Social Insurance and Public Assistance

780 Series Bf476–483 Bf SOCIAL INSURANCE AND PUBLIC ASSISTANCE
TABLE Bf476–483 Old-Age, Survivors, Disability, and Health Insurance – average monthly benefit received by retired
workers, by sex: 1940–1998 Continued
Men
With reduction for
early retirement
Women
With reduction for
early retirement
Without
Without
reduction
reduction
for early Before After for early Before After
All benefits retirement reduction reduction All benefits retirement reduction reduction
Bf476 Bf477 Bf478 Bf479 Bf480 Bf481 Bf482 Bf483
Year Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
1970 130.53 139.10 128.89 115.30 101.20 111.70 105.60 93.77
1971 146.13 156.39 144.06 129.84 113.60 126.24 118.05 105.29
1972 179.44 192.37 176.93 161.04 140.11 156.20 144.53 130.26
1973 182.60 197.00 181.00 164.20 145.80 164.00 148.84 135.00
1974 206.56 223.55 205.80 186.91 165.47 186.21 171.40 154.09
1975 227.80 247.20 228.20 207.20 181.80 205.90 190.57 169.38
1976 247.70 269.81 249.60 226.30 197.08 223.51 200.14 183.17
1977 268.40 293.20 271.90 246.24 212.60 242.50 222.10 197.83
1978 291.60 319.90 296.60 267.85 229.70 263.80 240.50 213.81
1979 326.80 359.30 332.60 299.95 256.50 296.70 262.90 237.99
1980 380.20 419.60 — 349.50 296.80 346.50 — 274.60
1981 1 431.10 479.50 — 395.10 334.50 394.00 — 308.80
1982 469.60 528.20 — 426.90 362.20 432.60 — 332.40
1983 495.00 565.50 — 444.30 379.60 460.50 — 345.40
1984 517.80 598.30 — 462.70 396.50 487.00 — 358.90
1985 538.40 627.50 — 480.50 412.10 511.00 — 372.00
1986 549.80 644.60 — 491.00 420.50 525.10 — 379.10
1987 1 577.50 679.20 — 516.90 441.20 553.70 — 397.70
1988 604.90 713.40 — 542.40 462.00 582.60 — 416.20
1989 638.90 755.20 — 573.80 487.90 617.10 — 439.10
1990 679.30 803.60 — 611.20 518.60 656.80 — 466.40
1991 709.30 840.50 — 638.90 541.60 687.00 — 486.80
1992 735.50 872.50 — 663.30 561.80 712.90 — 504.70
1993 759.30 901.70 — 685.80 580.70 736.90 — 521.50
1994 785.20 932.80 — 710.50 601.30 762.10 — 540.20
1995 810.20 963.70 — 735.40 621.20 780.40 — 563.80
1996 838.10 997.80 — 763.10 643.70 788.00 — 593.90
1997 860.50 1,025.10 — 786.60 662.50 771.30 — 626.10
1998 876.90 1,044.50 — 802.40 675.90 785.40 — 639.50
1 Data based on unedited monthly estimates.
Sources
Social Security Bulletin, Annual Statistical Supplement (1971), Table 76, p. 95;
(1981), Table 91, pp. 160–1; (1988), Table 5.B8, p. 189; (1999), Table
5.B8, p. 209.
Documentation
This table provides information on the average monthly benefit received by
retired workers under the Old-Age, Survivors Insurance program. Benefits
payable to workers who retire at the normal retirement age, currently age
65, are equal to 100 percent of the primary insurance amount (PIA). The
normal retirement age is scheduled to rise gradually from 65 to 67, with the
first increase affecting workers who reach age 62 in the year 2000. Retired
workers are eligible to receive benefits at a permanently reduced rate beginning
at age 62. The extent of reduction depends on the number of benefit
payments received for months before the normal retirement age. The annual
rate of reduction amounts to 6 2 / 3 percent for each of the first three years,
and eventually (after the age for full benefits is established at age 67) 5 percent
for each of the next two years the worker receives benefits before the
normal retirement age. Workers receiving benefits at age 62 are eligible to
receive benefits equal to 80 percent of the PIA (6 2 / 3 multiplied by 3). This
rate will decline to 75 and 70 percent, respectively, as the normal retirement
age increases.
Workers who postpone their retirement beyond the normal retirement age
have their benefits increased through the delayed retirement credit for each
month benefits are foregone owing to earnings above the exempt amount.
Spouses of retired workers are eligible for monthly benefits at age 62. Their
benefits are equal to 50 percent of the worker’s PIA for the first entitlement
at the normal age but are permanently reduced if payments to the retired
worker begin earlier. The annual rate of reduction is 8 2 / 3 percent for the first
three years, and eventually 5 percent for the next two years the spouse receives
benefits before reaching the normal retirement age. Children of retired
workers are also eligible to receive monthly benefits equal to 50 percent of
the worker’s PIA, as are spouses younger than age 65 who are caring for
at least one child younger than age 16 or disabled child age 18 or older of
the worker. For more information, see the summary of Old-Age, Survivors,
and Disability Insurance benefit types and levels (Social Security Bulletin, Annual
Statistical Supplement, 1997, p. 59).
The OASI tables do not include a number of persons receiving Railroad
Retirement benefits who would be eligible for Social Security benefits had
they applied.
Series Bf478 and Bf482. These series are believed to show what the worker
would have earned upon retirement at age 65 if they had not retired early.
The series were no longer reported in the annual statistical supplements after
1979.