| IA proceeds go to surviving spouse's individual account if worker dies before entitlementUltimate Real Trust Fund Interest Rate 3.00Ultimate Real IA Rate for Offset 2.70Assumed IA Participation Rate1 100%                                                                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
||
||
| 2003                                                                                                                                                                                                                                                                                                                              | 10.89 | 12.70 | 1.81 | 288 |   |   | 12.40 |   |   |   |
| 2004                                                                                                                                                                                                                                                                                                                              | 10.82 | 12.69 | 1.88 | 309 |   |   | 12.40 |   |   |   |
| 2005                                                                                                                                                                                                                                                                                                                              | 10.73 | 12.70 | 1.97 | 330 |   |   | 12.40 |   |   |   |
| 2006                                                                                                                                                                                                                                                                                                                              | 10.73 | 11.59 | 0.85 | 349 | -2.39 | 1.25 | 11.26 | 2.39 | 0.21 | 2.60 |
| 2007                                                                                                                                                                                                                                                                                                                              | 10.74 | 11.59 | 0.84 | 359 | -0.04 |   | 11.22 | 2.43 | 0.21 | 2.64 |
| 2008                                                                                                                                                                                                                                                                                                                              | 10.81 | 11.59 | 0.79 | 368 | -0.03 |   | 11.19 | 2.46 | 0.21 | 2.67 |
| 2009                                                                                                                                                                                                                                                                                                                              | 10.92 | 11.60 | 0.68 | 375 | -0.03 |   | 11.16 | 2.49 | 0.21 | 2.70 |
| 2010                                                                                                                                                                                                                                                                                                                              | 11.05 | 11.62 | 0.57 | 380 | -0.03 |   | 11.13 | 2.52 | 0.21 | 2.73 |
| 2011                                                                                                                                                                                                                                                                                                                              | 11.21 | 11.68 | 0.47 | 384 | -0.02 |   | 11.11 | 2.54 | 0.21 | 2.76 |
| 2012                                                                                                                                                                                                                                                                                                                              | 11.39 | 11.72 | 0.33 | 388 | -0.02 |   | 11.09 | 2.56 | 0.21 | 2.78 |
| 2013                                                                                                                                                                                                                                                                                                                              | 11.60 | 11.76 | 0.16 | 388 | -0.02 |   | 11.07 | 2.58 | 0.21 | 2.80 |
| 2014                                                                                                                                                                                                                                                                                                                              | 11.82 | 11.80 | -0.02 | 388 | -0.02 |   | 11.05 | 2.60 | 0.21 | 2.81 |
| 2015                                                                                                                                                                                                                                                                                                                              | 12.04 | 11.84 | -0.20 | 386 | -0.01 |   | 11.04 | 2.61 | 0.21 | 2.83 |
| 2016                                                                                                                                                                                                                                                                                                                              | 12.29 | 11.86 | -0.43 | 382 | -0.01 |   | 11.03 | 2.62 | 0.21 | 2.84 |
| 2017                                                                                                                                                                                                                                                                                                                              | 12.55 | 11.88 | -0.67 | 377 | -0.01 |   | 11.02 | 2.63 | 0.21 | 2.85 |
| 2018                                                                                                                                                                                                                                                                                                                              | 12.81 | 11.91 | -0.90 | 370 | -0.01 |   | 11.01 | 2.64 | 0.21 | 2.86 |
| 2019                                                                                                                                                                                                                                                                                                                              | 13.06 | 11.93 | -1.13 | 361 | -0.01 |   | 11.00 | 2.65 | 0.21 | 2.86 |
| 2020                                                                                                                                                                                                                                                                                                                              | 13.31 | 11.96 | -1.35 | 351 | -0.01 |   | 10.99 | 2.66 | 0.21 | 2.87 |
| 2021                                                                                                                                                                                                                                                                                                                              | 13.57 | 11.98 | -1.58 | 340 | -0.01 |   | 10.99 | 2.66 | 0.21 | 2.88 |
| 2022                                                                                                                                                                                                                                                                                                                              | 13.79 | 12.01 | -1.79 | 329 | -0.01 |   | 10.98 | 2.67 | 0.21 | 2.88 |
| 2023                                                                                                                                                                                                                                                                                                                              | 13.98 | 12.03 | -1.95 | 317 | 0.00 |   | 10.98 | 2.67 | 0.21 | 2.89 |
| 2024                                                                                                                                                                                                                                                                                                                              | 14.15 | 12.05 | -2.10 | 304 | 0.00 |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2025                                                                                                                                                                                                                                                                                                                              | 14.30 | 12.07 | -2.23 | 291 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2026                                                                                                                                                                                                                                                                                                                              | 14.43 | 12.09 | -2.33 | 278 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2027                                                                                                                                                                                                                                                                                                                              | 14.53 | 12.12 | -2.42 | 265 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2028                                                                                                                                                                                                                                                                                                                              | 14.61 | 12.14 | -2.48 | 251 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2029                                                                                                                                                                                                                                                                                                                              | 14.66 | 12.16 | -2.51 | 237 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2030                                                                                                                                                                                                                                                                                                                              | 14.68 | 12.17 | -2.51 | 224 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2031                                                                                                                                                                                                                                                                                                                              | 14.67 | 12.19 | -2.48 | 211 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2032                                                                                                                                                                                                                                                                                                                              | 14.63 | 12.20 | -2.43 | 198 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2033                                                                                                                                                                                                                                                                                                                              | 14.56 | 12.21 | -2.35 | 185 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2034                                                                                                                                                                                                                                                                                                                              | 14.47 | 12.21 | -2.26 | 173 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2035                                                                                                                                                                                                                                                                                                                              | 14.36 | 12.22 | -2.14 | 162 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2036                                                                                                                                                                                                                                                                                                                              | 14.23 | 12.22 | -2.00 | 151 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2037                                                                                                                                                                                                                                                                                                                              | 14.08 | 12.22 | -1.85 | 141 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2038                                                                                                                                                                                                                                                                                                                              | 13.91 | 12.23 | -1.68 | 132 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2039                                                                                                                                                                                                                                                                                                                              | 13.73 | 12.23 | -1.51 | 124 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2040                                                                                                                                                                                                                                                                                                                              | 13.55 | 12.23 | -1.32 | 116 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2041                                                                                                                                                                                                                                                                                                                              | 13.36 | 12.22 | -1.13 | 110 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2042                                                                                                                                                                                                                                                                                                                              | 13.16 | 12.22 | -0.94 | 105 