6 -3,803.3 313.9

2071 53.4 0.0 134.4 50 107.6 -3,910.9 319.0

2072 52.6 0.0 132.9 50 106.6 -4,017.5 323.9

2073 51.7 0.0 131.3 50 105.5 -4,123.0 328.8

2074 50.8 0.0 129.8 50 104.3 -4,227.4 333.5

2075 50.0 0.0 128.2 50 103.2 -4,330.5 338.1

2076 49.2 0.0 126.3 50 101.7 -4,432.2 342.4

2077 48.3 0.0 124.6 50 100.4 -4,532.6 346.7

2078 47.5 0.0 122.9 50 99.1 -4,631.8 351.0

2079 46.7 0.0 121.2 50 97.9 -4,729.7 355.3

2080 46.0 0.0 119.9 50 96.9 -4,826.6 359.8

Total 2005-2079 6,214.7 0.0 8,066.1

 Based on the Intermediate Assumptions of the 2005 Trustees Report

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

Ultimate Net Real PRA Yield Rate of 4.575 Social Security Administration

Annuity Net Real Yield Rate of 3.0 November 17, 2005
Table 1b.c PRA Contributions, PRA Offset, Other Changes, & Budget Effect

 Basic PRA Account Contribution Rate: 3.0% Benefit Offset: 0.0%

Other Changes Percentage of Change in 

Total Amount Offset to In Unified PRA Contributions Annual Debt Held Annual 

Contributed to OASDI Ben Budget from the Unified Budget by Public Unified Budget

to PRA From PRA Cash Flow Trust Fund Cash Flow (EOY) Balance

(1) (2) (3) (4) (5)=(3)+(2)-(1)*(4) (6) (7)

Year (Billions of Constant 2005 $)

2006 0.0 0.0 0.0 0.0 0.0 0.0

2007 0.0 0.0 0.6 0.6 -0.7 0.7

2008 132.3 0.0 9.2 77 -92.2 94.0 -94.6

2009 137.8 0.0 18.7 76 -86.4 185.1 -93.6

2010 143.1 0.0 27.7 76 -81.5 273.4 -93.4

2011 148.2 0.0 36.1 76 -77.1 359.7 -93.7

2012 153.1 0.0 45.1 73 -67.2 438.1 -88.3

2013 157.9 0.0 54.5 69 -54.9 506.3 -80.1

2014 162.5 0.0 64.5 65 -40.5 561.6 -69.1

2015 166.8 0.0 75.2 61 -26.5 604.3 -58.0

2016 170.9 0.0 89.1 58 -10.6 632.3 -44.4

2017 174.8 0.0 101.3 54 6.3 644.0 -29.0

2018 178.5 0.0 109.4 50 20.1 642.3 -15.8

2019 182.1 0.0 117.4 50 26.4 634.4 -9.6

2020 185.5 0.0 125.3 50 32.5 619.9 -2.8

2021 188.7 0.0 132.9 50 38.5 598.9 4.1

2022 191.9 0.0 140.6 50 44.7 570.9 11.7

2023 195.0 0.0 148.4 50 50.9 535.7 19.7

2024 198.1 0.0 156.7 50 57.7 492.4 28.7

2025 201.0 0.0 165.7 50 65.2 440.1 38.9

2026 204.0 0.0 174.5 50 72.5 378.7 49.4

2027 206.7 0.0 183.9 50 80.5 307.2 61.2

2028 209.5 0.0 193.6 50 88.8 225.0 73.8

2029 212.3 0.0 203.8 50 97.7 131.3 87.6

2030 215.2 0.0 215.0 50 107.4 24.7 103.0

2031 218.1 0.0 227.0 50 118.0 -95.9 120.0

2032 221.1 0.0 239.4 50 128.9 -231.4 138.1

2033 224.2 0.0 251.6 50 139.5 -382.0 156.8

2034 227.3 0.0 264.3 50 150.7 -548.4 176.9

2035 230.4 0.0 277.6 50 162.4 -732.0 198.5

2036 233.6 0.0 291.0 50 174.2 -933.2 221.1

2037 236.9 0.0 304.8 50 186.3 -1,152.9 245.1

2038 240.2 0.0 318.4 50 198.3 -1,391.5 270.0

2039 243.7 0.0 332.8 50 210.9 -1,650.3 296.7

2040 247.1 0.0 347.7 50 224.1 -1,930.5 325.1

2041 250.6 0.0 363.2 50 237.9 -2,233.2 355.3

2042 254.1 0.0 378.9 50 251.9 -2,559.4 387.0

2043 257.7 0.0 394.8 50 265.9 -2,909.9 420.1

2044 261.3 0.0 411.3 50 280.7 -3,286.0 455.4

2045 264.8 0.0 428.6 50 296.2 -3,689.4 492.9

2046 268.4 0.0 446.2 50 312.0 -4,121.1 532.2

2047 272.0 0.0 464.3 50 328.3 -4,582.5 573.7

2048 275.7 0.0 482.7 50 344.8 -5,074.8 617.1

2049 279.4 0.0 501.6 50 361.9 -5,599.5 662.9

2050 283.0 0.0 521.3 50 379.8 -6,158.3 711.3

2051 286.8 0.0 541.6 50 398.3 -6,752.8 762.3

2052 290.6 0.0 561.9 50 416.7 -7,384.2 815.3

2053 294.4 0.0 582.3 50 435.1 -8,053.4 870.4

2054 298.3 0.0 602.7 50 453.6 -8,761.8 927.7

2055 302.2 0.0 623.5 50 472.4 -9,510.7 987.6

2056 306.1 0.0 644.3 50 491.2 -10,301.5 1,049.9

2057 310.1 0.0 665.0 50 510.0 -11,135.3 1,114.4

2058 314.2 0.0 685.4 50 528.3 -12,013.0 1,181.0

2059 318.3 0.0 705.5 50 546.3 -12,935.6 1,249.8

2060 322.4 0.0 725.5 50 564.3 -13,904.4 1,321.1

2061 326.5 0.0 745.2 50 582.0 -14,920.3 1,394.7

2062 330.8 0.0 765.0 50 599.6 -15,984.9 1,471.0

2063 335.1 0.0 784.5 50 617.0 -17,099.3 1,549.8

2064 339.5 0.0 803.9 50 634.2 -18,264.9 1,631.3

2065 343.9 0.0 823.1 50 651.1 -19,482.9 1,715.5

2066 348.3 0.0 842.1 50 668.0 -20,754.7 1,802.5

2067 352.7 0.0 860.9 50 684.6 -22,081.7 1,892.4

2068 357.3 0.0 879.7 50 701.0 -23,465.5 1,985.2

2069 362.0 0.0 898.2 50 717.2 -24,907.5 2,081.1

2070 366.7 0.0 916.3 50 732.9 -26,408.9 2,179.8

2071 371.5 0.0 933.8 50 748.1 -27,971.0 2,281.4

2072 376.3 0.0 951.3 50 763.1 -29,595.3 2,386.2

2073 381.2 0.0 968.5 50 777.9 -31,283.7 2,494.5

2074 386.1 0.0 985.6 50 792.5 -33,037.7 2,606.1

2075 391.1 0.0 1,002.5 50 807.0 -34,859.2 2,721.4

2076 396.1 0.0 1,017.7 50 819.6 -36,748.3 2,838.6

2077 401.2 0.0 1,033.9 50 833.3 -38,708.2 2,960.8

2078 406.4 0.0 1,050.7 50 847.5 -40,741.5 3,087.6

2079 411.6 0.0 1,067.5 50 861.7 -42,850.5 3,218.7

2080 416.9 0.0 1,087.5 50 879.1 -45,040.6 3,357.2

 Based on the Intermediate Assumptions of the 2005 Trustees Report

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

Ultimate Net Real PRA Yield Rate of 4.575 Social Security Administration

Annuity Net Real Yield Rate of 3.0 November 17, 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 $ 1/1/2005 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 83 90 1.8 94 82 89

