Short-Range Actuarial Projections
of the Old-Age, Survivors, and
Disability Insurance Program, 2005

by Chris Motsiopoulos
and Richard B. Tucker


Actuarial Study No.119 describes the assumptions and methodology used to estimate the future short-range financial operations of the Old-Age, Survivors, and Disability Insurance program as presented in the 2005 OASDI Trustees Report. As has been customary for all recent reports, the "short-range" projection period is defined as the 10-year period beginning with the current year. This study is the fifth in a series to describe in detail the development of the short-range estimates (previous such reports appeared in Actuarial Study No. 103 (January 1989), Actuarial Study No. 104 (October 1991), Actuarial Study No. 111 (December 1996) and Actuarial Study No. 115 (July 2001).

As the complexity of the OASDI program has increased over the years, the methods used to prepare actuarial estimates for the program have increased in complexity as well. Legislative changes, periodic reviews from various technical advisory panels, and improved actuarial methods have resulted in a substantial amount of detail being added to program estimates. The detail allows the short-range staff to monitor program dynamics more closely, and hopefully improve the accuracy and utility of the estimates. The complexity is evident from the over 200 tables shown in this study which provide only a summary of the detail of trust fund projections.

The authors, Chris Motsiopoulos and Richard B. Tucker, are to be commended for their painstaking effort in preparing a document of this scope. I would also like to thank Steve McKay for his overall guidance and careful review of the various drafts of this study. His efforts contributed significantly to the accuracy and clarity of this presentation. As we have indicated in previous editions, the size of the study prevents us from publishing full, updated reports each year. However, the authors have automated production of the tables, for which we expect to have more frequent updates available on the Social Security Administration's website at Additional copies of the study are available upon request. Please refer to the back cover for details. Finally, readers are welcome to provide comments or suggestions regarding any of the material contained within. Such feedback will improve future versions of this actuarial study, and may result in improvements to estimation methods. Comments to the authors can be submitted at either the address shown on the back cover or via e-mail directed to or

Eli N. Donkar, Ph.D., A.S.A., M.A.A.A.
Deputy Chief Actuary