SOCIAL SECURITY

MEMORANDUM
Date:

February 7, 2005

To:

Stephen C. Goss, Chief Actuary

From:

Chris Chaplain, Actuary
Alice H. Wade, Deputy Chief Actuary

Subject:

Estimated OASDI Long-Range Financial Effects of Several Provisions Requested by the Social
Security Advisory Board--INFORMATION

Refer To: TCA

This memorandum provides long-range estimates of the effects on trust fund solvency and
operations of several provisions that would change the current-law OASDI (combined Old-Age
and Survivors and Disability Insurance) program. The provisions represent a range of generic
changes that have been considered in recent years. The Advisory Board has requested estimates
for these provisions. Estimates for the provisions are based on the intermediate assumptions of
the 2004 Trustees Report.
Each of the provisions would increase (improve) the long-range OASDI actuarial balance. Most
would reduce the size of the annual deficits at the end of the long-range period, thus contributing
toward attaining sustainable solvency. The provisions can be grouped into the following
categories:
• Reducing the cost-of-living adjustment,
• Revising the benefit formula,
• Changing the normal retirement age,
• Increasing the payroll tax rate or the taxation of Social Security benefits,
• Revising the benefit and contribution base,
• Extending OASDI program coverage, and
• Changing the investment requirements for the combined Old-Age and Survivors
Insurance (OASI) and Disability Insurance (DI) Trust Funds.
Table A contains a brief description of each of the provisions and the associated estimated effect
on the long-range OASDI actuarial balance, as well as on the 75th year annual balance.
For each of the proposed provisions in table A, a separate detailed table is provided (tables 1
through 18c). These separate tables are numbered corresponding to the provision number in
table A. It is very important to note that effects are shown for each provision separately, that is,
as if each provision were enacted alone. Combining several provisions involves complex
interactions among provisions which can make the combined effect quite different from simply
summing the individual effects.

2
The numbered tables include annual and 75-year-summarized cost rates, income rates, and
balances for the OASDI program under the proposed provisions. In addition, the numbered
tables also provide the projected trust fund ratio (TFR) for each year until the combined OASI
and DI Trust Funds are projected to be exhausted. The TFR is defined as the amount of assets in
the combined OASI and DI Trust Funds as of the beginning of the year, expressed as a
percentage of the cost of the OASDI program during the year. Under present law, the combined
OASI and DI Trust Funds are projected to be exhausted in 2042. Under each proposed
provision, the year of exhaustion would be extended beyond the projected exhaustion year of
2042 under current law. Three of the proposed provisions (provisions 11, 12, and 14) would
result in the combined OASI and DI Trust Funds remaining solvent through the end of the 75year period. However, as the corresponding numbered tables show, sustainable solvency would
not be achieved under any single one of the proposed provisions. Sustainable solvency is
indicated if the TFR is projected to be:
1. Positive throughout the 75-year projection period, and
2. Either stable or rising at the end of the 75-year period.
Tables 18a, 18b, and 18c provide financial estimates for a provision to invest 40 percent of the
combined OASI and DI Trust Funds in equities. Estimates between the tables differ because
different real rates of return on equities are assumed. Estimates in table 18a assume an
“expected” long-term average of 6.5-percent real rate of return on equities (our standard
assumption for the future). Table 18b provides a sensitivity illustration by assuming an
“expected” long-term average 5.5-percent real rate of return. The annual income rates, cost
rates, and balances are identical between the two tables because non-interest income and
projected cost are the same. However, the amount of interest earned by the combined OASI and
DI Trust Funds differs between the two tables, resulting in differing TFRs and a later projected
exhaustion year in table 18a. Table 18c illustrates the effect of investing 40 percent of the Trust
Funds in equities assuming that equities in fact have a yield in the future no higher than the
expected yield on Treasury bonds. This is equivalent to assuming a “risk-adjusted” yield. This
estimate shows no change from the present-law estimates under the intermediate assumptions of
the 2004 Trustees Report.

Chris Chaplain

Alice H. Wade
Attachments: 21

Table A—Estimated Long-Range OASDI Financial Effects of Several Individual Provisions1 Using the
Intermediate Assumptions of the 2004 Trustees Report

Number
1

2

3

4

5

6

7

8

9

10

11

12

13

Provision

Estimated Change in
Long-Range OASDI
Actuarial Balance2

Estimated Change in
Annual Balance in
75th year3 (as a percent

(as a percent of payroll)

of payroll)

Reduce the COLA for OASDI benefits by 0.5 percentage points
beginning December 2005 ................................................................

0.79

1.25

Reduce the COLA for OASDI benefits by 1 percentage point
beginning December 2005 ................................................................

1.51

2.39

Increase the number of years used to calculate benefits for
retirees and survivors (but not for disabled workers) from 35 to
38 (phased in 2005-2009); i.e., 36 for 2005-06, 37 for 2007-08,
and 38 for 2009 and later ..................................................................

0.26

0.40

Increase the number of years used to calculate benefits for
retirees and survivors (but not for disabled workers) from 35 to
40 (phased in 2005-2013); i.e., 36 for 2005-06, 37 for 2007-08,
38 for 2009-10, 39 for 2011-12, and 40 for 2013 and later ..............

0.42

0.67

For each year from 2005-2035, multiply the 32 and 15 percent
benefit formula factors by 0.987, reducing the factors to 21 and
10 percent respectively, for new eligibles in 2035 and later.............

1.61

3.36

Reduce benefits across the board by 3 percent for those newly
eligible for benefits in 2005 and later ...............................................

0.37

0.55

Reduce benefits across the board by 5 percent for those newly
eligible for benefits in 2005 and later ...............................................

0.61

0.91

Eliminate the hiatus in the normal retirement age (speed up the
increase to age 67) ............................................................................

0.14

0.00

Eliminate the hiatus in the normal retirement age (speed up the
increase to age 67) and then index the normal retirement age
(by 1 month every 2 years) until the NRA reaches age 68 ...............

0.52

0.79

Eliminate the hiatus in the normal retirement age (speed up the
increase to age 67) and then index the normal retirement age
(by 1 month every 2 years) until the NRA reaches age 70 ...............

0.68

1.73

Raise payroll tax rates (for employees and employers combined)
by 2.0 percentage points in 2005 and later........................................

1.96

2.00

Raise payroll tax rates (for employees and employers combined)
by 2.1 percentage points in 2020-2049 and by an additional 2.1
percentage points in 2050 .................................................................

1.97

4.21

Tax Social Security benefits in a manner similar to private
pension income beginning in 2005. Phase out the lower-income
thresholds during 2005-2014. ...........................................................

0.33

0.27

Table A—Estimated Long-Range OASDI Financial Effects of Several Individual Provisions1 Using the
Intermediate Assumptions of the 2004 Trustees Report

Number
14

15

16

17

18a

18b

18c

Provision

Estimated Change in
Long-Range OASDI
Actuarial Balance2

Estimated Change in
Annual Balance in
75th year3 (as a percent

(as a percent of payroll)

of payroll)

Make all earnings subject to the payroll tax (but retain the cap
for benefit calculations) beginning in 2005 ......................................

2.20

2.93

Make all earnings subject to the payroll tax and credit them for
benefit purposes beginning in 2005 ..................................................

1.75

1.95

Make 90% of the earnings subject to the payroll tax and credit
them for benefit purposes (phased in 2005-2014).............................

0.75

0.85

Cover newly hired State and local government employees
beginning in 2005 .............................................................................

0.21

0.01

Invest 40% of the Trust Funds in equities (phased in 2005-2019),
assuming a 6.5-percent real rate of return on equities (standard
assumption).......................................................................................

0.91

0.00

Invest 40% of the Trust Funds in equities (phased in 2005-2019),
assuming a 5.5-percent real rate of return on equities ......................

0.66

0.00

Invest 40% of the Trust Funds in equities (phased in 2005-2019),
assuming an ultimate 3 percent real rate of return on equities, the
same as the expected yield on Treasury bonds .................................

0.00

0.00

1

All estimates are for individual provisions, as if each were enacted alone. The combined effect of several provisions
together would involve complex interactions that can result in quite different effects from those implied by simply adding
the effect of the individual provisions.

2

Under the intermediate assumptions of the 2004 Trustees Report, the 75-year actuarial balance is -1.89 percent of taxable
payroll.

3

Under the intermediate assumptions of the 2004 Trustees Report, the annual balance in the 75th year of the projection
period is -5.91 percent of the taxable payroll for that year.