2008 0.0 -1 -1 -1 1.8 98 82 91

2009 0.0 -2 -1 -2 1.6 94 74 85

2010 0.0 0 0 0 1.5 92 69 81

2011 0.0 -1 0 -1 1.4 90 64 77

2012 0.0 -1 -1 -1 1.2 80 54 66

2013 0.0 -1 -1 -1 1.0 67 43 54

2014 0.0 -1 -1 -1 0.7 50 30 40

2015 0.0 -2 -1 -1 0.4 33 19 25

2016 0.0 -2 -1 -1 0.2 12 7 9

2017 0.0 -2 -1 -1 -0.1 -11 -5 -8

2018 -0.1 -7 -4 -5 -0.4 -36 -17 -25

2019 -0.3 -25 -12 -17 -0.7 -64 -29 -44

2020 -0.4 -46 -20 -31 -1.0 -95 -41 -63

2021 -0.6 -68 -28 -44 -1.3 -128 -52 -83

2022 -0.8 -92 -36 -58 -1.6 -163 -63 -103

2023 -1.0 -117 -43 -72 -1.9 -200 -73 -123

2024 -1.2 -143 -49 -85 -2.2 -239 -82 -143

2025 -1.3 -169 -55 -98 -2.4 -281 -91 -163

2026 -1.5 -197 -61 -111 -2.7 -325 -100 -184

2027 -1.6 -224 -65 -123 -3.0 -370 -107 -203

2028 -1.7 -248 -68 -133 -3.2 -415 -114 -222

2029 -1.8 -271 -70 -141 -3.4 -459 -119 -239

2030 -1.9 -291 -71 -147 -3.6 -504 -123 -255

2031 -1.9 -310 -72 -152 -3.7 -550 -127 -270

2032 -1.9 -326 -71 -156 -3.9 -595 -130 -285

2033 -1.9 -339 -70 -158 -4.0 -639 -132 -297

2034 -1.9 -348 -68 -157 -4.1 -681 -132 -308

2035 -1.9 -353 -65 -155 -4.1 -722 -132 -318

2036 -1.8 -356 -62 -152 -4.2 -762 -132 -326

2037 -1.7 -355 -58 -148 -4.2 -802 -131 -334

2038 -1.6 -351 -54 -142 -4.3 -840 -130 -341

2039 -1.5 -342 -50 -135 -4.3 -877 -128 -346

2040 -1.4 -331 -46 -127 -4.3 -916 -126 -351

2041 -1.3 -318 -41 -119 -4.3 -955 -124 -356

2042 -1.2 -303 -37 -110 -4.3 -997 -123 -362

2043 -1.1 -287 -33 -101 -4.3 -1,040 -121 -367

2044 -1.0 -268 -29 -92 -4.3 -1,085 -119 -373

2045 -0.9 -246 -26 -82 -4.3 -1,133 -117 -378

2046 -0.7 -223 -22 -73 -4.3 -1,183 -116 -385

2047 -0.6 -199 -18 -63 -4.3 -1,237 -114 -391

2048 -0.5 -172 -15 -53 -4.3 -1,293 -113 -398

2049 -0.4 -143 -12 -43 -4.4 -1,353 -112 -405

2050 -0.3 -112 -9 -33 -4.4 -1,417 -110 -412

2051 -0.2 -79 -6 -22 -4.4 -1,486 -109 -421

2052 -0.1 -47 -3 -13 -4.4 -1,560 -108 -430

2053 0.0 -14 -1 -4 -4.5 -1,639 -108 -439

2054 0.0 19 1 5 -4.5 -1,722 -107 -449

2055 0.1 53 3 14 -4.6 -1,810 -106 -459

2056 0.2 87 5 22 -4.6 -1,905 -105 -470

2057 0.3 121 6 29 -4.7 -2,005 -105 -481

2058 0.3 154 8 36 -4.7 -2,110 -104 -492

2059 0.4 187 9 42 -4.8 -2,220 -103 -504

2060 0.4 221 10 49 -4.8 -2,335 -103 -516

2061 0.5 252 10 54 -4.9 -2,457 -102 -528

2062 0.5 282 11 59 -4.9 -2,587 -101 -541

2063 0.5 310 11 63 -5.0 -2,726 -101 -554

2064 0.5 336 12 66 -5.0 -2,872 -100 -568

2065 0.6 363 12 70 -5.1 -3,023 -100 -581

2066 0.6 388 12 73 -5.1 -3,182 -99 -595

2067 0.6 412 12 75 -5.2 -3,350 -99 -610

2068 0.6 437 12 77 -5.2 -3,523 -98 -624

2069 0.6 461 12 79 -5.3 -3,704 -97 -638

2070 0.6 486 12 81 -5.3 -3,890 -97 -652

2071 0.6 507 12 83 -5.4 -4,084 -96 -665

2072 0.6 527 12 84 -5.4 -4,287 -95 -680

2073 0.6 547 11 84 -5.5 -4,498 -94 -694

2074 0.6 565 11 85 -5.5 -4,719 -93 -708

2075 0.6 580 11 85 -5.5 -4,951 -92 -722

2076 0.6 581 10 82 -5.6 -5,194 -91 -737

2077 0.6 587 10 81 -5.6 -5,448 -91 -752

2078 0.5 595 9 80 -5.7 -5,715 -90 -768

2079 0.5 600 9 78 -5.7 -5,996 -89 -783

2080 0.5 604 8 77 -5.8 -6,290 -88 -799

Total 2005-79 -970 -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) November 17, 2005
Table 1d Change in Long-Range Trust Fund Assets / Unfunded Obligation

 Basic Personal Retirement Account Contribution Rate: 3.0% Benefit Offset: 0.0%

Present Law OASDI

Trust Fund Assets Basic Offset to Proposal OASDI

or if Negative, Changes Total Amount Percentage of OASDI Trust Fund Assets/

Unfunded Obligation in OASDI Contributed to PRA Contribution Benefit General Total Change Unfunded Obligation

Through EOY Cash Flow1 to PRA from Trust Fund from PRA Fund Transfers Through EOY2 Through EOY

(1) (2) (3) (3a) (4) (5) (6) (7) = (1) + (6)

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

2006 1,835.2 0.0 0.0 0.0 0.0 0.0 1,835.2

2007 1,917.1 0.6 0.0 0.0 0.0 0.6 1,917.7

2008 1,998.4 8.3 118.8 77 0.0 0.0 -82.2 1,916.3

2009 2,072.5 16.4 120.6 76 0.0 0.0 -157.9 1,914.6

2010 2,141.5 23.7 122.2 76 0.0 0.0 -227.5 1,914.0

2011 2,204.9 30.0 123.4 76 0.0 0.0 -291.7 1,913.2

2012 2,258.4 36.6 124.3 73 0.0 0.0 -346.2 1,912.2

2013 2,300.8 43.1 124.9 69 0.0 0.0 -389.7 1,911.1

2014 2,331.0 49.7 125.1 65 0.0 0.0 -420.9 1,910.1

2015 2,349.7 56.4 125.0 61 0.0 0.0 -440.8 1,908.9

2016 2,356.4 65.0 124.6 58 0.0 0.0 -448.5 1,907.8

2017 2,350.7 71.8 124.0 54 0.0 0.0 -444.0 1,906.7

2018 2,333.1 75.4 123.0 50 0.0 0.0 -430.2 1,903.0

2019 2,303.8 78.6 121.9 50 0.0 0.0 -412.5 1,891.3

2020 2,262.7 81.4 120.5 50 0.0 0.0 -391.4 1,871.3

2021 2,210.4 83.8 119.0 50 0.0 0.0 -367.1 1,843.3

2022 2,147.5 86.1 117.5 50 0.0 0.0 -339.8 1,807.7

2023 2,074.6 88.2 115.9 50 0.0 0.0 -309.5 1,765.0

2024 1,992.1 90.5 114.3 50 0.0 0.0 -276.2 1,715.9

2025 1,900.6 92.8 112.7 50 0.0 0.0 -239.7 1,660.9

2026 1,800.6 94.9 111.0 50 0.0 0.0 -200.2 1,600.3

2027 1,693.2 97.1 109.2 50 0.0 0.0 -157.7 1,535.4

2028 1,579.5 99.3 107.5 50 0.0 0.0 -112.2 1,467.4

2029 1,460.7 101.5 105.7 50 0.0 0.0 -63.5 1,397.2

2030 1,337.6 103.9 104.0 50 0.0 0.0 -11.6 1,326.0

2031 1,210.7 106.5 102.3 50 0.0 0.0 43.8 1,254.4

2032 1,080.9 109.1 100.7 50 0.0 0.0 102.5 1,183.4

2033 949.4 111.3 99.2 50 0.0 0.0 164.2 1,113.6

2034 817.0 113.5 97.6 50 0.0 0.0 228.9 1,046.0

2035 684.5 115.8 96.1 50 0.0 0.0 296.6 981.2

2036 552.4 117.8 94.6 50 0.0 0.0 367.2 919.5

2037 421.0 119.8 93.1 50 0.0 0.0 440.4 861.4

2038 291.1 121.5 91.7 50 0.0 0.0 516.1 807.1

2039 162.9 123.3 90.3 50 0.0 0.0 594.2 757.1

2040 36.6 125.1 88.9 50 0.0 0.0 674.8 711.4

2041 -87.9 126.8 87.5 50 0.0 0.0 757.9 670.0

2042 -210.7 128.5 86.1 50 0.0 0.0 843.3 632.7

2043 -331.6 130.0 84.8 50 0.0 0.0 930.9 599.3

2044 -450.7 131.5 83.5 50 0.0 0.0 1,020.6 569.9

2045 -568.1 133.0 82.2 50 0.0 0.0 1,112.5 544.4

2046 -684.0 134.4 80.9 50 0.0 0.0 1,206.5 522.5

2047 -798.4 135.8 79.6 50 0.0 0.0 1,302.5 504.1

2048 -911.3 137.1 78.3 50 0.0 0.0 1,400.4 489.1

2049 -1,022.9 138.3 77.0 50 0.0 0.0 1,500.2 477.3

2050 -1,133.2 139.5 75.8 50 0.0 0.0 1,601.8 468.6

2051 -1,242.5 140.7 74.5 50 0.0 0.0 1,705.3 462.8

2052 -1,350.9 141.8 73.3 50 0.0 0.0 1,810.4 459.5

2053 -1,458.4 142.6 72.1 50 0.0 0.0 1,917.0 458.6

2054 -1,565.1 143.3 70.9 50 0.0 0.0 2,024.9 459.8

2055 -1,671.0 144.0 69.8 50 0.0 0.0 2,133.9 462.9

2056 -1,776.3 144.4 68.6 50 0.0 0.0 2,244.0 467.7

2057 -1,881.0 144.7 67.5 50 0.0 0.0 2,355.0 474.1

2058 -1,985.0 144.8 66.4 50 0.0 0.0 2,466.7 481.7

2059 -2,088.4 144.7 65.3 50 0.0 0.0 2,578.7 490.4

2060 -2,191.0 144.5 64.2 50 0.0 0.0 2,691.1 500.1

2061 -2,293.1 144.1 63.1 50 0.0 0.0 2,803.6 510.6

2062 -2,394.6 143.6 62.1 50 0.0 0.0 2,916.2 521.6

2063 -2,495.5 143.0 61.1 50 0.0 0.0 3,028.7 533.1

2064 -2,596.0 142.3 60.1 50 0.0 0.0 3,140.9 544.9

2065 -2,695.9 141.4 59.1 50 0.0 0.0 3,252.7 556.9

2066 -2,795.2 140.5 58.1 50 0.0 0.0 3,364.1 569.0

2067 -2,893.9 139.4 57.1 50 0.0 0.0 3,475.0 581.1

2068 -2,991.9 138.3 56.2 50 0.0 0.0 3,585.2 593.3

2069 -3,089.3 137.1 55.3 50 0.0 0.0 3,694.7 605.4

2070 -3,185.8 135.8 54.3 50 0.0 0.0 3,803.3 617.5

2071 -3,281.6 134.4 53.4 50 0.0 0.0 3,910.9 629.4

2072 -3,376.5 132.9 52.6 50 0.0 0.0 4,017.5 641.0

2073 -3,470.6 131.3 51.7 50 0.0 0.0 4,123.0 652.5

2074 -3,563.7 129.8 50.8 50 0.0 0.0 4,227.4 663.6

2075 -3,656.1 128.2 50.0 50 0.0 0.0 4,330.5 674.4

2076 -3,747.6 126.3 49.2 50 0.0 0.0 4,432.2 684.7

2077 -3,838.2 124.6 48.3 50 0.0 0.0 4,532.6 694.4

2078 -3,928.0 122.9 47.5 50 0.0 0.0 4,631.8 703.8

2079 -4,017.0 121.2 46.7 50 0.0 0.0 4,729.7 712.7

Total 2005-2079 8,066.1 6,214.7 0.0 0.0

 Based on the Intermediate Assumptions of the 2005 Trustees Report

 With Ultimate Real Trust Fund Interest Rate of 3.0

Ultimate Net Real PRA Yield Rate of 4.575 Office of the Actuary

Annuity Net Real Yield Rate of 3.0 Social Security Administration 1

Includes revenue from taxing PRA distributions November 17, 2005 2

Total change through the year is the accumulation of changes in columns 2 less the product of column 3 and column 3a
Table 1e: Change in OASDI Effective Taxable Payroll under the Proposal

 

Proposal Effective Taxable Payroll Present Law Effective Taxable Payroll Proposal 