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2043                                                                                                                                                                                                                                                                                                                              | 12.97 | 12.22 | -0.75 | 101 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2044                                                                                                                                                                                                                                                                                                                              | 12.78 | 12.22 | -0.56 | 98 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2045                                                                                                                                                                                                                                                                                                                              | 12.59 | 12.22 | -0.37 | 97 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2046                                                                                                                                                                                                                                                                                                                              | 12.40 | 12.23 | -0.18 | 97 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2047                                                                                                                                                                                                                                                                                                                              | 12.22 | 12.23 | 0.01 | 99 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2048                                                                                                                                                                                                                                                                                                                              | 12.04 | 12.23 | 0.19 | 102 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2049                                                                                                                                                                                                                                                                                                                              | 11.84 | 12.23 | 0.39 | 107 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2050                                                                                                                                                                                                                                                                                                                              | 11.66 | 12.24 | 0.58 | 114 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2051                                                                                                                                                                                                                                                                                                                              | 11.49 | 12.24 | 0.75 | 123 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2052                                                                                                                                                                                                                                                                                                                              | 11.34 | 12.25 | 0.91 | 133 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2053                                                                                                                                                                                                                                                                                                                              | 11.19 | 12.26 | 1.07 | 145 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2054                                                                                                                                                                                                                                                                                                                              | 11.05 | 12.26 | 1.22 | 159 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2055                                                                                                                                                                                                                                                                                                                              | 10.90 | 12.26 | 1.36 | 175 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2056                                                                                                                                                                                                                                                                                                                              | 10.76 | 12.27 | 1.50 | 192 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2057                                                                                                                                                                                                                                                                                                                              | 10.62 | 12.27 | 1.65 | 212 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2058                                                                                                                                                                                                                                                                                                                              | 10.48 | 12.27 | 1.79 | 234 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2059                                                                                                                                                                                                                                                                                                                              | 10.35 | 12.27 | 1.93 | 258 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2060                                                                                                                                                                                                                                                                                                                              | 10.21 | 12.28 | 2.06 | 284 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2061                                                                                                                                                                                                                                                                                                                              | 10.08 | 12.28 | 2.19 | 313 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2062                                                                                                                                                                                                                                                                                                                              | 9.96 | 12.28 | 2.32 | 344 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2063                                                                                                                                                                                                                                                                                                                              | 9.84 | 12.28 | 2.44 | 377 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2064                                                                                                                                                                                                                                                                                                                              | 9.73 | 12.28 | 2.55 | 412 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2065                                                                                                                                                                                                                                                                                                                              | 9.62 | 12.28 | 2.66 | 450 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2066                                                                                                                                                                                                                                                                                                                              | 9.52 | 12.28 | 2.76 | 490 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2067                                                                                                                                                                                                                                                                                                                              | 9.42 | 12.28 | 2.86 | 532 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2068                                                                                                                                                                                                                                                                                                                              | 9.33 | 12.28 | 2.95 | 577 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2069                                                                                                                                                                                                                                                                                                                              | 9.24 | 12.28 | 3.04 | 624 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2070                                                                                                                                                                                                                                                                                                                              | 9.15 | 12.28 | 3.13 | 673 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2071                                                                                                                                                                                                                                                                                                                              | 9.06 | 12.28 | 3.21 | 725 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2072                                                                                                                                                                                                                                                                                                                              | 8.98 | 12.27 | 3.29 | 780 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2073                                                                                                                                                                                                                                                                                                                              | 8.90 | 12.27 | 3.37 | 837 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2074                                                                                                                                                                                                                                                                                                                              | 8.82 | 12.27 | 3.45 | 896 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2075                                                                                                                                                                                                                                                                                                                              | 8.75 | 12.27 | 3.52 | 958 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2076                                                                                                                                                                                                                                                                                                                              | 8.67 | 12.26 | 3.59 | 1023 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2077                                                                                                                                                                                                                                                                                                                              | 8.60 | 12.26 | 3.66 | 1091 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
| 2078                                                                                                                                                                                                                                                                                                                              | 8.52 | 12.26 | 3.73 | 1162 |   |   | 10.97 | 2.68 | 0.21 | 2.89 |
|                                                                                                                                                                                                                                                                                                                              | Summarized |   |   |
| CostRate                                                                                                                                                                                                                                                                                                                          | IncomeRate | ActuarialBalance | Change inActuarialBalance |
| 2003-2077                                                                                                                                                                                                                                                                                                                         | 12.15 | 12.79 | 0.63 | 2.55 |
| Based on Intermediate Assumptions of the 2003 Trustees Report.1 Assumes that all workers will invest 4% in IAs up to $1,300 (amount wage-indexed after 2006).2 Net of Benefit Cost Reductions from IA offsets.3 Includes specified transfers from the General Fund of the Treasury.4 Excludes any voluntary worker contributions. |
|                                                                                                                                                                                                                                                                                                                              | Office of the Chief ActuarySocial Security AdministrationNovember 18, 2003 |

Return to memorandumList of memos