Social Security Administration
Office of the Chief Actuary
February 7, 2005

Table 1

Financial Estimates for the OASDI Trust Fund Program

Reduce the COLA for OASDI Benefits by 0.5 percentage points beginning December 2005
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.72
10.65
10.65
10.75
10.84
10.97
11.17
11.40
11.62
11.86
12.13
12.41
12.70
13.00
13.31
13.62
13.91
14.21
14.49
14.77
15.03
15.28
15.50
15.70
15.88
16.05
16.20
16.32
16.42
16.50
16.56
16.60
16.62
16.63
16.64
16.64
16.65
16.65
16.66
16.66
16.67
16.68
16.69
16.71
16.73
16.76
16.80
16.84
16.89
16.94
16.99
17.04
17.09
17.14
17.18
17.23
17.29
17.34
17.40
17.44
17.49
17.54
17.58
17.62
17.66
17.70
17.73
17.77
17.81
17.85
17.89
17.93
17.97
18.01

12.71
12.73
12.73
12.75
12.78
12.77
12.79
12.84
12.87
12.89
12.91
12.93
12.94
12.96
12.98
12.99
13.01
13.03
13.05
13.06
13.08
13.10
13.11
13.13
13.14
13.15
13.16
13.17
13.18
13.19
13.20
13.21
13.21
13.21
13.22
13.22
13.22
13.22
13.22
13.22
13.23
13.23
13.23
13.23
13.23
13.23
13.23
13.24
13.24
13.24
13.25
13.25
13.25
13.26
13.26
13.26
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.29
13.29
13.30
13.30
13.30
13.30
13.31
13.31
13.31
13.31
13.32
13.32

1.64
1.86
2.02
2.10
2.14
2.02
1.95
1.87
1.69
1.50
1.29
1.06
0.81
0.55
0.28
-0.01
-0.30
-0.59
-0.87
-1.14
-1.41
-1.68
-1.92
-2.15
-2.37
-2.55
-2.72
-2.88
-3.02
-3.13
-3.22
-3.29
-3.35
-3.38
-3.40
-3.41
-3.42
-3.42
-3.43
-3.43
-3.43
-3.43
-3.44
-3.45
-3.46
-3.47
-3.49
-3.52
-3.56
-3.60
-3.64
-3.69
-3.74
-3.79
-3.83
-3.88
-3.92
-3.96
-4.01
-4.07
-4.12
-4.16
-4.21
-4.25
-4.29
-4.33
-4.36
-4.40
-4.43
-4.47
-4.50
-4.54
-4.58
-4.62
-4.65
-4.69

306
325
349
371
392
409
427
443
456
467
476
482
486
487
487
485
481
475
468
460
450
440
428
416
403
389
375
360
345
330
314
298
282
266
250
233
216
199
182
164
147
129
110
91
72
53
33
13
-------------------------------------------------------------------------------------

Income
Rate
13.80%

Actuarial
Balance
-1.10%

Change in
Actuarial
Balance
0.79%

Summarized Rates: OASDI
2004
-2078

Cost Rate
14.90%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 2

Financial Estimates for the OASDI Trust Fund Program

Reduce the COLA for OASDI Benefits by 1 percentage point beginning December 2005
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.67
10.55
10.50
10.56
10.61
10.69
10.86
11.05
11.23
11.44
11.68
11.92
12.18
12.45
12.73
13.00
13.26
13.53
13.78
14.03
14.26
14.48
14.68
14.85
15.01
15.15
15.28
15.38
15.46
15.52
15.57
15.59
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.61
15.62
15.64
15.66
15.69
15.73
15.77
15.81
15.85
15.90
15.95
16.00
16.04
16.08
16.12
16.17
16.22
16.27
16.31
16.35
16.39
16.43
16.46
16.50
16.53
16.56
16.59
16.63
16.66
16.69
16.73
16.76
16.80

12.71
12.73
12.73
12.74
12.78
12.76
12.78
12.83
12.85
12.88
12.89
12.91
12.92
12.94
12.95
12.97
12.98
13.00
13.02
13.03
13.05
13.06
13.07
13.09
13.10
13.11
13.12
13.13
13.14
13.15
13.15
13.16
13.16
13.16
13.17
13.17
13.17
13.17
13.17
13.17
13.17
13.17
13.17
13.17
13.18
13.18
13.18
13.18
13.18
13.19
13.19
13.19
13.20
13.20
13.20
13.21
13.21
13.21
13.21
13.22
13.22
13.22
13.23
13.23
13.23
13.23
13.24
13.24
13.24
13.24
13.24
13.25
13.25
13.25
13.25
13.25

1.64
1.86
2.06
2.20
2.28
2.20
2.17
2.14
1.99
1.83
1.66
1.46
1.24
1.01
0.78
0.52
0.26
0.00
-0.25
-0.50
-0.74
-0.97
-1.19
-1.39
-1.58
-1.74
-1.89
-2.02
-2.14
-2.24
-2.31
-2.37
-2.41
-2.43
-2.44
-2.44
-2.43
-2.43
-2.43
-2.43
-2.43
-2.43
-2.43
-2.44
-2.45
-2.46
-2.48
-2.51
-2.54
-2.58
-2.62
-2.66
-2.71
-2.75
-2.80
-2.83
-2.87
-2.91
-2.96
-3.01
-3.05
-3.09
-3.13
-3.16
-3.20
-3.23
-3.26
-3.29
-3.32
-3.35
-3.38
-3.41
-3.45
-3.48
-3.51
-3.55

306
325
350
375
398
419
441
461
478
493
506
517
525
532
536
538
538
537
535
531
526
520
513
506
498
489
481
472
462
452
443
433
424
414
405
396
387
377
368
358
349
339
329
318
308
297
286
275
263
250
238
225
211
197
183
168
153
137
121
105
88
71
53
35
16
----------------------------------

Income
Rate
13.76%

Actuarial
Balance
-0.37%

Change in
Actuarial
Balance
1.51%

Summarized Rates: OASDI
2004
-2078

Cost Rate
14.14%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 3

Financial Estimates for the OASDI Trust Fund Program

Increase the number of years used to calculate benefits for retirees and survivors (but not for
disabled workers) from 35 to 38 phased in 2005-2009
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.76
10.74
10.78
10.92
11.04
11.19
11.42
11.67
11.91
12.18
12.46
12.76
13.07
13.39
13.72
14.04
14.35
14.67
14.97
15.27
15.55
15.82
16.06
16.28
16.48
16.67
16.84
16.98
17.09
17.18
17.25
17.31
17.34
17.36
17.38
17.39
17.40
17.41
17.42
17.43
17.44
17.45
17.46
17.48
17.51
17.54
17.58
17.63
17.67
17.73
17.78
17.84
17.89
17.94
17.99
18.04
18.10
18.16
18.22
18.27
18.33
18.38
18.43
18.48
18.52
18.56
18.61
18.65
18.69
18.74
18.78
18.83
18.87
18.92

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.91
12.92
12.94
12.96
12.97
12.99
13.01
13.03
13.05
13.07
13.08
13.10
13.12
13.13
13.15
13.17
13.18
13.19
13.20
13.22
13.22
13.23
13.24
13.24
13.25
13.25
13.26
13.26
13.26
13.26
13.26
13.26
13.27
13.27
13.27
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.32
13.33
13.33
13.34
13.34
13.34
13.34
13.35
13.35
13.35
13.35
13.36
13.36
13.36
13.36

1.64
1.86
1.97
2.01
2.01
1.86
1.76
1.66
1.45
1.23
1.01
0.76
0.49
0.21
-0.07
-0.38
-0.69
-0.99
-1.29
-1.58
-1.87
-2.15
-2.42
-2.67
-2.90
-3.10
-3.29
-3.46
-3.62
-3.75
-3.86
-3.94
-4.01
-4.06
-4.09
-4.11
-4.12
-4.13
-4.14
-4.15
-4.16
-4.16
-4.17
-4.18
-4.20
-4.21
-4.24
-4.27
-4.30
-4.34
-4.39
-4.44
-4.49
-4.54
-4.59
-4.64
-4.68
-4.73
-4.79
-4.85
-4.90
-4.95
-5.00
-5.05
-5.09
-5.14
-5.18
-5.22
-5.26
-5.30
-5.34
-5.38
-5.42
-5.47
-5.51
-5.55

306
325
347
367
386
401
415
428
438
447
453
456
457
456
453
448
442
433
424
413
400
387
372
357
341
324
307
289
270
251
231
212
191
171
150
129
107
86
63
41
18
----------------------------------------------------------------------------------------------------------

Income
Rate
13.83%

Actuarial
Balance
-1.63%

Change in
Actuarial
Balance
0.26%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.45%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 4

Financial Estimates for the OASDI Trust Fund Program

Increase the number of years used to calculate benefits for retirees and survivors (but not for
disabled workers) from 35 to 40 phased in 2005-2013
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.76
10.74
10.78
10.92
11.04
11.19
11.42
11.66
11.89
12.14
12.42
12.70
12.99
13.30
13.61
13.92
14.23
14.53
14.82
15.11
15.38
15.63
15.87
16.08
16.27
16.45
16.61
16.74
16.85
16.94
17.00
17.05
17.08
17.10
17.12
17.13
17.14
17.15
17.15
17.16
17.17
17.18
17.19
17.21
17.24
17.27
17.31
17.35
17.40
17.45
17.50
17.56
17.61
17.66
17.71
17.76
17.82
17.88
17.94
17.99
18.04
18.09
18.14
18.19
18.23
18.27
18.32
18.36
18.40
18.45
18.49
18.53
18.58
18.62

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.91
12.92
12.94
12.95
12.97
12.99
13.01
13.03
13.04
13.06
13.08
13.09
13.11
13.13
13.14
13.16
13.17
13.18
13.19
13.20
13.21
13.22
13.23
13.23
13.24
13.24
13.24
13.24
13.25
13.25
13.25
13.25
13.25
13.25
13.25
13.26
13.26
13.26
13.26
13.26
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.34
13.34
13.35
13.35