Nominal Constant Present Value Nominal Constant Present Value Percentage

Year Dollars 2005$ as of 1/1/2005 Dollars 2005$ as of 1/1/2005 Change

2005 4,732 4,732 4,608 4,732 4,732 4,608 0.0

2006 4,987 4,881 4,609 4,986 4,881 4,609 0.0

2007 5,246 5,005 4,604 5,245 5,005 4,603 0.0

2008 5,581 5,181 4,650 5,513 5,117 4,594 1.2

2009 5,924 5,349 4,685 5,786 5,224 4,575 2.4

2010 6,274 5,510 4,707 6,067 5,329 4,553 3.4

2011 6,631 5,666 4,719 6,357 5,431 4,524 4.3

2012 6,993 5,812 4,718 6,648 5,526 4,485 5.2

2013 7,363 5,953 4,707 6,949 5,618 4,442 6.0

2014 7,745 6,091 4,691 7,261 5,710 4,398 6.7

2015 8,145 6,231 4,671 7,586 5,804 4,351 7.4

2016 8,561 6,371 4,646 7,922 5,896 4,300 8.1

2017 8,986 6,505 4,613 8,271 5,988 4,246 8.6

2018 9,384 6,608 4,553 8,633 6,079 4,189 8.7

2019 9,797 6,711 4,491 9,009 6,171 4,129 8.7

2020 10,219 6,809 4,424 9,395 6,260 4,067 8.8

2021 10,657 6,908 4,357 9,798 6,351 4,006 8.8

2022 11,108 7,004 4,289 10,213 6,440 3,943 8.8

2023 11,574 7,099 4,221 10,644 6,529 3,882 8.7

2024 12,060 7,196 4,153 11,089 6,616 3,819 8.8

2025 12,566 7,294 4,087 11,550 6,703 3,757 8.8

2026 13,091 7,391 4,022 12,029 6,791 3,695 8.8

2027 13,641 7,492 3,958 12,532 6,883 3,636 8.8

2028 14,212 7,593 3,894 13,059 6,977 3,578 8.8

2029 14,803 7,693 3,830 13,604 7,070 3,520 8.8

2030 15,422 7,797 3,769 14,171 7,164 3,463 8.8

2031 16,071 7,903 3,709 14,764 7,261 3,408 8.8

2032 16,747 8,012 3,651 15,387 7,361 3,354 8.8

2033 17,449 8,120 3,592 16,040 7,464 3,302 8.8

2034 18,189 8,234 3,536 16,720 7,569 3,251 8.8

2035 18,962 8,350 3,482 17,425 7,673 3,200 8.8

2036 19,765 8,467 3,428 18,161 7,779 3,149 8.8

2037 20,604 8,586 3,375 18,931 7,888 3,101 8.8

2038 21,472 8,704 3,321 19,736 8,000 3,053 8.8

2039 22,390 8,829 3,271 20,577 8,114 3,006 8.8

2040 23,346 8,955 3,221 21,451 8,228 2,960 8.8

2041 24,343 9,083 3,172 22,362 8,344 2,914 8.9

2042 25,377 9,211 3,123 23,311 8,461 2,869 8.9

2043 26,447 9,338 3,074 24,302 8,580 2,824 8.8

2044 27,569 9,468 3,026 25,332 8,700 2,780 8.8

2045 28,736 9,601 2,979 26,397 8,819 2,736 8.9

2046 29,946 9,733 2,932 27,503 8,938 2,693 8.9

2047 31,203 9,865 2,885 28,654 9,059 2,649 8.9

2048 32,508 9,997 2,839 29,854 9,181 2,607 8.9

2049 33,864 10,131 2,793 31,098 9,303 2,565 8.9

2050 35,278 10,266 2,748 32,388 9,425 2,523 8.9

2051 36,749 10,403 2,703 33,733 9,549 2,481 8.9

2052 38,273 10,539 2,659 35,134 9,675 2,441 8.9

2053 39,857 10,677 2,615 36,594 9,803 2,401 8.9

2054 41,512 10,817 2,572 38,116 9,932 2,362 8.9

2055 43,240 10,960 2,531 39,698 10,063 2,323 8.9

2056 45,034 11,104 2,489 41,341 10,194 2,285 8.9

2057 46,900 11,249 2,448 43,053 10,327 2,247 8.9

2058 48,836 11,395 2,408 44,835 10,461 2,210 8.9

2059 50,850 11,541 2,368 46,690 10,597 2,174 8.9

2060 52,958 11,693 2,329 48,620 10,735 2,138 8.9

2061 55,143 11,843 2,290 50,626 10,873 2,102 8.9

2062 57,426 11,998 2,252 52,721 11,015 2,068 8.9

2063 59,799 12,153 2,215 54,906 11,159 2,034 8.9

2064 62,271 12,311 2,178 57,179 11,304 2,000 8.9

2065 64,849 12,471 2,143 59,544 11,451 1,967 8.9

2066 67,515 12,630 2,107 61,990 11,597 1,934 8.9

2067 70,290 12,791 2,071 64,538 11,745 1,902 8.9

2068 73,199 12,958 2,037 67,211 11,898 1,871 8.9

2069 76,235 13,128 2,004 69,999 12,054 1,840 8.9

2070 79,394 13,299 1,971 72,897 12,211 1,810 8.9

2071 82,681 13,473 1,938 75,912 12,370 1,780 8.9

2072 86,099 13,648 1,906 79,047 12,530 1,750 8.9

2073 89,664 13,826 1,875 82,316 12,693 1,721 8.9

2074 93,373 14,005 1,844 85,720 12,857 1,693 8.9

2075 97,228 14,186 1,813 89,257 13,023 1,665 8.9

2076 101,241 14,370 1,783 92,938 13,191 1,637 8.9

2077 105,418 14,555 1,754 96,767 13,360 1,610 8.9

2078 109,765 14,742 1,725 100,752 13,532 1,583 8.9

2079 114,292 14,932 1,696 104,902 13,705 1,557 9.0

Based on Intermediate Assumptions of the 2005 Trustees Report Office of the Actuary

With Ultimate Real Trust Fund Interest Rate of 3.0 Social Security Administration

November 17, 2005
Table 2: Liebman-MacGuineas-Samwick-Proposal

Low PRA Yield Ultimate Real Trust Fund Interest Rate of 3.0 Basic PRA Contribution is 3.0% of taxable earnings 

Tax PRA Distributions like OASDI Benefits Ultimate Net Real PRA Yield Rate of 2.7 Assumed Participation in PRA: 100.0% - MANDATORY

PRA Contributions based on PL Tax Max Annuity Net Real Yld Rate of 2.7 Benefit Offset: 0.0%

"Effective" "Effective" Total

Basic PRA Change in OASDI OASDI General IA

Cost Income Annual TFR Contribution Rate Contribution Contribution Revenue Contribution

