Appendix D:
Rates of Return: Social Security vs. Markets--Net of Administrative Costs
Average-Wage Worker ($26,731.84)
Low-Wage Worker ($13,365.92)
Year of
Social
Year of
Social
Birth
Security
Equity
Balanced
Birth
Security
Equity
Balanced
1930
7.51%
9.61%
8.64%
1930
8.46%
9.61%
8.64%
1931
7.44%
10.42%
9.46%
1931
8.38%
10.42%
9.46%
1932
7.36%
10.72%
9.56%
1932
8.29%
10.72%
9.56%
1933
7.14%
10.66%
9.52%
1933
8.07%
10.66%
9.52%
1934
7.00%
10.59%
9.47%
1934
7.93%
10.59%
9.47%
1935
6.93%
10.58%
9.47%
1935
7.84%
10.58%
9.47%
1936
6.82%
10.54%
9.43%
1936
7.73%
10.54%
9.43%
1937
6.72%
10.50%
9.40%
1937
7.62%
10.50%
9.40%
1938
6.56%
10.68%
9.55%
1938
7.46%
10.68%
9.55%
1939
6.43%
10.63%
9.49%
1939
7.32%
10.66%
9.49%
1940
6.33%
10.69%
9.54%
1940
7.22%
10.72%
9.54%
1941
6.06%
10.64%
9.49%
1941
6.95%
10.67%
9.49%
1942
5.79%
10.61%
9.45%
1942
6.67%
10.69%
9.45%
1943
5.78%
10.19%
9.03%
1943
6.67%
10.19%
9.03%
1944
5.72%
10.18%
9.02%
1944
6.60%
10.18%
9.02%
1945
5.66%
10.15%
8.98%
1945
6.54%
10.15%
8.98%
1946
5.61%
10.14%
8.95%
1946
6.48%
10.14%
8.95%
1947
5.55%
10.12%
8.93%
1947
6.42%
10.12%
8.93%
1948
5.50%
10.11%
8.91%
1948
6.36%
10.11%
8.91%
1949
5.45%
10.10%
8.88%
1949
6.31%
10.10%
8.88%
1950
5.41%
10.04%
8.81%
1950
6.26%
10.04%
8.81%
1951
5.37%
10.01%
8.77%
1951
6.21%
10.01%
8.77%
1952
5.33%
9.99%
8.73%
1952
6.17%
9.99%
8.73%
1953
5.30%
9.96%
8.69%
1953
6.14%
9.96%
8.69%
1954
5.27%
9.86%
8.61%
1954
6.10%
9.86%
8.61%
1955
5.49%
10.18%
8.93%
1955
6.29%
10.18%
8.93%
1956
5.42%
10.17%
8.93%
1956
6.22%
10.17%
8.93%
1957
5.35%
10.02%
8.80%
1957
6.15%
10.02%
8.80%
1958
5.28%
10.13%
8.93%
1958
6.07%
10.13%
8.93%
1959
5.22%
10.11%
8.93%
1959
6.01%
10.11%
8.93%
1960
5.20%
9.42%
8.29%
1960
5.99%
9.42%
8.29%
1961
5.19%
9.35%
8.21%
1961
5.98%
9.35%
8.21%
1962
5.19%
9.25%
8.12%
1962
5.97%
9.25%
8.12%
1963
5.18%
9.22%
8.10%
1963
5.96%
9.22%
8.10%
1964
5.19%
9.15%
8.03%
1964
5.97%
9.15%
8.03%
1965
5.23%
9.09%
7.99%
1965
6.01%
9.09%
7.99%
1966
5.24%
8.94%
7.84%
1966
6.01%
8.94%
7.84%
1967
5.24%
8.88%
7.79%
1967
6.02%
8.88%
7.79%
1968
5.25%
8.81%
7.73%
1968
6.03%
8.81%
7.73%
1969
5.26%
8.76%
7.69%
1969
6.04%
8.76%
7.69%
1970
5.31%
8.69%
7.64%
1970
6.09%
8.69%
7.64%
1971
5.32%
8.64%
7.60%
1971
6.10%
8.64%
7.60%
1972
5.24%
8.88%
7.79%
1972
6.02%
8.88%
7.79%
1973
5.25%
8.81%
7.73%
1973
6.03%
8.81%
7.73%
1974
5.26%
8.76%
7.69%
1974
6.04%
8.76%
7.69%
1975
5.38%
8.47%
7.51%
1975
6.16%
8.47%
7.51%
1976
5.38%
8.46%
7.50%
1976
6.16%`
8.46%
7.50%
26