1.64
1.86
1.97
2.01
2.01
1.86
1.76
1.66
1.46
1.25
1.03
0.79
0.54
0.27
0.00
-0.29
-0.59
-0.88
-1.17
-1.45
-1.73
-2.00
-2.25
-2.49
-2.71
-2.91
-3.09
-3.25
-3.40
-3.53
-3.63
-3.71
-3.77
-3.82
-3.84
-3.86
-3.87
-3.88
-3.89
-3.90
-3.90
-3.91
-3.92
-3.93
-3.94
-3.95
-3.98
-4.01
-4.05
-4.08
-4.13
-4.17
-4.22
-4.28
-4.32
-4.37
-4.42
-4.47
-4.52
-4.58
-4.63
-4.68
-4.73
-4.78
-4.82
-4.87
-4.91
-4.95
-4.99
-5.03
-5.07
-5.11
-5.15
-5.19
-5.23
-5.27

306
325
347
367
386
401
415
428
439
447
454
458
459
459
457
453
447
440
431
421
410
398
384
370
355
339
323
306
288
271
252
234
215
196
176
157
137
116
96
75
53
32
9
----------------------------------------------------------------------------------------------------

Income
Rate
13.82%

Actuarial
Balance
-1.46%

Change in
Actuarial
Balance
0.42%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.28%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 5

Financial Estimates for the OASDI Trust Fund Program

From 2005-2035, multiply the 32 and 15 percent formula factors by 0.987, reducing the factors to 21
percent and 10 percent, respectively, for new eligibles in 2035 and later
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.76
10.73
10.77
10.91
11.02
11.16
11.37
11.59
11.80
12.04
12.28
12.54
12.79
13.05
13.32
13.58
13.82
14.06
14.29
14.51
14.71
14.89
15.05
15.18
15.29
15.38
15.46
15.51
15.53
15.53
15.52
15.48
15.44
15.38
15.32
15.27
15.21
15.16
15.11
15.06
15.01
14.98
14.94
14.92
14.90
14.90
14.90
14.91
14.92
14.94
14.97
15.00
15.03
15.05
15.08
15.12
15.16
15.20
15.24
15.28
15.32
15.36
15.40
15.44
15.47
15.50
15.54
15.57
15.61
15.64
15.68
15.71
15.75
15.79

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.90
12.92
12.93
12.95
12.97
12.98
13.00
13.01
13.03
13.04
13.06
13.07
13.08
13.10
13.11
13.12
13.13
13.14
13.14
13.15
13.15
13.16
13.16
13.16
13.16
13.16
13.16
13.16
13.16
13.15
13.15
13.15
13.15
13.15
13.15
13.14
13.14
13.14
13.14
13.14
13.15
13.15
13.15
13.15
13.15
13.16
13.16
13.16
13.16
13.16
13.17
13.17
13.17
13.18
13.18
13.18
13.18
13.18
13.19
13.19
13.19
13.19
13.20
13.20
13.20
13.20
13.20

1.64
1.86
1.97
2.02
2.02
1.87
1.78
1.69
1.51
1.31
1.11
0.90
0.67
0.43
0.19
-0.06
-0.31
-0.55
-0.78
-1.01
-1.22
-1.43
-1.61
-1.78
-1.93
-2.05
-2.15
-2.24
-2.31
-2.35
-2.37
-2.37
-2.36
-2.32
-2.28
-2.22
-2.17
-2.11
-2.06
-2.01
-1.96
-1.91
-1.87
-1.83
-1.80
-1.78
-1.76
-1.75
-1.76
-1.76
-1.78
-1.79
-1.82
-1.84
-1.87
-1.90
-1.92
-1.96
-1.99
-2.04
-2.07
-2.11
-2.15
-2.19
-2.22
-2.25
-2.28
-2.32
-2.35
-2.38
-2.41
-2.45
-2.48
-2.51
-2.55
-2.58

306
325
347
367
386
401
416
430
441
451
459
464
468
469
470
468
466
462
457
451
444
436
427
418
409
400
390
380
370
360
350
340
331
322
313
304
296
287
279
271
263
255
247
240
232
224
216
208
200
191
183
174
164
155
145
135
124
113
102
91
79
66
53
40
27
13
-------------------------------

Income
Rate
13.76%

Actuarial
Balance
-0.27%

Change in
Actuarial
Balance
1.61%

Summarized Rates: OASDI
2004
-2078

Cost Rate
14.03%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 6

Financial Estimates for the OASDI Trust Fund Program

Reduce benefits across the board by 3 percent for those newly eligible for benefits in 2005 and later
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.86
10.75
10.71
10.75
10.88
10.99
11.13
11.36
11.60
11.83
12.10
12.38
12.67
12.97
13.29
13.62
13.94
14.25
14.56
14.86
15.16
15.44
15.70
15.94
16.16
16.35
16.54
16.70
16.84
16.95
17.05
17.12
17.17
17.20
17.22
17.24
17.25
17.26
17.27
17.28
17.29
17.30
17.31
17.32
17.34
17.37
17.40
17.44
17.48
17.53
17.58
17.64
17.69
17.74
17.79
17.84
17.90
17.95
18.02
18.07
18.12
18.18
18.23
18.28
18.32
18.37
18.41
18.45
18.49
18.54
18.58
18.62
18.67
18.71
18.76

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.90
12.92
12.94
12.95
12.97
12.99
13.01
13.03
13.05
13.06
13.08
13.10
13.11
13.13
13.15
13.16
13.17
13.19
13.20
13.21
13.22
13.23
13.23
13.24
13.24
13.25
13.25
13.25
13.25
13.26
13.26
13.26
13.26
13.26
13.26
13.26
13.27
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.32
13.32
13.32
13.33
13.33
13.33
13.33
13.34
13.34
13.34
13.34
13.35
13.35
13.35
13.36
13.36

1.64
1.86
1.98
2.03
2.04
1.90
1.81
1.71
1.52
1.30
1.09
0.84
0.57
0.30
0.01
-0.28
-0.59
-0.89
-1.19
-1.48
-1.76
-2.04
-2.30
-2.55
-2.78
-2.98
-3.17
-3.34
-3.49
-3.62
-3.73
-3.81
-3.88
-3.92
-3.95
-3.97
-3.99
-4.00
-4.01
-4.02
-4.02
-4.03
-4.04
-4.05
-4.06
-4.08
-4.10
-4.13
-4.17
-4.21
-4.25
-4.30
-4.35
-4.40
-4.45
-4.50
-4.54
-4.59
-4.65
-4.70
-4.76
-4.81
-4.86
-4.91
-4.95
-4.99
-5.03
-5.07
-5.11
-5.15
-5.19
-5.23
-5.27
-5.32
-5.36
-5.40

306
326
347
368
387
403
418
432
443
452
458
463
464
464
462
457
451
443
434
424
412
399
386
371
355
339
323
305
287
269
250
231
212
192
172
152
131
110
89
67
46
23
0
----------------------------------------------------------------------------------------------------

Income
Rate
13.82%

Actuarial
Balance
-1.52%

Change in
Actuarial
Balance
0.37%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.34%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 7

Financial Estimates for the OASDI Trust Fund Program

Reduce benefits across the board by 5 percent for those newly eligible for benefits in 2005 and later
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.86
10.74
10.69
10.72
10.83
10.93
11.06
11.27
11.50
11.71
11.96
12.23
12.51
12.79
13.10
13.41
13.72
14.01
14.31
14.60
14.89
15.16
15.41
15.64
15.85
16.04
16.22
16.37
16.51
16.62
16.70
16.77
16.82
16.85
16.87
16.89
16.90
16.91
16.92
16.93
16.93
16.94
16.95
16.97
16.99
17.01
17.04
17.08
17.12
17.17
17.22
17.27
17.33
17.38
17.43
17.48
17.53
17.58
17.65
17.70
17.75
17.80
17.86
17.90
17.95
17.99
18.03
18.07
18.11
18.16
18.20
18.24
18.28
18.33
18.37

12.71
12.73
12.73
12.75
12.79
12.77
12.79
12.84
12.87
12.90
12.91
12.93
12.95
12.96
12.98
13.00
13.02
13.03
13.05
13.07
13.09
13.10
13.12
13.13
13.15
13.16
13.17
13.18
13.19
13.20
13.21
13.22
13.22
13.23
13.23
13.23
13.23
13.24
13.24
13.24
13.24
13.24
13.24
13.24
13.25
13.25
13.25
13.25
13.26
13.26
13.26
13.26
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.32
13.32
13.33
13.33
13.33
13.33
13.34
13.34

1.64
1.86
1.99
2.05
2.07
1.94
1.86
1.79
1.60
1.40
1.20
0.97
0.72
0.46
0.19
-0.10
-0.39
-0.68
-0.96
-1.24
-1.52
-1.79
-2.04
-2.28
-2.49
-2.69
-2.87
-3.03
-3.18
-3.30
-3.41
-3.49
-3.55
-3.59
-3.62
-3.64
-3.65
-3.66
-3.67
-3.68
-3.69
-3.69
-3.70
-3.71
-3.72
-3.74
-3.76
-3.79
-3.83
-3.87
-3.91
-3.96
-4.00
-4.06
-4.10
-4.15
-4.19
-4.24
-4.29
-4.35
-4.40
-4.45
-4.50
-4.55
-4.59
-4.63
-4.67
-4.71
-4.75
-4.79
-4.83
-4.87
-4.91
-4.95
-4.99
-5.03