Year Rate Rate Balance 1-1-yr From Trust Fund1 Rate Rate Transfers Rate

2005 11.13 12.72 1.59 320 12.40 0.00

2006 11.00 12.73 1.73 337 12.40 0.00

2007 10.94 12.74 1.81 355 12.40 0.00

2008 10.82 10.82 0.00 371 2.30 -1.958 10.44 2.55

2009 10.79 10.79 0.00 369 2.29 -0.008 10.43 2.58

2010 10.77 10.79 0.02 368 2.29 -0.016 10.42 2.60

2011 10.81 10.82 0.01 365 2.29 -0.015 10.40 2.62

2012 10.91 10.91 0.00 362 2.20 0.065 10.47 2.63

2013 11.03 11.02 0.00 359 2.08 0.093 10.56 2.65

2014 11.14 11.15 0.00 356 1.94 0.114 10.68 2.67

2015 11.25 11.25 0.00 354 1.83 0.092 10.77 2.68

2016 11.33 11.33 0.00 353 1.75 0.068 10.84 2.68

2017 11.45 11.44 0.00 351 1.63 0.105 10.94 2.69

2018 11.63 11.57 -0.07 350 1.50 0.109 11.05 2.70

2019 11.82 11.57 -0.24 348 1.50 -0.006 11.04 2.71

2020 12.02 11.58 -0.44 346 1.50 -0.005 11.04 2.72

2021 12.22 11.59 -0.63 341 1.50 -0.004 11.03 2.73

2022 12.42 11.61 -0.82 336 1.50 -0.004 11.03 2.74

2023 12.61 11.62 -1.00 330 1.50 -0.004 11.03 2.75

2024 12.80 11.63 -1.17 323 1.50 -0.003 11.02 2.75

2025 12.97 11.64 -1.33 314 1.50 -0.002 11.02 2.76

2026 13.15 11.65 -1.50 305 1.50 -0.002 11.02 2.76

2027 13.30 11.67 -1.63 296 1.50 0.000 11.02 2.76

2028 13.42 11.68 -1.74 286 1.50 0.000 11.02 2.76

2029 13.51 11.69 -1.82 275 1.50 0.000 11.02 2.76

2030 13.58 11.70 -1.88 265 1.50 0.000 11.02 2.76

2031 13.63 11.71 -1.92 255 1.50 0.000 11.02 2.76

2032 13.66 11.72 -1.94 244 1.50 0.000 11.02 2.76

2033 13.66 11.72 -1.94 234 1.50 -0.001 11.02 2.76

2034 13.64 11.73 -1.91 224 1.50 0.000 11.02 2.76

2035 13.59 11.73 -1.86 214 1.50 0.000 11.02 2.76

2036 13.54 11.74 -1.80 205 1.50 0.000 11.02 2.76

2037 13.47 11.74 -1.73 196 1.50 0.000 11.02 2.76

2038 13.39 11.74 -1.64 188 1.50 -0.001 11.02 2.76

2039 13.28 11.75 -1.54 180 1.50 0.000 11.02 2.76

2040 13.18 11.75 -1.43 172 1.50 0.000 11.02 2.76

2041 13.07 11.75 -1.32 165 1.50 0.000 11.02 2.76

2042 12.96 11.75 -1.21 159 1.50 0.000 11.02 2.76

2043 12.86 11.75 -1.11 154 1.50 0.000 11.02 2.76

2044 12.75 11.75 -1.00 149 1.50 0.000 11.02 2.76

2045 12.64 11.75 -0.89 145 1.50 0.000 11.02 2.76

2046 12.54 11.76 -0.78 141 1.50 0.000 11.02 2.76

2047 12.43 11.76 -0.68 138 1.50 0.000 11.02 2.76

2048 12.33 11.76 -0.57 136 1.50 0.000 11.02 2.76

2049 12.23 11.76 -0.47 135 1.50 0.000 11.02 2.76

2050 12.14 11.76 -0.37 134 1.50 0.000 11.02 2.76

2051 12.04 11.77 -0.28 134 1.50 0.000 11.02 2.76

2052 11.96 11.77 -0.19 135 1.50 0.000 11.02 2.76

2053 11.88 11.77 -0.11 137 1.50 0.000 11.02 2.76

2054 11.81 11.78 -0.03 139 1.50 0.000 11.02 2.76

2055 11.74 11.78 0.04 141 1.50 0.000 11.02 2.76

2056 11.68 11.78 0.10 145 1.50 0.000 11.02 2.76

2057 11.62 11.78 0.16 149 1.50 0.000 11.02 2.76

2058 11.57 11.79 0.22 153 1.50 0.000 11.02 2.76

2059 11.53 11.79 0.26 158 1.50 0.000 11.02 2.76

2060 11.49 11.79 0.31 163 1.50 0.000 11.02 2.76

2061 11.45 11.80 0.34 169 1.50 0.000 11.02 2.76

2062 11.43 11.80 0.37 175 1.50 0.000 11.02 2.76

2063 11.41 11.80 0.39 182 1.50 0.000 11.02 2.76

2064 11.40 11.81 0.41 188 1.50 0.000 11.02 2.76

2065 11.38 11.81 0.43 195 1.50 0.000 11.02 2.76

2066 11.38 11.81 0.44 202 1.50 0.000 11.02 2.76

2067 11.37 11.81 0.44 209 1.50 0.000 11.02 2.76

2068 11.37 11.82 0.45 217 1.50 0.000 11.02 2.76

2069 11.37 11.82 0.45 224 1.50 0.000 11.02 2.76

2070 11.37 11.82 0.46 232 1.50 0.000 11.02 2.76

2071 11.37 11.83 0.46 239 1.50 0.000 11.02 2.76

2072 11.38 11.83 0.45 247 1.50 0.000 11.02 2.76

2073 11.38 11.83 0.45 255 1.50 0.000 11.02 2.76

2074 11.39 11.83 0.44 263 1.50 0.000 11.02 2.76

2075 11.41 11.84 0.43 270 1.50 0.000 11.02 2.76

2076 11.44 11.84 0.40 278 1.50 0.000 11.02 2.76

2077 11.46 11.84 0.38 285 1.50 0.000 11.02 2.76

2078 11.48 11.84 0.37 293 1.50 0.000 11.02 2.76

2079 11.50 11.85 0.35 301 1.50 0.000 11.02 2.76

2080 11.52 11.85 0.33 308 1.50 0.000 11.02 2.76

Summarized OASDI

Actuarial Change in 

Cost Rate Income Rate Balance Actuarial Balance

2005 - 2079 12.17 12.34 0.17 2.09 Office of the Actuary

Based on Intermediate Assumptions of the 2005 Trustees Report. Social Security Administration 1

 Expressed as percent of present law taxable payroll. November 17, 2005

All other values are expressed as percents of taxable payroll under the proposal, except TFR.
Table 2a Proposal General Fund Transfers, OASDI Trust Fund Assets, PRA Assets, and Theoretical OASDI Assets

Proposal General Fund Transfers Total OASDI

Accumulated Trust Fund

Present Value Percent of Annual as of Assets PRA Assets 1 Without General With Proposed Plan 

as of 1-1-2005 Taxable Payroll Transfers End of Year at End of Year at End of Year GDP Fund Transfers General 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 0.0 0.0 0.0 0 1,995 0 12,746 1,995 1,995

2007 0.0 0.0 0.0 0 2,139 0 13,080 2,139 2,139

2008 0.0 0.0 0.0 0 2,191 136 13,389 2,285 2,285

2009 0.0 0.0 0.0 0 2,244 280 13,690 2,429 2,429

2010 0.0 0.0 0.0 0 2,300 433 13,989 2,574 2,574

2011 0.0 0.0 0.0 0 2,359 595 14,286 2,719 2,719

2012 0.0 0.0 0.0 0 2,420 766 14,573 2,858 2,858

2013 0.0 0.0 0.0 0 2,483 945 14,850 2,989 2,989

2014 0.0 0.0 0.0 0 2,548 1,132 15,125 3,110 3,110

2015 0.0 0.0 0.0 0 2,617 1,327 15,398 3,222 3,222

2016 0.0 0.0 0.0 0 2,690 1,531 15,669 3,322 3,322

2017 0.0 0.0 0.0 0 2,765 1,743 15,942 3,409 3,409

2018 0.0 0.0 0.0 0 2,841 1,963 16,214 3,483 3,483

2019 0.0 0.0 0.0 0 2,908 2,191 16,489 3,543 3,543

2020 0.0 0.0 0.0 0 2,964 2,425 16,759 3,584 3,584

2021 0.0 0.0 0.0 0 3,007 2,667 17,032 3,606 3,606

2022 0.0 0.0 0.0 0 3,038 2,914 17,302 3,609 3,609

2023 0.0 0.0 0.0 0 3,055 3,168 17,574 3,591 3,591

2024 0.0 0.0 0.0 0 3,059 3,427 17,843 3,551 3,551

2025 0.0 0.0 0.0 0 3,050 3,691 18,111 3,490 3,490

2026 0.0 0.0 0.0 0 3,026 3,960 18,383 3,405 3,405

2027 0.0 0.0 0.0 0 2,991 4,234 18,665 3,298 3,298

2028 0.0 0.0 0.0 0 2,943 4,513 18,955 3,169 3,169

2029 0.0 0.0 0.0 0 2,886 4,795 19,245 3,019 3,019

2030 0.0 0.0 0.0 0 2,821 5,081 19,537 2,847 2,847

2031 0.0 0.0 0.0 0 2,748 5,370 19,836 2,654 2,654

2032 0.0 0.0 0.0 0 2,670 5,663 20,147 2,441 2,441

2033 0.0 0.0 0.0 0 2,587 5,958 20,468 2,208 2,208

2034 0.0 0.0 0.0 0 2,501 6,256 20,792 1,957 1,957

2035 0.0 0.0 0.0 0 2,415 6,556 21,116 1,689 1,689

2036 0.0 0.0 0.0 0 2,330 6,857 21,446 1,404 1,404

2037 0.0 0.0 0.0 0 2,246 7,160 21,785 1,102 1,102

2038 0.0 0.0 0.0 0 2,165 7,464 22,132 785 785

2039 0.0 0.0 0.0 0 2,089 7,768 22,486 452 452

2040 0.0 0.0 0.0 0 2,019 8,072 22,842 105 105

2041 0.0 0.0 0.0 0 1,955 8,376 23,204 -259 -259

2042 0.0 0.0 0.0 0 1,897 8,678 23,573 -639 -639

2043 0.0 0.0 0.0 0 1,847 8,979 23,948 -1,036 -1,036

2044 0.0 0.0 0.0 0 1,804 9,278 24,325 -1,451 -1,451

2045 0.0 0.0 0.0 0 1,769 9,575 24,702 -1,884 -1,884

2046 0.0 0.0 0.0 0 1,743 9,868 25,081 -2,336 -2,336

2047 0.0 0.0 0.0 0 1,725 10,157 25,466 -2,809 -2,809

2048 0.0 0.0 0.0 0 1,716 10,441 25,857 -3,302 -3,302

2049 0.0 0.0 0.0 0 1,718 10,721 26,248 -3,818 -3,818

2050 0.0 0.0 0.0 0 1,728 10,995 26,640 -4,357 -4,357

2051 0.0 0.0 0.0 0 1,750 11,262 27,040 -4,920 -4,920

2052 0.0 0.0 0.0 0 1,780 11,522 27,447 -5,510 -5,510

2053 0.0 0.0 0.0 0 1,820 11,776 27,860 -6,127 -6,127

2054 0.0 0.0 0.0 0 1,870 12,023 28,281 -6,772 -6,772

2055 0.0 0.0 0.0 0 1,929 12,265 28,705 -7,448 -7,448

2056 0.0 0.0 0.0 0 1,998 12,502 29,132 -8,154 -8,154

2057 0.0 0.0 0.0 0 2,075 12,732 29,567 -8,894 -8,894

2058 0.0 0.0 0.0 0 2,161 12,956 30,008 -9,667 -9,667

2059 0.0 0.0 0.0 0 2,256 13,175 30,455 -10,476 -10,476

2060 0.0 0.0 0.0 0 2,359 13,388 30,907 -11,321 -11,321

2061 0.0 0.0 0.0 0 2,470 13,595 31,364 -12,203 -12,203

2062 0.0 0.0 0.0 0 2,589 13,796 31,831 -13,126 -13,126

2063 0.0 0.0 0.0 0 2,714 13,992 32,308 -14,089 -14,089

2064 0.0 0.0 0.0 0 2,846 14,183 32,790 -15,096 -15,096

2065 0.0 0.0 0.0 0 2,984 14,368 33,279 -16,147 -16,147

2066 0.0 0.0 0.0 0 3,129 14,548 33,765 -17,244 -17,244

2067 0.0 0.0 0.0 0 3,280 14,723 34,259 -18,389 -18,389

2068 0.0 0.0 0.0 0 3,437 14,893 34,772 -19,582 -19,582

2069 0.0 0.0 0.0 0 3,599 15,059 35,294 -20,826 -20,826

2070 0.0 0.0 0.0 0 3,768 15,221 35,822 -22,121 -22,121

2071 0.0 0.0 0.0 0 3,943 15,378 36,355 -23,470 -23,470

2072 0.0 0.0 0.0 0 4,123 15,532 36,895 -24,873 -24,873

2073 0.0 0.0 0.0 0 4,309 15,681 37,445 -26,333 -26,333

2074 0.0 0.0 0.0 0 4,499 15,827 38,003 -27,851 -27,851

2075 0.0 0.0 0.0 0 4,695 15,970 38,566 -29,430 -29,430

2076 0.0 0.0 0.0 0 4,894 16,110 39,137 -31,072 -31,072

2077 0.0 0.0 0.0 0 5,097 16,246 39,714 -32,778 -32,778

2078 0.0 0.0 0.0 0 5,303 16,380 40,300 -34,551 -34,551

2079 0.0 0.0 0.0 0 5,514 16,511 40,894 -36,394 -36,394

2080 0.0 0.0 0.0 0 5,730 16,639 41,496 -38,308 -38,308

Total 0.0

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. November 17, 2005

 OASDI Trust Fund Assets at EOY

Theoretical Social Security 2

with Borrowing Authority

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

 Basic PRA Contribution Rate: 3.00% Benefit Offset: 0.0%

Other Changes Percentage of Change in 

Total Amount Offset to In UnifiedPRA Contributions Annual Debt Held Annual 

Contributed to OASDI Ben Budget from the Unified Budget by Public Unified Budget

to PRA From PRA Cash Flow Trust Fund Cash Flow (EOY) Balance

(1) (2) (3) (4) (5)=(3)+(2)-(1)*(4) (6) (7)

