Representative Jim DeMint's Proposal introduced as H.R. 3177 (108th Congress)

Table A3 -- Accumulated Assets in Individual Account at Retirement
Retire at 65 Contribution Rate: 8% for $1, 3% for Maximum Earnings Percent of Present Law OASDI Retirement Benefit Provided with Annuity from Specified Percent Individual Account (IA) Contributions Start in 2005, or Age 21, if Later, Through Age 64 Annual Administrative Expenses (as Percent of Assets) During Accumulation = 0.25% During Annuitization = 0.25%
Year Attained Age 65	DeMint Contribution Rates Based on Formula
	Percent of Assets Invested in Equities ¹
	65.0%	93.6%	36.4%	0.0%
	Real Net Yield on Assets During Accumulation
	5.025	6.025	4.025	2.75	5.025	6.025	4.025	2.75
	(Current Dollars)				(Constant 2003 Dollars)
	Scaled Low Earner
2014	15,700	16,471	14,967	14,086	11,452	12,014	10,918	10,275
2024	70,633	78,703	63,481	55,525	38,338	42,718	34,456	30,137
2034	206,774	245,064	175,133	142,563	83,511	98,975	70,732	57,578
2044	495,989	624,634	396,703	301,829	149,055	187,716	119,218	90,706
2054	851,126	1,096,003	666,915	495,633	190,325	245,084	149,133	110,831
	Scaled Medium Earner
2014	30,227	31,696	28,830	27,149	22,049	23,120	21,030	19,804
2024	131,513	146,351	118,354	103,705	71,382	79,436	64,239	56,288
2034	382,952	453,474	324,674	264,679	154,665	183,147	131,128	106,897
2044	930,233	1,172,556	743,484	565,325	279,555	352,378	223,433	169,892
2054	1,615,392	2,085,471	1,262,823	936,102	361,227	466,345	282,387	209,327
	Scaled High Earner
2014	40,226	42,151	38,395	36,190	29,343	30,747	28,007	26,398
2024	166,001	184,340	149,719	131,571	90,101	100,055	81,264	71,413
2034	479,118	566,525	406,880	332,498	193,504	228,806	164,329	134,288
2044	1,188,214	1,499,910	948,564	720,540	357,083	450,755	285,064	216,537
2054	2,102,882	2,725,686	1,637,896	1,209,231	470,238	609,507	366,260	270,403
	Steady Maximum Earner
2014	41,989	43,938	40,134	37,897	30,629	32,050	29,275	27,643
2024	163,240	180,804	147,631	130,211	88,603	98,136	80,131	70,675
2034	464,182	547,675	395,155	324,045	187,471	221,193	159,593	130,874
2044	1,177,089	1,488,006	938,710	712,603	353,740	447,177	282,102	214,152
2054	2,135,122	2,778,601	1,656,802	1,218,133	477,447	621,339	370,487	272,394
Average Annual Earnings level in 2003 is assumed at: Low 15,629 Average 34,731 (=SSA Average Wage Index) High 55,569			Ultimate Assumed Growth Rates and Real Yields 4.10 percent annual increase in Average Earnings 3.00 percent annual CPI increase 3.00 percent annual real yield on Larger Than U.S. Government Bonds 3.50 percent annual real yield on Corporate Bonds 6.50 percent annual real yield on Equities 0.25 percent annual Administrative Expense 3.398 percent equity premium over Larger Than U.S. Government Bonds
Earnings Scale Factors #2: using cross section data of all fully insured for 1990-99 Based on the intermediate assumptions of the 2003 Trustees Report
						Office of the Chief Actuary Social Security Administration September 9, 2003