306
326
348
369
389
405
421
436
448
459
467
472
476
477
476
473
469
462
455
446
436
424
412
399
385
371
356
340
324
307
290
273
256
238
220
202
184
165
146
127
107
87
67
46
26
4
-------------------------------------------------------------------------------------------

Income
Rate
13.81%

Actuarial
Balance
-1.27%

Change in
Actuarial
Balance
0.61%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.08%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 8

Financial Estimates for the OASDI Trust Fund Program
Eliminate the hiatus in the normal retirement age (speed up the increase to age 67)
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
10.87
10.75
10.71
10.73
10.85
10.96
11.09
11.30
11.52
11.74
11.99
12.26
12.55
12.86
13.18
13.51
13.86
14.19
14.54
14.88
15.21
15.52
15.82
16.10
16.35
16.58
16.79
16.97
17.13
17.27
17.38
17.47
17.54
17.60
17.64
17.67
17.70
17.73
17.75
17.76
17.78
17.80
17.82
17.83
17.86
17.89
17.92
17.97
18.02
18.07
18.12
18.18
18.24
18.29
18.34
18.39
18.45
18.51
18.57
18.63
18.68
18.74
18.79
18.84
18.89
18.93
18.98
19.02
19.07
19.11
19.16
19.20
19.24
19.29
19.34

12.71
12.73
12.73
12.75
12.79
12.77
12.79
12.84
12.87
12.90
12.91
12.93
12.94
12.96
12.98
13.00
13.02
13.04
13.06
13.08
13.10
13.11
13.13
13.15
13.17
13.18
13.20
13.21
13.22
13.23
13.24
13.25
13.26
13.26
13.27
13.27
13.27
13.28
13.28
13.28
13.28
13.28
13.29
13.29
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.34
13.35
13.35
13.35
13.36
13.36
13.36
13.37
13.37
13.37
13.37
13.38
13.38
13.38
13.38
13.39

1.64
1.86
1.98
2.04
2.05
1.92
1.84
1.76
1.57
1.37
1.17
0.94
0.68
0.41
0.12
-0.18
-0.50
-0.82
-1.14
-1.46
-1.78
-2.09
-2.39
-2.67
-2.93
-3.17
-3.38
-3.58
-3.75
-3.90
-4.02
-4.13
-4.21
-4.28
-4.33
-4.37
-4.40
-4.42
-4.45
-4.47
-4.48
-4.50
-4.51
-4.53
-4.55
-4.57
-4.59
-4.63
-4.67
-4.71
-4.76
-4.81
-4.86
-4.92
-4.97
-5.02
-5.06
-5.12
-5.17
-5.23
-5.29
-5.34
-5.39
-5.44
-5.48
-5.53
-5.57
-5.61
-5.65
-5.69
-5.74
-5.78
-5.82
-5.86
-5.91
-5.95

306
325
348
368
388
404
420
434
446
456
464
469
472
472
471
467
461
453
444
432
420
406
391
375
358
341
322
304
284
264
244
224
202
181
159
137
114
91
68
44
20
----------------------------------------------------------------------------------------------------------

Income
Rate
13.83%

Actuarial
Balance
-1.75%

Change in
Actuarial
Balance
0.14%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Cost Rate
Rate Balance
1-1-year

Cost Rate
15.58%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
4,762
4,999
5,244
5,503
5,772
6,049
6,334
6,619
6,906
7,219
7,542
7,876
8,222
8,584
8,953
9,337
9,732
10,141
10,562
11,001
11,456
11,932
12,430
12,946
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,268
22,172
23,112
24,091
25,111
26,170
27,271
28,416
29,603
30,835
32,116
33,450
34,837
36,286
37,793
39,359
40,990
42,683
44,447
46,287
48,202
50,193
52,268
54,426
56,675
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,655
85,027
88,539
92,194
95,999
99,959
104,070

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

Table 9

Financial Estimates for the OASDI Trust Fund Program

Eliminate the hiatus in the normal retirement age (speed up the increase to age 67) and index the
NRA by 1 month every 2 years until the NRA reaches age 68
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
10.87
10.71
10.67
10.70
10.82
10.93
11.06
11.27
11.50
11.71
11.95
12.21
12.49
12.77
13.07
13.38
13.70
14.02
14.34
14.65
14.96
15.26
15.54
15.80
16.02
16.23
16.42
16.58
16.72
16.82
16.91
16.98
17.02
17.05
17.07
17.08
17.09
17.09
17.10
17.10
17.10
17.09
17.09
17.10
17.11
17.12
17.15
17.19
17.23
17.27
17.32
17.38
17.43
17.49
17.54
17.59
17.65
17.70
17.77
17.82
17.87
17.93
17.98
18.02
18.07
18.11
18.15
18.19
18.23
18.28
18.32
18.36
18.40
18.45
18.49

12.71
12.73
12.73
12.75
12.78
12.77
12.79
12.84
12.87
12.90
12.91
12.93
12.94
12.96
12.97
12.99
13.01
13.03
13.05
13.07
13.08
13.10
13.12
13.13
13.15
13.16
13.18
13.19
13.20
13.21
13.22
13.22
13.23
13.23
13.23
13.24
13.24
13.24
13.24
13.24
13.24
13.24
13.24
13.24
13.25
13.25
13.25
13.25
13.25
13.26
13.26
13.26
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.32
13.32
13.33
13.33
13.33
13.33
13.34

1.64
1.86
2.02
2.08
2.09
1.95
1.86
1.78
1.60
1.40
1.20
0.97
0.73
0.47
0.21
-0.08
-0.37
-0.67
-0.97
-1.27
-1.57
-1.86
-2.14
-2.40
-2.64
-2.86
-3.06
-3.23
-3.38
-3.51
-3.61
-3.69
-3.75
-3.79
-3.82
-3.83
-3.84
-3.85
-3.85
-3.85
-3.85
-3.85
-3.85
-3.85
-3.85
-3.86
-3.88
-3.90
-3.94
-3.97
-4.01
-4.06
-4.11
-4.16
-4.22
-4.26
-4.31
-4.36
-4.42
-4.48
-4.53
-4.58
-4.63
-4.67
-4.72
-4.76
-4.80
-4.83
-4.87
-4.91
-4.95
-4.99
-5.03
-5.07
-5.11
-5.15

306
325
349
370
390
406
422
437
449
459
467
473
476
478
477
475
470
464
456
446
435
423
409
395
380
364
348
331
314
296
278
260
241
223
204
185
165
145
125
105
84
63
42
21
-------------------------------------------------------------------------------------------------

Income
Rate
13.81%

Actuarial
Balance
-1.36%

Change in
Actuarial
Balance
0.52%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Rate Balance
Cost Rate
1-1-year

Cost Rate
15.17%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
4,762
4,999
5,245
5,503
5,772
6,049
6,334
6,619
6,907
7,220
7,542
7,877
8,223
8,585
8,955
9,340
9,735
10,145
10,567
11,007
11,463
11,939
12,438
12,955
13,496
14,061
14,652
15,269
15,914
16,587
17,289
18,023
18,790
19,590
20,422
21,289
22,195
23,137
24,116
25,138
26,198
27,301
28,447
29,636
30,871
32,153
33,490
34,878
36,329
37,839
39,407
41,039
42,734
44,500
46,342
48,259
50,252
52,329
54,489
56,740
59,085
61,524
64,068
66,734
69,501
72,381
75,382
78,503
81,748
85,124
88,640
92,300
96,108
100,073
104,189

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%

Table 10

Financial Estimates for the OASDI Trust Fund Program

Eliminate the hiatus in the normal retirement age (speed up the increase to age 67) and index the
NRA by 1 month every 2 years until the NRA reaches age 70
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
10.87
10.75
10.71
10.73
10.86
10.96
11.09
11.29
11.52
11.73
11.97
12.23
12.50
12.78
13.08
13.39
13.71
14.03
14.35
14.66
14.97
15.27
15.54
15.80
16.03
16.24
16.42
16.59
16.72
16.83
16.91
16.97
17.02
17.04
17.05
17.05
17.04
17.03
17.01
16.98
16.96
16.94
16.92
16.90
16.88
16.88
16.88
16.89
16.90
16.92
16.95
16.98
17.01
17.05
17.08
17.11
17.13
17.16
17.20
17.22
17.24
17.25
17.26
17.27
17.27
17.31
17.32
17.33
17.34
17.36
17.38
17.40
17.43
17.45
17.48

12.71
12.73
12.73
12.75
12.79
12.77
12.79
12.84
12.87
12.90
12.91
12.93
12.94
12.96
12.97
12.99
13.01
13.03
13.05
13.07
13.08
13.10
13.12
13.14
13.15
13.16
13.18
13.19
13.20
13.21
13.22
13.22
13.23
13.23
13.23
13.24
13.24
13.24
13.24
13.24
13.24
13.24
13.24
13.23
13.23
13.23
13.23
13.23
13.24
13.24
13.24
13.24
13.24
13.24
13.25
13.25
13.25
13.25
13.25
13.26
13.26
13.26
13.26
13.26
13.26
13.26
13.26
13.26
13.27
13.27
13.27
13.27
13.27
13.27
13.27
13.28