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

2006 0.0 0.0 0.0 0.0 0.0 0.0

2007 0.0 0.0 0.6 0.6 -0.6 0.6

2008 118.8 0.0 8.3 77 -82.8 82.2 -82.8

2009 120.6 0.0 16.4 76 -75.7 157.9 -79.9

2010 122.2 0.0 23.7 76 -69.6 227.5 -77.7

2011 123.4 0.0 30.0 76 -64.2 291.7 -76.0

2012 124.3 0.0 36.6 73 -54.5 346.2 -69.8

2013 124.9 0.0 43.1 69 -43.4 389.7 -61.6

2014 125.1 0.0 49.7 65 -31.2 420.9 -51.8

2015 125.0 0.0 56.4 61 -19.9 440.8 -42.3

2016 124.6 0.0 65.0 58 -7.7 448.5 -31.5

2017 124.0 0.0 71.8 54 4.5 444.0 -19.9

2018 123.0 0.0 75.4 50 13.9 430.1 -10.6

2019 121.9 0.0 78.6 50 17.6 412.5 -6.3

2020 120.5 0.0 81.4 50 21.1 391.3 -1.8

2021 119.0 0.0 83.8 50 24.3 367.1 2.5

2022 117.5 0.0 86.1 50 27.3 339.7 6.9

2023 115.9 0.0 88.2 50 30.2 309.5 11.4

2024 114.3 0.0 90.4 50 33.3 276.2 16.1

2025 112.7 0.0 92.8 50 36.5 239.7 21.1

2026 111.0 0.0 94.9 50 39.4 200.4 26.0

2027 109.2 0.0 97.0 50 42.4 158.0 31.3

2028 107.5 0.0 99.2 50 45.4 112.5 36.7

2029 105.7 0.0 101.3 50 48.5 64.1 42.2

2030 104.0 0.0 103.7 50 51.7 12.3 48.2

2031 102.3 0.0 106.3 50 55.1 -42.8 54.5

2032 100.7 0.0 108.8 50 58.4 -101.3 60.8

2033 99.2 0.0 111.0 50 61.4 -162.7 67.0

2034 97.6 0.0 113.1 50 64.3 -227.0 73.4

2035 96.1 0.0 115.3 50 67.3 -294.3 79.9

2036 94.6 0.0 117.3 50 70.0 -364.3 86.4

2037 93.1 0.0 119.2 50 72.7 -436.9 92.9

2038 91.7 0.0 120.9 50 75.0 -512.0 99.3

2039 90.3 0.0 122.6 50 77.4 -589.4 105.9

2040 88.9 0.0 124.3 50 79.8 -669.2 112.6

2041 87.5 0.0 125.9 50 82.2 -751.4 119.4

2042 86.1 0.0 127.5 50 84.4 -835.9 126.2

2043 84.8 0.0 128.9 50 86.5 -922.3 132.9

2044 83.5 0.0 130.3 50 88.5 -1,010.9 139.8

2045 82.2 0.0 131.7 50 90.6 -1,101.5 146.8

2046 80.9 0.0 133.0 50 92.6 -1,194.1 153.8

2047 79.6 0.0 134.3 50 94.5 -1,288.6 160.9

2048 78.3 0.0 135.5 50 96.3 -1,384.9 167.9

2049 77.0 0.0 136.6 50 98.1 -1,483.0 175.0

2050 75.8 0.0 137.7 50 99.8 -1,582.8 182.2

2051 74.5 0.0 138.8 50 101.5 -1,684.3 189.5

2052 73.3 0.0 139.7 50 103.0 -1,787.3 196.6

2053 72.1 0.0 140.4 50 104.4 -1,891.7 203.7

2054 70.9 0.0 141.0 50 105.5 -1,997.2 210.7

2055 69.8 0.0 141.5 50 106.6 -2,103.9 217.6

2056 68.6 0.0 141.9 50 107.6 -2,211.5 224.5

2057 67.5 0.0 142.1 50 108.4 -2,319.9 231.3

2058 66.4 0.0 142.1 50 108.9 -2,428.8 237.8

2059 65.3 0.0 141.9 50 109.3 -2,538.1 244.3

2060 64.2 0.0 141.7 50 109.5 -2,647.7 250.6

2061 63.1 0.0 141.2 50 109.6 -2,757.3 256.7

2062 62.1 0.0 140.6 50 109.6 -2,866.8 262.8

2063 61.1 0.0 139.9 50 109.4 -2,976.3 268.7

2064 60.1 0.0 139.2 50 109.1 -3,085.4 274.5

2065 59.1 0.0 138.3 50 108.7 -3,194.1 280.2

2066 58.1 0.0 137.3 50 108.2 -3,302.3 285.7

2067 57.1 0.0 136.2 50 107.6 -3,410.0 291.2

2068 56.2 0.0 135.1 50 107.0 -3,517.0 296.5

2069 55.3 0.0 133.8 50 106.2 -3,623.2 301.7

2070 54.3 0.0 132.5 50 105.3 -3,728.5 306.7

2071 53.4 0.0 131.1 50 104.4 -3,832.9 311.5

2072 52.6 0.0 129.6 50 103.3 -3,936.2 316.3

2073 51.7 0.0 128.1 50 102.2 -4,038.4 321.0

2074 50.8 0.0 126.5 50 101.1 -4,139.5 325.5

2075 50.0 0.0 124.9 50 99.9 -4,239.4 329.9

2076 49.2 0.0 123.0 50 98.5 -4,337.8 334.1

2077 48.3 0.0 121.3 50 97.2 -4,435.0 338.2

2078 47.5 0.0 119.7 50 95.9 -4,530.9 342.4

2079 46.7 0.0 118.1 50 94.7 -4,625.6 346.5

2080 46.0 0.0 116.8 50 93.8 -4,719.4 350.8

Total 2005-2079 6,214.7 0.0 7,962.1

 Based on the Intermediate Assumptions of the 2005 Trustees Report

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

Ultimate Net Real PRA Yield Rate of 2.7 Social Security Administration

Annuity Net Real Yield Rate of 2.7 November 17, 2005
Table 2b.c PRA Contributions, PRA Offset, Other Changes, & Budget Effect

 Basic PRA Account Contribution Rate: 3.0% Benefit Offset: 0.0%

Other Changes Percentage of Change in 

Total Amount Offset to In UnifiedPRA Contributions Annual Debt Held Annual 

Contributed to OASDI Ben Budget from the Unified Budget by Public Unified Budget

to PRA From PRA Cash Flow Trust Fund Cash Flow (EOY) Balance

(1) (2) (3) (4) (5)=(3)+(2)-(1)*(4) (6) (7)

Year (Billions of Constant 2005 $)

