| Benefits for one spouse of a two-earner couple — Spouse same age with similar earningsConstant 2004 Dollars |
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| Scaled Low Earner                                                                                                |
| 2015                                                                                                             | 772 | 772 | 764 |   | 560 | 58 | 64 | 618 | 624 | 724 | 93.8 | 93.8 |
| 2025                                                                                                             | 796 | 796 | 708 |   | 362 | 158 | 195 | 520 | 557 | 672 | 84.5 | 84.5 |
| 2035                                                                                                             | 885 | 885 | 708 |   | 204 | 289 | 397 | 493 | 602 | 672 | 76.0 | 76.0 |
| 2045                                                                                                             | 986 | 710 | 709 |   | 47 | 435 | 661 | 482 | 708 | 672 | 68.2 | 71.8 |
| 2055                                                                                                             | 1,099 | 769 | *710* | *NA* | 0 | 507 | 791 | 507 | 791 | 672 | 61.2 | 72.0 |
| Scaled Medium Earner                                                                                             |
| 2015                                                                                                             | 1,272 | 1,272 | 1,259 |   | 923 | 129 | 142 | 1,051 | 1,065 | 724 | 82.7 | 83.7 |
| 2025                                                                                                             | 1,311 | 1,311 | 1,167 |   | 596 | 351 | 434 | 947 | 1,030 | 672 | 72.2 | 78.6 |
| 2035                                                                                                             | 1,458 | 1,458 | 1,166 |   | 337 | 641 | 883 | 978 | 1,220 | 672 | 67.1 | 83.7 |
| 2045                                                                                                             | 1,625 | 1,170 | 1,168 |   | 78 | 966 | 1,469 | 1,044 | 1,546 | 672 | 64.3 | 95.2 |
| 2055                                                                                                             | 1,810 | 1,267 | *1,170* | *NA* | 0 | 1,127 | 1,757 | 1,127 | 1,757 | 672 | 62.3 | 97.1 |
| Scaled High Earner                                                                                               |
| 2015                                                                                                             | 1,687 | 1,687 | 1,669 |   | 1,224 | 206 | 228 | 1,430 | 1,452 | 724 | 84.7 | 86.1 |
| 2025                                                                                                             | 1,739 | 1,739 | 1,547 |   | 791 | 562 | 695 | 1,352 | 1,485 | 672 | 77.8 | 85.4 |
| 2035                                                                                                             | 1,933 | 1,933 | 1,546 |   | 447 | 1,026 | 1,413 | 1,472 | 1,860 | 672 | 76.2 | 96.2 |
| 2045                                                                                                             | 2,155 | 1,551 | 1,549 |   | 103 | 1,546 | 2,350 | 1,649 | 2,453 | 672 | 76.5 | 113.9 |
| 2055                                                                                                             | 2,400 | 1,680 | *1,551* | *NA* | 0 | 1,803 | 2,812 | 1,803 | 2,812 | 672 | 75.1 | 117.2 |
| Steady Maximum Earner                                                                                            |
| 2015                                                                                                             | 2,042 | 2,042 | 2,020 |   | 1,481 | 369 | 405 | 1,850 | 1,887 | 724 | 90.6 | 92.4 |
| 2025                                                                                                             | 2,124 | 2,124 | 1,889 |   | 966 | 871 | 1,062 | 1,837 | 2,028 | 672 | 86.5 | 95.5 |
| 2035                                                                                                             | 2,365 | 2,365 | 1,891 |   | 546 | 1,550 | 2,111 | 2,096 | 2,658 | 672 | 88.6 | 112.4 |
| 2045                                                                                                             | 2,634 | 1,896 | 1,894 |   | 126 | 2,462 | 3,773 | 2,588 | 3,899 | 672 | 98.3 | 148.0 |
| 2055                                                                                                             | 2,928 | 2,050 | *1,893* | *NA* | 0 | 2,972 | 4,724 | 2,972 | 4,724 | 672 | 101.5 | 161.3 |
| 1For 35-year (140 QC) workers. Scales to 0 for 40 QCs.  Assume 140 QCs for example. |
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Based on Intermediate Assumptions of the 2004 Trustees ReportIA is assumed to be invested 50% in equity index fund, 30% in Corporate Bond fund, 20% Treasury Bonds, 25 basis points annual administrative cost.Expected equity yield is 6.5 percent real, Corporate bond yield 3.5 percent real, Treasury Bond yield 3 percent realIA annuities are assumed to be joint and 2/3 survivor life annuities, CPI indexed, 3% net expected real yield (2.75% net risk adjusted real yield)Recognition Bonds are assumed to be equivalent to the present value at NRA of the retired worker benefit times (age on 1-1-2005 — 22)/45

Office of the Chief ActuarySocial Security AdministrationFebruary 5, 2005

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