1.64
1.86
1.98
2.04
2.05
1.92
1.84
1.76
1.58
1.38
1.18
0.96
0.71
0.46
0.19
-0.09
-0.38
-0.68
-0.98
-1.28
-1.58
-1.87
-2.15
-2.41
-2.65
-2.87
-3.06
-3.23
-3.39
-3.51
-3.61
-3.69
-3.75
-3.79
-3.81
-3.82
-3.82
-3.80
-3.79
-3.77
-3.75
-3.72
-3.70
-3.68
-3.66
-3.65
-3.65
-3.65
-3.66
-3.67
-3.68
-3.71
-3.74
-3.77
-3.80
-3.83
-3.86
-3.88
-3.91
-3.94
-3.96
-3.98
-3.99
-4.00
-4.01
-4.00
-4.04
-4.05
-4.06
-4.08
-4.09
-4.11
-4.13
-4.16
-4.18
-4.21

306
325
347
368
388
404
420
434
446
456
464
470
474
475
474
472
467
461
453
443
432
420
406
392
377
361
345
328
310
293
275
257
238
219
201
181
162
143
123
103
83
62
41
20
-------------------------------------------------------------------------------------------------

Income
Rate
13.80%

Actuarial
Balance
-1.21%

Change in
Actuarial
Balance
0.68%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Cost Rate
Rate Balance
1-1-year

Cost Rate
15.01%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
4,762
4,999
5,244
5,503
5,772
6,049
6,334
6,619
6,906
7,220
7,542
7,877
8,223
8,585
8,955
9,340
9,735
10,145
10,567
11,007
11,463
11,939
12,438
12,955
13,496
14,061
14,652
15,269
15,913
16,587
17,289
18,023
18,790
19,590
20,422
21,290
22,196
23,139
24,120
25,142
26,204
27,309
28,457
29,648
30,884
32,169
33,508
34,899
36,353
37,866
39,437
41,072
42,770
44,540
46,386
48,306
50,304
52,385
54,549
56,804
59,155
61,599
64,150
66,822
69,596
72,483
75,488
78,614
81,863
85,244
88,765
92,430
96,243
100,213
104,335

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%

Table 11

Financial Estimates for the OASDI Trust Fund Program

Raise the combined employer/employee tax rate by 2.0 percentage points in 2005 and later
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.76
10.74
10.79
10.94
11.08
11.24
11.49
11.76
12.01
12.30
12.60
12.92
13.24
13.58
13.92
14.27
14.60
14.93
15.24
15.56
15.85
16.13
16.38
16.61
16.82
17.01
17.19
17.34
17.45
17.55
17.63
17.68
17.72
17.74
17.76
17.77
17.79
17.80
17.80
17.81
17.82
17.84
17.85
17.87
17.90
17.93
17.97
18.02
18.07
18.12
18.17
18.23
18.29
18.34
18.39
18.44
18.50
18.57
18.63
18.68
18.74
18.79
18.84
18.89
18.93
18.97
19.02
19.06
19.11
19.15
19.20
19.24
19.29
19.33

12.71
14.73
14.73
14.75
14.79
14.78
14.80
14.85
14.88
14.91
14.93
14.95
14.96
14.98
15.00
15.02
15.04
15.06
15.08
15.10
15.12
15.13
15.15
15.17
15.18
15.20
15.21
15.22
15.23
15.24
15.25
15.26
15.26
15.27
15.27
15.28
15.28
15.28
15.28
15.28
15.28
15.29
15.29
15.29
15.29
15.29
15.29
15.30
15.30
15.30
15.31
15.31
15.31
15.32
15.32
15.33
15.33
15.33
15.34
15.34
15.34
15.35
15.35
15.35
15.36
15.36
15.36
15.37
15.37
15.37
15.37
15.38
15.38
15.38
15.38
15.39

1.64
3.86
3.97
4.01
4.00
3.84
3.72
3.61
3.39
3.15
2.92
2.65
2.36
2.06
1.76
1.44
1.12
0.79
0.48
0.17
-0.13
-0.42
-0.70
-0.96
-1.20
-1.42
-1.61
-1.79
-1.95
-2.09
-2.20
-2.29
-2.36
-2.41
-2.45
-2.47
-2.48
-2.49
-2.50
-2.51
-2.52
-2.53
-2.54
-2.55
-2.56
-2.58
-2.60
-2.63
-2.67
-2.71
-2.76
-2.81
-2.86
-2.91
-2.97
-3.01
-3.06
-3.11
-3.17
-3.23
-3.28
-3.33
-3.38
-3.44
-3.48
-3.53
-3.57
-3.61
-3.65
-3.69
-3.73
-3.77
-3.82
-3.86
-3.90
-3.95

306
325
364
403
439
471
502
531
556
579
598
615
628
639
647
653
657
659
659
659
657
653
649
644
638
633
627
620
613
607
600
594
588
582
576
571
565
560
555
549
543
538
532
526
520
514
507
501
493
485
477
469
460
450
441
431
421
410
399
387
375
363
350
337
324
310
296
282
267
252
237
221
204
188
171
153

Income
Rate
15.80%

Actuarial
Balance
0.07%

Change in
Actuarial
Balance
1.96%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.72%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 12

Financial Estimates for the OASDI Trust Fund Program

Raise the combined employer/employee tax rate by 2.1 percentage points in 2020-2049 and by an
additional 2.1 percentage points beginning in 2050
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.77
10.75
10.80
10.95
11.08
11.25
11.50
11.76
12.02
12.30
12.61
12.92
13.24
13.58
13.93
14.27
14.59
14.92
15.24
15.56
15.85
16.13
16.38
16.61
16.82
17.01
17.19
17.33
17.45
17.55
17.63
17.68
17.72
17.74
17.76
17.77
17.79
17.80
17.80
17.81
17.82
17.84
17.85
17.87
17.90
17.93
17.97
18.01
18.06
18.11
18.17
18.23
18.28
18.33
18.38
18.44
18.50
18.56
18.62
18.67
18.73
18.78
18.83
18.88
18.93
18.97
19.01
19.06
19.10
19.15
19.19
19.24
19.28
19.33

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.91
12.93
12.95
12.96
12.98
13.00
13.02
15.14
15.16
15.18
15.20
15.22
15.23
15.25
15.27
15.28
15.30
15.31
15.32
15.33
15.34
15.35
15.36
15.36
15.37
15.37
15.38
15.38
15.38
15.38
15.38
15.38
15.39
15.39
15.39
15.39
15.39
17.49
17.50
17.50
17.50
17.51
17.51
17.51
17.52
17.52
17.53
17.53
17.53
17.54
17.54
17.54
17.55
17.55
17.55
17.56
17.56
17.56
17.57
17.57
17.57
17.57
17.58
17.58
17.58
17.58
17.59

1.64
1.86
1.97
2.00
1.99
1.83
1.72
1.61
1.39
1.15
0.91
0.64
0.36
0.06
-0.24
-0.56
1.21
0.89
0.58
0.27
-0.03
-0.32
-0.60
-0.86
-1.10
-1.32
-1.51
-1.69
-1.85
-1.99
-2.10
-2.19
-2.26
-2.31
-2.34
-2.37
-2.38
-2.39
-2.40
-2.41
-2.42
-2.43
-2.44
-2.45
-2.46
-2.48
-0.40
-0.43
-0.47
-0.51
-0.55
-0.60
-0.66
-0.71
-0.76
-0.81
-0.86
-0.91
-0.96
-1.02
-1.08
-1.13
-1.18
-1.23
-1.28
-1.32
-1.36
-1.40
-1.44
-1.49
-1.53
-1.57
-1.61
-1.65
-1.70
-1.74

306
325
347
367
385
399
413
426
434
442
446
448
448
445
441
434
426
430
433
434
434
432
429
425
420
414
408
401
393
386
378
370
362
353
345
337
329
320
312
303
294
286
276
267
258
248
238
239
240
240
241
241
241
241
240
239
238
237
235
233
231
228
225
222
219
215
211
207
203
198
193
188
182
177
171
164

Income
Rate
15.81%

Actuarial
Balance
0.09%

Change in
Actuarial
Balance
1.97%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.72%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 13

Financial Estimates for the OASDI Trust Fund Program

Tax Social Security benefits in a manner similar to private pension income beginning in 2005. Phase
out the lower-income thresholds during 2005-2014
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Cost Rate
Rate Balance
11.07
10.87
10.77
10.74
10.79
10.94
11.08
11.24
11.49
11.76
12.01
12.30
12.60
12.92
13.24
13.58
13.93
14.27
14.60
14.93
15.25
15.56
15.85
16.13
16.39
16.61
16.82
17.02
17.19
17.34
17.46
17.55
17.63
17.69
17.72
17.75
17.76
17.78
17.79
17.80
17.81
17.82
17.83
17.84
17.85
17.87
17.90
17.93
17.98
18.02
18.07
18.12
18.18
18.24
18.29
18.34
18.39
18.45
18.51
18.57
18.63
18.68
18.74
18.79
18.84
18.89
18.93
18.98
19.02
19.07
19.11
19.15
19.20
19.24
19.29
19.34