2006 0.0 0.0 0.0 0.0 0.0 0.0

2007 0.0 0.0 0.6 0.6 -0.7 0.7

2008 132.3 0.0 9.2 77 -92.2 94.0 -94.6

2009 137.8 0.0 18.7 76 -86.4 185.1 -93.6

2010 143.1 0.0 27.7 76 -81.5 273.4 -93.4

2011 148.2 0.0 36.1 76 -77.1 359.7 -93.7

2012 153.1 0.0 45.1 73 -67.2 438.1 -88.3

2013 157.9 0.0 54.5 69 -54.9 506.3 -80.1

2014 162.5 0.0 64.5 65 -40.5 561.6 -69.1

2015 166.8 0.0 75.2 61 -26.5 604.3 -58.0

2016 170.9 0.0 89.1 58 -10.6 632.2 -44.4

2017 174.8 0.0 101.3 54 6.3 644.0 -28.9

2018 178.5 0.0 109.4 50 20.1 642.2 -15.8

2019 182.1 0.0 117.4 50 26.4 634.3 -9.6

2020 185.5 0.0 125.3 50 32.6 619.8 -2.8

2021 188.7 0.0 132.9 50 38.5 598.8 4.1

2022 191.9 0.0 140.6 50 44.6 570.9 11.7

2023 195.0 0.0 148.4 50 50.9 535.6 19.7

2024 198.1 0.0 156.7 50 57.7 492.4 28.7

2025 201.0 0.0 165.6 50 65.1 440.2 38.8

2026 204.0 0.0 174.3 50 72.4 379.0 49.3

2027 206.7 0.0 183.7 50 80.3 307.7 60.9

2028 209.5 0.0 193.4 50 88.6 225.8 73.6

2029 212.3 0.0 203.5 50 97.3 132.4 87.2

2030 215.2 0.0 214.6 50 107.0 26.3 102.5

2031 218.1 0.0 226.5 50 117.5 -93.8 119.4

2032 221.1 0.0 238.8 50 128.3 -228.7 137.4

2033 224.2 0.0 250.9 50 138.8 -378.3 155.9

2034 227.3 0.0 263.4 50 149.8 -543.8 175.8

2035 230.4 0.0 276.6 50 161.3 -726.1 197.1

2036 233.6 0.0 289.8 50 173.0 -925.9 219.5

2037 236.9 0.0 303.3 50 184.9 -1,143.9 243.2

2038 240.2 0.0 316.7 50 196.6 -1,380.5 267.8

2039 243.7 0.0 330.8 50 209.0 -1,637.0 294.1

2040 247.1 0.0 345.5 50 221.9 -1,914.4 322.0

2041 250.6 0.0 360.7 50 235.4 -2,214.1 351.8

2042 254.1 0.0 376.1 50 249.0 -2,536.8 383.0

2043 257.7 0.0 391.5 50 262.7 -2,883.2 415.5

2044 261.3 0.0 407.7 50 277.1 -3,254.8 450.1

2045 264.8 0.0 424.5 50 292.1 -3,653.0 486.9

2046 268.4 0.0 441.6 50 307.4 -4,078.9 525.4

2047 272.0 0.0 459.2 50 323.2 -4,533.8 566.0

2048 275.7 0.0 477.0 50 339.2 -5,018.8 608.5

2049 279.4 0.0 495.4 50 355.7 -5,535.4 653.3

2050 283.0 0.0 514.4 50 372.9 -6,085.2 700.6

2051 286.8 0.0 534.0 50 390.7 -6,669.8 750.3

2052 290.6 0.0 553.6 50 408.3 -7,290.0 801.9

2053 294.4 0.0 573.2 50 426.0 -7,947.1 855.7

2054 298.3 0.0 593.0 50 443.8 -8,642.2 911.6

2055 302.2 0.0 613.0 50 461.9 -9,376.8 970.0

2056 306.1 0.0 633.1 50 480.0 -10,152.1 1,030.6

2057 310.1 0.0 653.1 50 498.0 -10,969.1 1,093.5

2058 314.2 0.0 672.7 50 515.6 -11,828.7 1,158.4

2059 318.3 0.0 691.9 50 532.8 -12,731.8 1,225.3

2060 322.4 0.0 711.3 50 550.1 -13,679.8 1,294.7

2061 326.5 0.0 730.2 50 566.9 -14,673.5 1,366.3

2062 330.8 0.0 749.1 50 583.7 -15,714.4 1,440.5

2063 335.1 0.0 767.9 50 600.3 -16,803.5 1,517.2

2064 339.5 0.0 786.5 50 616.7 -17,942.2 1,596.4

2065 343.9 0.0 804.8 50 632.9 -19,131.8 1,678.2

2066 348.3 0.0 823.1 50 648.9 -20,373.5 1,762.8

2067 352.7 0.0 841.1 50 664.8 -21,668.7 1,850.2

2068 357.3 0.0 859.1 50 680.4 -23,018.9 1,940.4

2069 362.0 0.0 876.9 50 695.9 -24,425.5 2,033.6

2070 366.7 0.0 894.2 50 710.8 -25,889.7 2,129.5

2071 371.5 0.0 911.0 50 725.3 -27,412.8 2,228.2

2072 376.3 0.0 927.7 50 739.6 -28,996.2 2,330.1

2073 381.2 0.0 944.3 50 753.7 -30,641.6 2,435.2

2074 386.1 0.0 960.7 50 767.6 -32,350.8 2,543.7

2075 391.1 0.0 977.0 50 781.4 -34,125.4 2,655.8

2076 396.1 0.0 991.5 50 793.4 -35,965.5 2,769.7

2077 401.2 0.0 1,007.1 50 806.5 -37,874.4 2,888.4

2078 406.4 0.0 1,023.3 50 820.1 -39,854.5 3,011.7

2079 411.6 0.0 1,039.5 50 833.8 -41,908.0 3,139.1

2080 416.9 0.0 1,059.0 50 850.5 -44,040.5 3,273.9

 Based on the Intermediate Assumptions of the 2005 Trustees Report

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

Ultimate Net Real PRA Yield Rate of 2.7 Social Security Administration

Annuity Net Real Yield Rate of 2.7 November 17, 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 $ 1/1/2005 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 83 90 1.8 94 82 89

2008 0.0 -1 -1 -1 1.8 98 82 91

2009 0.0 -2 -1 -2 1.6 94 74 85

2010 0.0 0 0 0 1.5 92 69 81

2011 0.0 -1 0 -1 1.4 90 64 77

2012 0.0 -1 -1 -1 1.2 80 54 66

2013 0.0 -1 -1 -1 1.0 67 43 54

2014 0.0 -1 -1 -1 0.7 50 30 40

2015 0.0 -2 -1 -1 0.4 33 19 25

2016 0.0 -2 -1 -1 0.2 12 7 9

2017 0.0 -2 -1 -1 -0.1 -11 -5 -8

2018 -0.1 -7 -4 -5 -0.4 -36 -17 -25

2019 -0.3 -25 -12 -17 -0.7 -64 -29 -44

2020 -0.4 -46 -20 -31 -1.0 -95 -41 -63

2021 -0.6 -68 -28 -44 -1.3 -128 -52 -83

2022 -0.8 -92 -36 -58 -1.6 -163 -63 -103

2023 -1.0 -117 -43 -72 -1.9 -200 -73 -123

2024 -1.2 -143 -49 -85 -2.2 -239 -82 -143

2025 -1.3 -169 -55 -98 -2.4 -281 -91 -163

2026 -1.5 -197 -61 -111 -2.7 -325 -100 -184

2027 -1.6 -224 -65 -123 -3.0 -370 -107 -203

2028 -1.8 -249 -68 -133 -3.2 -415 -114 -222

2029 -1.8 -272 -70 -141 -3.4 -459 -119 -239

2030 -1.9 -292 -71 -148 -3.6 -504 -123 -255

2031 -1.9 -311 -72 -153 -3.7 -550 -127 -270

2032 -2.0 -327 -71 -157 -3.9 -595 -130 -285

2033 -2.0 -341 -70 -159 -4.0 -639 -132 -297

2034 -1.9 -350 -68 -158 -4.1 -681 -132 -308

2035 -1.9 -355 -65 -156 -4.1 -722 -132 -318

2036 -1.8 -358 -62 -154 -4.2 -762 -132 -326

2037 -1.7 -358 -59 -149 -4.2 -802 -131 -334

2038 -1.7 -355 -55 -144 -4.3 -840 -130 -341

2039 -1.6 -347 -51 -137 -4.3 -877 -128 -346

2040 -1.4 -337 -46 -129 -4.3 -916 -126 -351

2041 -1.3 -325 -42 -121 -4.3 -955 -124 -356

2042 -1.2 -311 -38 -113 -4.3 -997 -123 -362

2043 -1.1 -296 -34 -105 -4.3 -1,040 -121 -367

2044 -1.0 -278 -31 -96 -4.3 -1,085 -119 -373

2045 -0.9 -258 -27 -86 -4.3 -1,133 -117 -378

2046 -0.8 -237 -23 -77 -4.3 -1,183 -116 -385

2047 -0.7 -215 -20 -68 -4.3 -1,237 -114 -391

2048 -0.6 -190 -17 -59 -4.3 -1,293 -113 -398

2049 -0.5 -164 -14 -49 -4.4 -1,353 -112 -405

2050 -0.4 -135 -11 -39 -4.4 -1,417 -110 -412

2051 -0.3 -106 -8 -30 -4.4 -1,486 -109 -421

2052 -0.2 -77 -5 -21 -4.4 -1,560 -108 -430

2053 -0.1 -48 -3 -13 -4.5 -1,639 -108 -439

2054 0.0 -18 -1 -5 -4.5 -1,722 -107 -449

2055 0.0 12 1 3 -4.6 -1,810 -106 -459

2056 0.1 42 2 10 -4.6 -1,905 -105 -470

2057 0.2 71 4 17 -4.7 -2,005 -105 -481

2058 0.2 100 5 23 -4.7 -2,110 -104 -492

2059 0.3 128 6 29 -4.8 -2,220 -103 -504

2060 0.3 156 7 34 -4.8 -2,335 -103 -516

2061 0.3 182 8 39 -4.9 -2,457 -102 -528

2062 0.4 207 8 43 -4.9 -2,587 -101 -541

2063 0.4 228 8 46 -5.0 -2,726 -101 -554

2064 0.4 248 9 49 -5.0 -2,872 -100 -568

2065 0.4 268 9 52 -5.1 -3,023 -100 -581

2066 0.4 287 9 54 -5.1 -3,182 -99 -595

2067 0.4 303 9 55 -5.2 -3,350 -99 -610

2068 0.4 320 9 57 -5.2 -3,523 -98 -624

2069 0.4 337 9 58 -5.3 -3,704 -97 -638

2070 0.4 354 9 59 -5.3 -3,890 -97 -652

2071 0.4 367 9 60 -5.4 -4,084 -96 -665

2072 0.4 379 8 60 -5.4 -4,287 -95 -680

2073 0.4 390 8 60 -5.5 -4,498 -94 -694

2074 0.4 399 8 60 -5.5 -4,719 -93 -708

2075 0.4 405 8 59 -5.5 -4,951 -92 -722

2076 0.4 396 7 56 -5.6 -5,194 -91 -737

2077 0.4 393 7 54 -5.6 -5,448 -91 -752

2078 0.4 391 6 52 -5.7 -5,715 -90 -768

2079 0.3 386 6 50 -5.7 -5,996 -89 -783

2080 0.3 380 5 48 -5.8 -6,290 -88 -799

Total 2005-79 -1,074 -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) November 17, 2005
Table 2d Change in Long-Range Trust Fund Assets / Unfunded Obligation

 Basic Personal Retirement Account Contribution Rate: 3.0% Benefit Offset: 0.0%

Present Law OASDI

Trust Fund Assets Basic Offset to Proposal OASDI

or if Negative, Changes Total Amount Percentage of OASDI Trust Fund Assets/

Unfunded Obligation in OASDI Contributed to PRA Contribution Benefit General Total Change Unfunded Obligation

Through EOY Cash Flow1 to PRA from Trust Fund from PRA Fund Transfers Through EOY2 Through EOY

(1) (2) (3) (3a) (4) (5) (6) (7) = (1) + (6)

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

2006 1,835.2 0.0 0.0 0.0 0.0 0.0 1,835.2

2007 1,917.1 0.6 0.0 0.0 0.0 0.6 1,917.7

2008 1,998.4 8.3 118.8 77 0.0 0.0 -82.2 1,916.3

2009 2,072.5 16.4 120.6 76 0.0 0.0 -157.9 1,914.6

2010 2,141.5 23.7 122.2 76 0.0 0.0 -227.5 1,914.0

2011 2,204.9 30.0 123.4 76 0.0 0.0 -291.7 1,913.2

2012 2,258.4 36.6 124.3 73 0.0 0.0 -346.2 1,912.2

2013 2,300.8 43.1 124.9 69 0.0 0.0 -389.7 1,911.1

2014 2,331.0 49.7 125.1 65 0.0 0.0 -420.9 1,910.1

2015 2,349.7 56.4 125.0 61 0.0 0.0 -440.8 1,909.0

2016 2,356.4 65.0 124.6 58 0.0 0.0 -448.5 1,907.9

2017 2,350.7 71.8 124.0 54 0.0 0.0 -444.0 1,906.7

2018 2,333.1 75.4 123.0 50 0.0 0.0 -430.1 1,903.0

2019 2,303.8 78.6 121.9 50 0.0 0.0 -412.5 1,891.3

2020 2,262.7 81.4 120.5 50 0.0 0.0 -391.3 1,871.4

2021 2,210.4 83.8 119.0 50 0.0 0.0 -367.1 1,843.4

2022 2,147.5 86.1 117.5 50 0.0 0.0 -339.7 1,807.8

2023 2,074.6 88.2 115.9 50 0.0 0.0 -309.5 1,765.1

2024 1,992.1 90.4 114.3 50 0.0 0.0 -276.2 1,715.9

2025 1,900.6 92.8 112.7 50 0.0 0.0 -239.7 1,660.8

2026 1,800.6 94.9 111.0 50 0.0 0.0 -200.4 1,600.2

2027 1,693.2 97.0 109.2 50 0.0 0.0 -158.0 1,535.2

2028 1,579.5 99.2 107.5 50 0.0 0.0 -112.5 1,467.0

2029 1,460.7 101.3 105.7 50 0.0 0.0 -64.1 1,396.7

2030 1,337.6 103.7 104.0 50 0.0 0.0 -12.3 1,325.3

2031 1,210.7 106.3 102.3 50 0.0 0.0 42.8 1,253.5

2032 1,080.9 108.8 100.7 50 0.0 0.0 101.3 1,182.2

2033 949.4 111.0 99.2 50 0.0 0.0 162.7 1,112.0

2034 817.0 113.1 97.6 50 0.0 0.0 227.0 1,044.0

2035 684.5 115.3 96.1 50 0.0 0.0 294.3 978.8

2036 552.4 117.3 94.6 50 0.0 0.0 364.3 916.6

2037 421.0 119.2 93.1 50 0.0 0.0 436.9 857.9

2038 291.1 120.9 91.7 50 0.0 0.0 512.0 803.0

2039 162.9 122.6 90.3 50 0.0 0.0 589.4 752.3

2040 36.6 124.3 88.9 50 0.0 0.0 669.2 705.8

2041 -87.9 125.9 87.5 50 0.0 0.0 751.4 663.5

2042 -210.7 127.5 86.1 50 0.0 0.0 835.9 625.2

2043 -331.6 128.9 84.8 50 0.0 0.0 922.3 590.8

2044 -450.7 130.3 83.5 50 0.0 0.0 1,010.9 560.2

2045 -568.1 131.7 82.2 50 0.0 0.0 1,101.5 533.4

2046 -684.0 133.0 80.9 50 0.0 0.0 1,194.1 510.1

2047 -798.4 134.3 79.6 50 0.0 0.0 1,288.6 490.3

2048 -911.3 135.5 78.3 50 0.0 0.0 1,384.9 473.7

2049 -1,022.9 136.6 77.0 50 0.0 0.0 1,483.0 460.1

2050 -1,133.2 137.7 75.8 50 0.0 0.0 1,582.8 449.6

2051 -1,242.5 138.8 74.5 50 0.0 0.0 1,684.3 441.8

2052 -1,350.9 139.7 73.3 50 0.0 0.0 1,787.3 436.5

2053 -1,458.4 140.4 72.1 50 0.0 0.0 1,891.7 433.3

2054 -1,565.1 141.0 70.9 50 0.0 0.0 1,997.2 432.2

2055 -1,671.0 141.5 69.8 50 0.0 0.0 2,103.9 432.9

2056 -1,776.3 141.9 68.6 50 0.0 0.0 2,211.5 435.2

2057 -1,881.0 142.1 67.5 50 0.0 0.0 2,319.9 438.9

2058 -1,985.0 142.1 66.4 50 0.0 0.0 2,428.8 443.8

2059 -2,088.4 141.9 65.3 50 0.0 0.0 2,538.1 449.8

2060 -2,191.0 141.7 64.2 50 0.0 0.0 2,647.7 456.6

2061 -2,293.1 141.2 63.1 50 0.0 0.0 2,757.3 464.2

2062 -2,394.6 140.6 62.1 50 0.0 0.0 2,866.8 472.3

2063 -2,495.5 139.9 61.1 50 0.0 0.0 2,976.3 480.7

2064 -2,596.0 139.2 60.1 50 0.0 0.0 3,085.4 489.4

2065 -2,695.9 138.3 59.1 50 0.0 0.0 3,194.1 498.3

2066 -2,795.2 137.3 58.1 50 0.0 0.0 3,302.3 507.2

2067 -2,893.9 136.2 57.1 50 0.0 0.0 3,410.0 516.1

2068 -2,991.9 135.1 56.2 50 0.0 0.0 3,517.0 525.0

2069 -3,089.3 133.8 55.3 50 0.0 0.0 3,623.2 533.9

2070 -3,185.8 132.5 54.3 50 0.0 0.0 3,728.5 542.7

2071 -3,281.6 131.1 53.4 50 0.0 0.0 3,832.9 551.3

2072 -3,376.5 129.6 52.6 50 0.0 0.0 3,936.2 559.7

2073 -3,470.6 128.1 51.7 50 0.0 0.0 4,038.4 567.9

2074 -3,563.7 126.5 50.8 50 0.0 0.0 4,139.5 575.7

2075 -3,656.1 124.9 50.0 50 0.0 0.0 4,239.4 583.3

2076 -3,747.6 123.0 49.2 50 0.0 0.0 4,337.8 590.3

2077 -3,838.2 121.3 48.3 50 0.0 0.0 4,435.0 596.8

2078 -3,928.0 119.7 47.5 50 0.0 0.0 4,530.9 602.9

2079 -4,017.0 118.1 46.7 50 0.0 0.0 4,625.6 608.7

Total 2005-2079 7,962.1 6,214.7 0.0 0.0

 Based on the Intermediate Assumptions of the 2005 Trustees Report

 With Ultimate Real Trust Fund Interest Rate of 3.0

Ultimate Net Real PRA Yield Rate of 2.7 Office of the Actuary

Annuity Net Real Yield Rate of 2.7 Social Security Administration 1

Includes revenue from taxing IA distributions November 17, 2005 2

Total change through the year is the accumulation of changes in columns 2 less the product of column 3 and column 3a
Table 2e: Change in OASDI Effective Taxable Payroll under the Proposal

 

Proposal Effective Taxable Payroll Present Law Effective Taxable Payroll Proposal 

Nominal Constant Present Value Nominal Constant Present Value Percentage

Year Dollars 2005$ as of 1/1/2005 Dollars 2005$ as of 1/1/2005 Change

2005 4,732 4,732 4,608 4,732 4,732 4,608 0.0

2006 4,987 4,881 4,609 4,986 4,881 4,609 0.0 

2007 5,246 5,005 4,604 5,245 5,005 4,603 0.0 

2008 5,581 5,181 4,650 5,513 5,117 4,594 1.2 

2009 5,924 5,349 4,685 5,786 5,224 4,575 2.4 

2010 6,274 5,510 4,707 6,067 5,329 4,553 3.4 

2011 6,631 5,666 4,719 6,357 5,431 4,524 4.3 

2012 6,993 5,812 4,718 6,648 5,526 4,485 5.2 

2013 7,363 5,953 4,707 6,949 5,618 4,442 6.0 

2014 7,745 6,091 4,691 7,261 5,710 4,398 6.7 

2015 8,145 6,231 4,671 7,586 5,804 4,351 7.4 

2016 8,561 6,371 4,646 7,922 5,896 4,300 8.1 

2017 8,986 6,505 4,613 8,271 5,988 4,246 8.6 

2018 9,384 6,608 4,553 8,633 6,079 4,189 8.7 

2019 9,797 6,711 4,491 9,009 6,171 4,129 8.7 

2020 10,219 6,809 4,424 9,395 6,260 4,067 8.8 

2021 10,657 6,908 4,357 9,798 6,351 4,006 8.8 

2022 11,108 7,004 4,289 10,213 6,440 3,943 8.8 

2023 11,574 7,099 4,221 10,644 6,529 3,882 8.7 

2024 12,060 7,196 4,153 11,089 6,616 3,819 8.8 

2025 12,566 7,294 4,087 11,550 6,703 3,757 8.8 

2026 13,091 7,391 4,022 12,029 6,791 3,695 8.8 

2027 13,641 7,492 3,958 12,532 6,883 3,636 8.8 

2028 14,212 7,593 3,894 13,059 6,977 3,578 8.8 

2029 14,803 7,693 3,830 13,604 7,070 3,520 8.8 

2030 15,422 7,797 3,769 14,171 7,164 3,463 8.8 

2031 16,071 7,903 3,709 14,764 7,261 3,408 8.8 

2032 16,747 8,012 3,651 15,387 7,361 3,354 8.8 

2033 17,449 8,120 3,592 16,040 7,464 3,302 8.8 

2034 18,189 8,234 3,536 16,720 7,569 3,251 8.8 

2035 18,962 8,350 3,482 17,425 7,673 3,200 8.8 

2036 19,765 8,467 3,428 18,161 7,779 3,149 8.8 

2037 20,604 8,586 3,375 18,931 7,888 3,101 8.8 

2038 21,472 8,704 3,321 19,736 8,000 3,053 8.8 

2039 22,390 8,829 3,271 20,577 8,114 3,006 8.8 

2040 23,346 8,955 3,221 21,451 8,228 2,960 8.8 

2041 24,343 9,083 3,172 22,362 8,344 2,914 8.9 

2042 25,377 9,211 3,123 23,311 8,461 2,869 8.9 

2043 26,447 9,338 3,074 24,302 8,580 2,824 8.8 

2044 27,569 9,468 3,026 25,332 8,700 2,780 8.8 

2045 28,736 9,601 2,979 26,397 8,819 2,736 8.9 

2046 29,946 9,733 2,932 27,503 8,938 2,693 8.9 

2047 31,203 9,865 2,885 28,654 9,059 2,649 8.9 

2048 32,508 9,997 2,839 29,854 9,181 2,607 8.9 

2049 33,864 10,131 2,793 31,098 9,303 2,565 8.9 

2050 35,278 10,266 2,748 32,388 9,425 2,523 8.9 

2051 36,749 10,403 2,703 33,733 9,549 2,481 8.9 

2052 38,273 10,539 2,659 35,134 9,675 2,441 8.9 

2053 39,857 10,677 2,615 36,594 9,803 2,401 8.9 

2054 41,512 10,817 2,572 38,116 9,932 2,362 8.9 

2055 43,240 10,960 2,531 39,698 10,063 2,323 8.9 

2056 45,034 11,104 2,489 41,341 10,194 2,285 8.9 

2057 46,900 11,249 2,448 43,053 10,327 2,247 8.9 

2058 48,836 11,395 2,408 44,835 10,461 2,210 8.9 

2059 50,850 11,541 2,368 46,690 10,597 2,174 8.9 

2060 52,958 11,693 2,329 48,620 10,735 2,138 8.9 

2061 55,143 11,843 2,290 50,626 10,873 2,102 8.9 

2062 57,426 11,998 2,252 52,721 11,015 2,068 8.9 

2063 59,799 12,153 2,215 54,906 11,159 2,034 8.9 

2064 62,271 12,311 2,178 57,179 11,304 2,000 8.9 

2065 64,849 12,471 2,143 59,544 11,451 1,967 8.9 

2066 67,515 12,630 2,107 61,990 11,597 1,934 8.9 

2067 70,290 12,791 2,071 64,538 11,745 1,902 8.9 

2068 73,199 12,958 2,037 67,211 11,898 1,871 8.9 

2069 76,235 13,128 2,004 69,999 12,054 1,840 8.9 

2070 79,394 13,299 1,971 72,897 12,211 1,810 8.9 

2071 82,681 13,473 1,938 75,912 12,370 1,780 8.9 

2072 86,099 13,648 1,906 79,047 12,530 1,750 8.9 

2073 89,664 13,826 1,875 82,316 12,693 1,721 8.9 

2074 93,373 14,005 1,844 85,720 12,857 1,693 8.9 

2075 97,228 14,186 1,813 89,257 13,023 1,665 8.9 

2076 101,241 14,370 1,783 92,938 13,191 1,637 8.9 

2077 105,418 14,555 1,754 96,767 13,360 1,610 8.9 

2078 109,765 14,742 1,725 100,752 13,532 1,583 8.9 

2079 114,292 14,932 1,696 104,902 13,705 1,557 9.0 

Based on Intermediate Assumptions of the 2005 Trustees Report Office of the Actuary