12.71
12.80
12.82
12.88
12.96
13.00
13.06
13.25
13.29
13.36
13.40
13.43
13.44
13.46
13.47
13.49
13.51
13.52
13.54
13.55
13.57
13.58
13.59
13.60
13.60
13.61
13.61
13.62
13.62
13.62
13.62
13.61
13.61
13.60
13.60
13.59
13.58
13.58
13.57
13.56
13.56
13.56
13.57
13.57
13.57
13.58
13.58
13.58
13.58
13.59
13.59
13.60
13.60
13.61
13.61
13.61
13.61
13.61
13.61
13.62
13.62
13.62
13.63
13.63
13.63
13.63
13.63
13.63
13.64
13.64
13.64
13.65
13.65
13.65
13.66
13.66

1.64
1.93
2.05
2.14
2.17
2.05
1.98
2.01
1.80
1.60
1.39
1.13
0.84
0.54
0.23
-0.09
-0.42
-0.74
-1.06
-1.37
-1.68
-1.98
-2.27
-2.53
-2.78
-3.01
-3.21
-3.40
-3.57
-3.72
-3.84
-3.94
-4.02
-4.08
-4.12
-4.16
-4.18
-4.20
-4.22
-4.24
-4.25
-4.25
-4.26
-4.27
-4.28
-4.30
-4.32
-4.35
-4.39
-4.43
-4.48
-4.52
-4.57
-4.63
-4.68
-4.73
-4.78
-4.84
-4.89
-4.95
-5.01
-5.06
-5.11
-5.16
-5.21
-5.26
-5.30
-5.34
-5.38
-5.43
-5.47
-5.51
-5.55
-5.59
-5.63
-5.68

306
325
348
368
388
404
420
434
446
457
465
471
474
475
473
470
465
458
449
440
429
416
403
388
373
358
341
324
306
288
270
251
232
212
192
172
151
130
109
87
65
42
19
----------------------------------------------------------------------------------------------------

Income
Rate
14.17%

Actuarial
Balance
-1.56%

Change in
Actuarial
Balance
0.33%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.73%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 14

Financial Estimates for the OASDI Trust Fund Program

Eliminate the taxable maximum for payroll tax but retain the taxable maximum for benefit calculations
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
9.29
9.18
9.15
9.17
9.28
9.38
9.51
9.70
9.91
10.13
10.37
10.62
10.89
11.16
11.44
11.73
12.02
12.30
12.57
12.84
13.11
13.35
13.59
13.80
13.99
14.17
14.33
14.47
14.60
14.70
14.78
14.84
14.89
14.92
14.93
14.95
14.96
14.97
14.98
14.98
14.99
15.00
15.01
15.02
15.04
15.06
15.08
15.12
15.16
15.20
15.24
15.29
15.33
15.38
15.42
15.46
15.51
15.56
15.61
15.66
15.70
15.75
15.79
15.83
15.87
15.91
15.94
15.98
16.02
16.05
16.09
16.12
16.16
16.20
16.24

12.71
12.68
12.69
12.70
12.73
12.72
12.74
12.78
12.81
12.83
12.84
12.86
12.87
12.89
12.91
12.92
12.94
12.96
12.97
12.99
13.00
13.02
13.03
13.05
13.06
13.07
13.08
13.09
13.10
13.11
13.12
13.12
13.13
13.13
13.13
13.14
13.14
13.14
13.14
13.14
13.14
13.15
13.15
13.15
13.15
13.15
13.15
13.15
13.16
13.16
13.16
13.17
13.17
13.17
13.17
13.18
13.18
13.18
13.19
13.19
13.19
13.20
13.20
13.20
13.20
13.21
13.21
13.21
13.21
13.22
13.22
13.22
13.22
13.22
13.23
13.23

1.64
3.39
3.50
3.55
3.56
3.44
3.36
3.27
3.10
2.92
2.72
2.49
2.25
2.00
1.75
1.48
1.21
0.94
0.67
0.41
0.16
-0.09
-0.32
-0.54
-0.74
-0.92
-1.08
-1.24
-1.37
-1.49
-1.58
-1.65
-1.71
-1.75
-1.78
-1.80
-1.81
-1.82
-1.83
-1.83
-1.84
-1.84
-1.85
-1.86
-1.87
-1.88
-1.90
-1.93
-1.96
-2.00
-2.03
-2.07
-2.12
-2.16
-2.20
-2.24
-2.28
-2.32
-2.37
-2.42
-2.46
-2.51
-2.55
-2.59
-2.63
-2.66
-2.70
-2.73
-2.77
-2.80
-2.83
-2.87
-2.90
-2.94
-2.97
-3.01

306
325
365
405
442
476
509
540
567
592
614
633
648
661
671
680
685
689
692
693
693
691
689
686
682
679
675
670
665
661
657
653
649
646
643
640
638
635
633
630
628
626
623
620
618
615
612
608
604
600
595
590
585
579
573
567
560
553
546
538
530
522
513
504
495
486
476
466
456
445
435
423
412
400
388
375

Income
Rate
13.61%

Actuarial
Balance
0.32%

Change in
Actuarial
Balance
2.20%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Cost Rate
Rate Balance
1-1-year

Cost Rate
13.30%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
5,571
5,861
6,157
6,476
6,804
7,143
7,489
7,837
8,189
8,559
8,941
9,338
9,749
10,178
10,617
11,074
11,544
12,032
12,533
13,057
13,599
14,166
14,759
15,374
16,016
16,686
17,388
18,121
18,887
19,685
20,519
21,392
22,303
23,253
24,241
25,272
26,347
27,467
28,632
29,845
31,105
32,416
33,778
35,191
36,658
38,183
39,771
41,423
43,148
44,943
46,807
48,749
50,765
52,867
55,059
57,340
59,712
62,184
64,756
67,434
70,227
73,130
76,159
79,333
82,627
86,055
89,628
93,345
97,208
101,229
105,417
109,775
114,311
119,034
123,938

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
17.0%
17.3%
17.4%
17.7%
17.9%
18.1%
18.3%
18.5%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.1%
19.1%
19.1%
19.1%
19.1%
19.1%

Table 15

Financial Estimates for the OASDI Trust Fund Program
Eliminate the taxable maximum for payroll tax and for benefit calculations
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
9.29
9.18
9.15
9.17
9.29
9.40
9.53
9.74
9.96
10.19
10.45
10.72
11.01
11.30
11.61
11.92
12.23
12.53
12.84
13.13
13.42
13.69
13.96
14.20
14.42
14.62
14.81
14.99
15.14
15.26
15.37
15.46
15.53
15.58
15.63
15.66
15.70
15.73
15.76
15.78
15.81
15.84
15.87
15.90
15.93
15.97
16.02
16.07
16.12
16.17
16.23
16.29
16.35
16.40
16.45
16.50
16.56
16.62
16.68
16.73
16.78
16.83
16.88
16.93
16.97
17.01
17.05
17.09
17.13
17.17
17.21
17.25
17.29
17.33
17.37

12.71
12.68
12.69
12.70
12.73
12.72
12.74
12.78
12.81
12.84
12.85
12.87
12.89
12.91
12.92
12.94
12.96
12.98
13.00
13.02
13.04
13.06
13.07
13.09
13.11
13.12
13.14
13.15
13.17
13.18
13.19
13.20
13.21
13.21
13.22
13.22
13.23
13.23
13.24
13.24
13.25
13.25
13.25
13.26
13.26
13.26
13.27
13.27
13.28
13.28
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.34
13.35
13.35
13.35
13.36
13.36
13.36
13.36
13.37
13.37
13.37
13.37

1.64
3.39
3.51
3.55
3.56
3.43
3.34
3.25
3.07
2.88
2.66
2.42
2.17
1.90
1.63
1.34
1.04
0.75
0.47
0.18
-0.09
-0.36
-0.62
-0.86
-1.09
-1.29
-1.48
-1.66
-1.82
-1.96
-2.08
-2.17
-2.25
-2.32
-2.36
-2.40
-2.43
-2.46
-2.49
-2.52
-2.54
-2.56
-2.59
-2.61
-2.64
-2.67
-2.70
-2.74
-2.79
-2.84
-2.89
-2.94
-2.99
-3.05
-3.10
-3.14
-3.19
-3.24
-3.29
-3.35
-3.40
-3.45
-3.50
-3.54
-3.59
-3.63
-3.66
-3.70
-3.74
-3.77
-3.81
-3.85
-3.89
-3.92
-3.96
-4.00

306
325
365
405
442
476
508
539
565
589
609
626
640
651
659
665
669
670
670
669
666
661
656
650
643
636
629
621
612
604
596
587
579
571
563
556
548
540
532
523
515
506
497
488
479
469
460
449
438
427
415
403
390
377
364
350
336
321
306
291
275
258
242
224
207
189
170
151
132
112
92
72
51
29
7
----

Income
Rate
13.68%

Actuarial
Balance
-0.14%

Change in
Actuarial
Balance
1.75%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Rate Balance
Cost Rate
1-1-year

Cost Rate
13.82%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
5,571
5,861
6,157
6,476
6,804
7,143
7,489
7,837
8,189
8,559
8,941
9,338
9,749
10,178
10,617
11,074
11,544
12,032
12,533
13,057
13,599
14,166
14,759
15,374
16,016
16,686
17,388
18,121
18,887
19,685
20,519
21,392
22,303
23,253
24,241
25,272
26,347
27,467
28,632
29,845
31,105
32,416
33,778
35,191
36,658
38,183
39,771
41,423
43,148
44,943
46,807
48,749
50,765
52,867
55,059
57,340
59,712
62,184
64,756
67,434
70,227
73,130
76,159
79,333
82,627
86,055
89,628
93,345
97,208
101,229
105,417
109,775
114,311
119,034
123,938

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
17.0%
17.3%
17.4%
17.7%
17.9%
18.1%
18.3%
18.5%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.7%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.8%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
18.9%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.1%
19.1%
19.1%
19.1%
19.1%
19.1%

Table 16

Financial Estimates for the OASDI Trust Fund Program

Make 90 percent of the earnings subject to payroll tax and credit them for benefit purposes, phased
in 2005-2014
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
10.74
10.55
10.45
10.41
10.48
10.53
10.61
10.78
10.95
11.13
11.40
11.69
11.99
12.30
12.62
12.94
13.27
13.58
13.90
14.21
14.51
14.79
15.06
15.31
15.53
15.74
15.93
16.11
16.26
16.38
16.48
16.57
16.63
16.68
16.71
16.74
16.77
16.79
16.82
16.84
16.86
16.88
16.91
16.93
16.96
17.00
17.04
17.10
17.15
17.20
17.26
17.32
17.39
17.44
17.50
17.55
17.61
17.67
17.74
17.80
17.85
17.91
17.96
18.01
18.06
18.10
18.14
18.19
18.23
18.27
18.32
18.36
18.40
18.44
18.49

12.71
12.72
12.73
12.74
12.77
12.76
12.78
12.83
12.85
12.88
12.89
12.91
12.92
12.94
12.96
12.98
13.00
13.02
13.04
13.06
13.07
13.09
13.11
13.13
13.14
13.16
13.17
13.19
13.20
13.21
13.22
13.23
13.23
13.24
13.24
13.25
13.25
13.26
13.26
13.26
13.26
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.30
13.30
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.35
13.35
13.36
13.36
13.36
13.37
13.37
13.37
13.37
13.38
13.38
13.38
13.39
13.39
13.39
13.39

1.64
1.98
2.18
2.29
2.36
2.28
2.25
2.21
2.08
1.93
1.76
1.50
1.23
0.95
0.67
0.36
0.06
-0.25
-0.55
-0.84
-1.13
-1.41
-1.68
-1.93
-2.17
-2.38
-2.57
-2.75
-2.91
-3.05
-3.16
-3.26
-3.33
-3.39
-3.43
-3.47
-3.49
-3.51
-3.53
-3.56
-3.57
-3.59
-3.61
-3.63
-3.65
-3.68
-3.72
-3.76
-3.80
-3.85
-3.90
-3.96
-4.01
-4.07
-4.12
-4.17
-4.22
-4.28
-4.33
-4.39
-4.45
-4.50
-4.55
-4.60
-4.65
-4.69
-4.73
-4.77
-4.81
-4.85
-4.89
-4.93
-4.97
-5.01
-5.05
-5.10

306
325
348
370
392
410
429
446
461
475
486
496
502
506
508
507
505
500
495
487
479
469
458
446
433
420
407
392
377
362
346
331
315
298
282
266
249
232
214
196
178
160
141
122
103
83
63
42
21
----------------------------------------------------------------------------------

Income
Rate
13.77%

Actuarial
Balance
-1.14%

Change in
Actuarial
Balance
0.75%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Cost Rate
Rate Balance
1-1-year

Cost Rate
14.91%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
4,818
5,101
5,391
5,703
6,027
6,364
6,710
7,060
7,417
7,793
8,141
8,502
8,876
9,266
9,666
10,082
10,510
10,954
11,411
11,887
12,381
12,897
13,437
13,997
14,581
15,192
15,831
16,498
17,195
17,922
18,682
19,476
20,305
21,170
22,070
23,009
23,988
25,007
26,067
27,172
28,320
29,513
30,753
32,040
33,376
34,764
36,210
37,714
39,284
40,919
42,616
44,384
46,220
48,134
50,129
52,206
54,366
56,617
58,958
61,397
63,939
66,583
69,340
72,230
75,229
78,351
81,604
84,988
88,506
92,166
95,979
99,948
104,078
108,378
112,843

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
1.2%
2.1%
2.8%
3.7%
4.4%
5.2%
6.0%
6.7%
7.5%
8.0%
8.0%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.1%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%
8.4%

Table 17

Financial Estimates for the OASDI Trust Fund Program
Cover newly hired state and local government employees beginning in 2005
OASDI Taxable Payroll
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

11.07
10.84
10.71
10.66
10.69
10.82
10.93
11.07
11.30
11.55
11.79
12.05
12.34
12.64
12.94
13.26
13.59
13.91
14.23
14.54
14.84
15.14
15.42
15.68
15.92
16.13
16.33
16.52
16.68
16.82
16.93
17.03
17.12
17.18
17.22
17.25
17.29
17.32
17.35
17.38
17.40
17.43
17.46
17.50
17.53
17.57
17.61
17.66
17.72
17.78
17.85
17.92
17.99
18.06
18.13
18.19
18.26
18.32
18.39
18.47
18.54
18.60
18.67
18.73
18.79
18.84
18.89
18.94
18.99
19.04
19.09
19.14
19.19
19.23
19.28
19.33

12.71
12.72
12.73
12.75
12.78
12.77
12.79
12.84
12.87
12.90
12.92
12.93
12.95
12.97
12.99
13.01
13.03
13.04
13.06
13.08
13.10
13.11
13.13
13.14
13.16
13.17
13.19
13.20
13.21
13.22
13.23
13.23
13.24
13.24
13.25
13.25
13.25
13.26
13.26
13.26
13.26
13.27
13.27
13.27
13.27
13.28
13.28
13.28
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.35
13.35
13.35
13.36
13.36
13.36
13.37
13.37
13.37
13.38
13.38
13.38
13.38
13.39

1.64
1.88
2.02
2.08
2.10
1.96
1.86
1.77
1.57
1.35
1.13
0.88
0.61
0.33
0.05
-0.26
-0.57
-0.87
-1.17
-1.46
-1.74
-2.02
-2.29
-2.53
-2.76
-2.96
-3.15
-3.32
-3.47
-3.60
-3.71
-3.80
-3.88
-3.94
-3.98
-4.00
-4.03
-4.06
-4.09
-4.12
-4.14
-4.16
-4.19
-4.22
-4.26
-4.29
-4.33
-4.38
-4.44
-4.49
-4.55
-4.62
-4.68
-4.75
-4.82
-4.88
-4.94
-5.00
-5.06
-5.14
-5.20
-5.26
-5.32
-5.38
-5.43
-5.48
-5.53
-5.58
-5.62
-5.67
-5.72
-5.76
-5.81
-5.85
-5.90
-5.94

306
325
347
368
387
402
417
431
441
450
457
460
462
461
458
454
447
439
430
419
407
394
380
365
349
333
316
299
281
262
243
224
204
184
164
144
123
101
79
57
35
12
-------------------------------------------------------------------------------------------------------

Income
Rate
13.81%

Actuarial
Balance
-1.68%

Change in
Actuarial
Balance
0.21%

Summarized Rates: OASDI
2004
-2078

(in billions of dollars)

Trust Fund
Income Annual
Ratio
Cost Rate
Rate Balance
1-1-year

Cost Rate
15.49%

Based on Intermediate Assumptions of the 2004 Trustees Report.

Proposed Plan Present Law
4,522
4,773
5,025
5,284
5,557
5,840
6,131
6,430
6,728
7,030
7,357
7,694
8,043
8,406
8,784
9,171
9,574
9,989
10,420
10,863
11,325
11,805
12,306
12,830
13,375
13,944
14,539
15,161
15,812
16,491
17,201
17,935
18,703
19,504
20,340
21,210
22,111
23,051
24,029
25,046
26,106
27,207
28,352
29,541
30,775
32,056
33,388
34,774
36,216
37,721
39,289
40,916
42,611
44,370
46,204
48,117
50,107
52,177
54,334
56,576
58,913
61,349
63,881
66,523
69,291
72,163
75,153
78,268
81,508
84,877
88,381
92,032
95,831
99,785
103,900
108,174

Increase in
Taxable
Payroll over
Present Law

4,522
4,762
4,999
5,244
5,502
5,770
6,047
6,331
6,614
6,901
7,213
7,534
7,868
8,214
8,575
8,944
9,329
9,724
10,135
10,557
10,997
11,453
11,930
12,428
12,945
13,486
14,050
14,639
15,256
15,899
16,571
17,272
18,006
18,771
19,570
20,401
21,267
22,172
23,112
24,091
25,111
26,170
27,271
28,415
29,603
30,835
32,116
33,450
34,837
36,285
37,793
39,359
40,990
42,682
44,447
46,287
48,202
50,193
52,268
54,426
56,674
59,018
61,454
63,996
66,659
69,423
72,299
75,296
78,414
81,654
85,026
88,538
92,194
95,998
99,958
104,070