With Ultimate Real Trust Fund Interest Rate of 3.0 Social Security Administration

November 17, 2005
Table B1. Projected Retired Worker Monthly Benefits at Age 65 under Liebman-MacGuineas-Samwick Plan 

 For retired worker retiring at age 65 in indicated years at indicated career-average earnings levels

Present Proposal Benefit Reduction % Proposal Scheduled Benefit

Year Law Retirement PIA Percent of 

Attain Scheduled Age Reduction Benefit Pres Law

Age 65 Benefit Provision Provision Total Amount Scheduled

(constant 2005$) (constant 2005$)

Scaled Low Earner

2016 799 2.2 1.1 3.3 773 96.7

2026 825 6.4 11.3 17.0 685 83.0

2036 916 6.4 20.2 25.4 684 74.6

2046 1,022 6.4 28.1 32.8 688 67.2

2056 1,139 6.4 33.1 37.4 713 62.6

2075 1,396 6.4 33.1 37.4 874 62.6

Scaled Medium Earner

2016 1,318 2.2 1.4 3.6 1,270 96.4

2026 1,359 6.4 14.1 19.6 1,092 80.4

2036 1,510 6.4 24.9 29.8 1,060 70.2

2046 1,684 6.4 34.2 38.5 1,036 61.5

2056 1,877 6.4 39.9 43.8 1,055 56.2

2075 2,300 6.4 39.9 43.8 1,292 56.2

Scaled High Earner

2016 1,747 2.2 2.6 4.7 1,664 95.3

2026 1,802 6.4 15.8 21.2 1,420 78.8

2036 2,002 6.4 27.1 31.8 1,366 68.2

2046 2,233 6.4 36.7 40.8 1,322 59.2

2056 2,489 6.4 42.0 45.8 1,350 54.2

2075 3,049 6.4 42.0 45.8 1,654 54.2

Steady Maximum Earner

2016 2,118 2.2 4.0 6.1 1,988 93.9

2026 2,201 6.4 17.6 22.9 1,697 77.1

2036 2,449 6.4 29.1 33.7 1,624 66.3

2046 2,728 6.4 38.9 42.8 1,561 57.2

2056 3,037 6.4 43.5 47.1 1,605 52.9

2075 3,721 6.4 43.5 47.1 1,967 52.9

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

Office of the Actuary

Social Security Administration

 November 12, 2005
Table B1a. Projected IA Assets and Potential Life Annuity as Percent of Present Law Scheduled Benefits

 Liebman-MacGuineas-Samwick 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 CPI-I

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

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

Attain TreasBnd Mixed

Age 65 Fund Only Portfolio 1/ Scaled Low Earner Scaled Low 

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

Scaled Low Earner Earner Married Widowed Married Widowed Earner Married Widow

2016 3,835 4,057 2.8 2.6 3.5 1.7 1.7 3.0 2.8 3.8 2026 12,493 14,730 8.6 8.0 10.7 5.4 5.4 10.5 9.8 13.2036 24,543 32,170 14.9 13.9 18.5 9.4 9.4 20.1 18.8 25.2046 39,104 56,688 20.8 19.4 25.9 13.1 13.1 31.2 29.2 38.2056 48,924 74,070 22.9 21.5 28.6 14.5 14.5 35.9 33.6 44.

Scaled Medium Earner Scaled Medium Earner Scaled Medi

2016 8,522 9,016 3.8 3.5 4.7 2.3 2.3 4.1 3.8 5.1 2026 27,763 32,734 11.6 10.8 14.4 7.3 7.3 14.1 13.2 17.2036 54,540 71,489 20.1 18.7 25.0 12.6 12.6 27.2 25.4 33.2046 86,897 125,974 28.1 26.2 35.0 17.7 17.7 42.1 39.4 52.2056 108,720 164,599 30.9 28.9 38.6 19.5 19.5 48.4 45.4 60.

Scaled High Earner Scaled High Earner Scaled Hig

2016 13,635 14,426 4.5 4.2 5.6 2.8 2.8 5.0 4.6 6.2 2026 44,421 52,374 14.0 13.0 17.4 8.8 8.8 17.0 15.9 21.2036 87,264 114,382 24.2 22.6 30.1 15.3 15.3 32.8 30.6 40.2046 139,035 201,558 33.9 31.7 42.2 21.4 21.4 50.8 47.5 63.2056 173,951 263,358 37.3 34.9 46.6 23.6 23.6 58.4 54.8 73.

Steady Maximum Earner Steady Maximum Earner Steady Maxim

2016 25,439 26,786 7.0 6.5 8.7 4.4 4.4 7.6 7.1 9.4 2026 69,663 81,040 18.0 16.7 22.3 11.3 11.3 21.6 20.1 26.2036 131,546 170,389 29.8 27.8 37.1 18.8 18.8 39.9 37.3 49.2046 216,959 315,125 43.3 40.4 53.9 27.3 27.3 65.0 60.8 81.2056 286,919 442,984 50.5 47.2 62.9 31.9 31.9 80.5 75.5 100

1/ The mixed portfolio is assumed to be on average 50 percent in equitiy, 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.

Note: Assume all couples purchase Joint and 2/3 Survivor AnnuitiesAll estimates based on the intermediate assumptions of the 2005 Trustees Report.

Office of the ActuarySocial Security Administration November 12, 2005
Table B1b. Projected Present Law and Proposal PIA and Potential Life Annuity in Constant 2005 Dollars

 Liebman-MacGuineas-Samwick Finance IAs from General Revenue in Amount of OASDI Cash-Flow Surplus 2006-16

Scheduled Primary Value of CPI-Indexed Monthly Life Annuity Available Value of CPI-Indexed Mont

Year Insurance Amount (PIA) Based on Total Individual Account Accumulation Based on Total Individua

Attain for Each Earner Investment in Treasury Bond Index Fund Only Investment in Mix

Age 65 constant 2005 dollars

Present Law Proposal constant 2005 dollars constant 200

Scaled Low Earner Scaled Low 

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

Earner Married Widowed Married Widowed Earner Married Widow

2016 857 847 22 42 28 21 14 25 46 31 2026 952 845 71 132 88 66 44 88 165 110 2036 1,057 843 136 254 170 127 85 189 353 235 2046 1,180 848 213 398 265 199 133 326 610 407 2056 1,315 880 261 489 326 244 163 418 784 523 

Scaled Medium Earner Scaled Medium Earner Scaled Medi

2016 1,412 1,392 50 92 62 46 31 55 103 69 2026 1,568 1,347 158 294 196 147 98 196 366 244 2036 1,742 1,308 303 565 377 283 188 419 784 523 2046 1,943 1,278 473 884 589 442 295 725 1,356 904 2056 2,166 1,301 581 1,087 724 543 362 930 1,743 1,16

Scaled High Earner Scaled High Earner Scaled Hig

2016 1,872 1,824 79 148 98 74 49 89 165 110 2026 2,079 1,750 252 470 313 235 157 314 586 392036 2,310 1,684 485 905 603 452 302 671 1,254 836 2046 2,577 1,631 757 1,414 943 707 471 1,159 2,170 1,442056 2,872 1,665 929 1,738 1,159 869 579 1,488 2,788 1,85

Steady Maximum Earner Steady Maxim

Steady Maximum Earner

2016 2,269 2,179 148 275 184 138 92 164 306 204 2026 2,540 2,092 396 737 491 369 246 486 907 604 2036 2,826 2,003 731 1,364 909 682 455 1,000 1,869 1,242046 3,148 1,924 1,181 2,207 1,471 1,103 736 1,813 3,393 2,262056 3,505 1,980 1,533 2,867 1,912 1,434 956 2,502 4,690 3,12

1/ The mixed portfolio is assumed to be on average 50 percent in equitiy, 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.

Note: Assume all couples purchase Joint and 2/3 Survivor AnnuitiesAll estimates based on the intermediate assumptions of the 2005 Trustees Report.

Office of the ActuarySocial Security Administration November 12, 2005
Table B1c. Proposal Benefit and Potential IA Life Annuity as Percent of Present Law Scheduled Benefits

 Liebman-MacGuineas-Samwick 

Proposal Basic Benefit

Year for Rertired Worker as Proposal Basic Benefit Plus Full IA Life Annuity Proposal Basic Benefit P

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

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

Scaled Low Earner Scaled Low 

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

Earner Married Widowed Married Widowed Earner Married Widow

2016 96.7 99.5 99.3 100.2 98.4 98.4 99.8 99.5 1002026 83.0 91.6 91.0 93.7 88.4 88.4 93.5 92.8 96.2036 74.6 89.5 88.5 93.1 84.0 84.0 94.8 93.4 99.2046 67.2 88.1 86.7 93.2 80.4 80.4 98.4 96.4 1062056 62.6 85.6 84.1 91.2 77.1 77.1 98.5 96.3 107

Scaled Medium Earner Scaled Medium Earner Scaled Medi

2016 96.4 100.2 99.9 101.1 98.8 98.8 100.5 100.3 1012026 80.4 92.0 91.2 94.8 87.7 87.7 94.5 93.6 98.2036 70.2 90.3 89.0 95.2 82.9 82.9 97.4 95.6 1042046 61.5 89.6 87.8 96.5 79.2 79.2 103.6 100.9 1142056 56.2 87.1 85.1 94.8 75.7 75.7 104.6 101.6 116

Scaled High Earner Scaled High Earner Scaled Hig

2016 95.3 99.8 99.5 100.9 98.1 98.1 100.2 99.9 1012026 78.8 92.8 91.8 96.2 87.6 87.6 95.8 94.7 1002036 68.2 92.4 90.8 98.3 83.5 83.5 101.0 98.8 1092046 59.2 93.1 90.9 101.4 80.6 80.6 110.0 106.7 1222056 54.2 91.6 89.2 100.8 77.8 77.8 112.7 109.0 127

Steady Maximum Earner Steady Maximum Earner Steady Maxim

2016 93.9 100.9 100.4 102.6 98.2 98.2 101.5 101.0 1032026 77.1 95.1 93.8 99.4 88.4 88.4 98.7 97.2 1032036 66.3 96.1 94.2 103.4 85.1 85.1 106.2 103.6 1162046 57.2 100.5 97.6 111.1 84.5 84.5 122.2 118.0 1382056 52.9 103.3 100.1 115.8 84.7 84.7 133.4 128.3 153

1/ The mixed portfolio is assumed to be on average 50 percent in equitiy, 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.

Note: Assume all couples purchase Joint and 2/3 Survivor AnnuitiesAll estimates based on the intermediate assumptions of the 2005 Trustees Report.

Office of the ActuarySocial Security Administration November 12, 2005