Office of the Chief Actuary
Social Security Administration
February 7, 2005

0.0%
0.2%
0.5%
0.8%
1.0%
1.2%
1.4%
1.6%
1.7%
1.9%
2.0%
2.1%
2.2%
2.3%
2.4%
2.5%
2.6%
2.7%
2.8%
2.9%
3.0%
3.1%
3.2%
3.2%
3.3%
3.4%
3.5%
3.6%
3.6%
3.7%
3.8%
3.8%
3.9%
3.9%
3.9%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%
3.9%

Table 18a Financial Estimates for the OASDI Trust Fund Program
Invest 40 percent of the Trust Funds in equities (phased in 2005-2019) assuming a 6.5 percent real
rate of return on equities
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Rate Balance
Cost Rate
11.07
10.87
10.77
10.75
10.80
10.95
11.08
11.25
11.50
11.76
12.02
12.30
12.61
12.92
13.24
13.58
13.93
14.27
14.60
14.93
15.25
15.56
15.86
16.13
16.39
16.62
16.83
17.02
17.19
17.34
17.46
17.56
17.63
17.69
17.72
17.75
17.76
17.78
17.79
17.80
17.81
17.82
17.83
17.84
17.85
17.87
17.90
17.94
17.98
18.02
18.07
18.12
18.18
18.24
18.29
18.34
18.39
18.45
18.51
18.57
18.63
18.68
18.74
18.79
18.84
18.89
18.93
18.98
19.02
19.07
19.11
19.16
19.20
19.24
19.29
19.34

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.91
12.93
12.95
12.96
12.98
13.00
13.02
13.04
13.06
13.08
13.10
13.12
13.13
13.15
13.17
13.18
13.20
13.21
13.22
13.23
13.24
13.25
13.26
13.26
13.27
13.27
13.28
13.28
13.28
13.28
13.28
13.28
13.29
13.29
13.29
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.34
13.35
13.35
13.35
13.36
13.36
13.36
13.37
13.37
13.37
13.37
13.38
13.38
13.38
13.38
13.39

1.64
1.86
1.97
2.00
1.99
1.83
1.72
1.61
1.39
1.15
0.91
0.64
0.36
0.06
-0.24
-0.56
-0.89
-1.21
-1.52
-1.83
-2.13
-2.43
-2.70
-2.97
-3.21
-3.42
-3.62
-3.80
-3.96
-4.10
-4.21
-4.30
-4.37
-4.42
-4.45
-4.47
-4.48
-4.50
-4.51
-4.52
-4.52
-4.53
-4.54
-4.55
-4.56
-4.58
-4.61
-4.64
-4.68
-4.72
-4.76
-4.81
-4.86
-4.92
-4.97
-5.02
-5.06
-5.12
-5.17
-5.23
-5.29
-5.34
-5.39
-5.44
-5.49
-5.53
-5.57
-5.61
-5.65
-5.69
-5.74
-5.78
-5.82
-5.86
-5.91
-5.95

306
325
347
367
386
402
417
431
442
452
460
465
469
471
471
470
467
463
458
451
443
434
423
412
400
387
373
359
344
328
312
296
279
262
244
226
208
188
169
148
127
106
84
61
37
13
-------------------------------------------------------------------------------------------

Income
Rate
14.02%

Actuarial
Balance
-0.98%

Change in
Actuarial
Balance
0.91%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.00%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 18b Financial Estimates for the OASDI Trust Fund Program
Invest 40 percent of the Trust Funds in equities (phased in 2005-2019) assuming a 5.5 percent real
rate of return on equities
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Rate Balance
Cost Rate
11.07
10.87
10.77
10.75
10.80
10.95
11.08
11.25
11.50
11.76
12.02
12.30
12.61
12.92
13.24
13.58
13.93
14.27
14.60
14.93
15.25
15.56
15.86
16.13
16.39
16.62
16.83
17.02
17.19
17.34
17.46
17.56
17.63
17.69
17.72
17.75
17.76
17.78
17.79
17.80
17.81
17.82
17.83
17.84
17.85
17.87
17.90
17.94
17.98
18.02
18.07
18.12
18.18
18.24
18.29
18.34
18.39
18.45
18.51
18.57
18.63
18.68
18.74
18.79
18.84
18.89
18.93
18.98
19.02
19.07
19.11
19.16
19.20
19.24
19.29
19.34

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.91
12.93
12.95
12.96
12.98
13.00
13.02
13.04
13.06
13.08
13.10
13.12
13.13
13.15
13.17
13.18
13.20
13.21
13.22
13.23
13.24
13.25
13.26
13.26
13.27
13.27
13.28
13.28
13.28
13.28
13.28
13.28
13.29
13.29
13.29
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.34
13.35
13.35
13.35
13.36
13.36
13.36
13.37
13.37
13.37
13.37
13.38
13.38
13.38
13.38
13.39

1.64
1.86
1.97
2.00
1.99
1.83
1.72
1.61
1.39
1.15
0.91
0.64
0.36
0.06
-0.24
-0.56
-0.89
-1.21
-1.52
-1.83
-2.13
-2.43
-2.70
-2.97
-3.21
-3.42
-3.62
-3.80
-3.96
-4.10
-4.21
-4.30
-4.37
-4.42
-4.45
-4.47
-4.48
-4.50
-4.51
-4.52
-4.52
-4.53
-4.54
-4.55
-4.56
-4.58
-4.61
-4.64
-4.68
-4.72
-4.76
-4.81
-4.86
-4.92
-4.97
-5.02
-5.06
-5.12
-5.17
-5.23
-5.29
-5.34
-5.39
-5.44
-5.49
-5.53
-5.57
-5.61
-5.65
-5.69
-5.74
-5.78
-5.82
-5.86
-5.91
-5.95

306
325
347
367
386
401
416
429
440
449
456
460
463
463
462
460
455
449
442
434
424
413
400
387
373
358
343
327
310
292
275
256
237
218
198
178
158
137
115
92
70
46
22
----------------------------------------------------------------------------------------------------

Income
Rate
13.97%

Actuarial
Balance
-1.23%

Change in
Actuarial
Balance
0.66%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.20%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005

Table 18c Financial Estimates for the OASDI Trust Fund Program
Invest 40 percent of the Trust Funds in equities (phased in 2005-2019) assuming an ultimate 3 percent
real rate of return on equities
Expressed as a percentage of taxable payroll

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079

Income Annual
Rate Balance
Cost Rate
11.07
10.87
10.77
10.75
10.80
10.95
11.08
11.25
11.50
11.76
12.02
12.30
12.61
12.92
13.25
13.58
13.93
14.27
14.60
14.93
15.25
15.56
15.86
16.13
16.39
16.62
16.83
17.02
17.19
17.34
17.46
17.56
17.63
17.69
17.72
17.75
17.76
17.78
17.79
17.80
17.81
17.82
17.83
17.84
17.86
17.87
17.90
17.94
17.98
18.02
18.07
18.12
18.18
18.24
18.29
18.34
18.39
18.45
18.51
18.57
18.63
18.68
18.74
18.79
18.84
18.89
18.93
18.98
19.02
19.07
19.11
19.16
19.20
19.25
19.29
19.34

12.71
12.73
12.73
12.75
12.79
12.78
12.80
12.85
12.88
12.91
12.93
12.95
12.96
12.98
13.00
13.02
13.04
13.06
13.08
13.10
13.12
13.13
13.15
13.17
13.18
13.20
13.21
13.22
13.23
13.24
13.25
13.26
13.26
13.27
13.27
13.28
13.28
13.28
13.28
13.28
13.28
13.29
13.29
13.29
13.29
13.29
13.29
13.30
13.30
13.30
13.31
13.31
13.31
13.32
13.32
13.33
13.33
13.33
13.34
13.34
13.34
13.35
13.35
13.35
13.36
13.36
13.36
13.37
13.37
13.37
13.37
13.38
13.38
13.38
13.38
13.39

1.64
1.86
1.97
2.00
1.99
1.83
1.72
1.61
1.39
1.15
0.91
0.64
0.36
0.06
-0.24
-0.56
-0.89
-1.21
-1.52
-1.83
-2.13
-2.43
-2.70
-2.97
-3.21
-3.42
-3.62
-3.80
-3.96
-4.10
-4.21
-4.30
-4.37
-4.42
-4.45
-4.47
-4.48
-4.50
-4.51
-4.52
-4.52
-4.53
-4.54
-4.55
-4.56
-4.58
-4.61
-4.64
-4.68
-4.72
-4.76
-4.81
-4.86
-4.92
-4.97
-5.02
-5.06
-5.12
-5.17
-5.23
-5.29
-5.34
-5.39
-5.44
-5.49
-5.53
-5.57
-5.61
-5.65
-5.69
-5.74
-5.78
-5.82
-5.86
-5.91
-5.95

306
325
347
367
385
399
413
426
434
442
446
448
448
445
441
434
426
416
405
393
379
364
348
331
313
294
275
256
235
214
193
171
149
127
104
80
57
32
8
----------------------------------------------------------------------------------------------------------------

Income
Rate
13.84%

Actuarial
Balance
-1.89%

Change in
Actuarial
Balance
0.00%

Summarized Rates: OASDI
2004
-2078

Cost Rate
15.73%

Trust Fund
Ratio
1-1-year

Based on Intermediate Assumptions of the 2004 Trustees Report.

Office of the Chief Actuary
Social Security Administration
February 7, 2005