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

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ACTUARIAL STUDY NO. 119
by Chris Motsiopoulos
and Richard B. Tucker

Table II.4.—Cost-of-Living Benefit Increases, Average Wage and Average Wage Index Increases,
OASDI Contribution and Benefit Base, and Retirement Earnings Test Exempt Amounts
(Calendar years 1975-2014)
Calendar year
OASDI
benefit increase 1
(percent)
Average wage2
Increase in average
wage index 3
(percent)
OASDI
contribution and
benefit base  4
Retirement earnings test exempt amounts
Under normal
retirement age 5
Normal
retirement age  6
1975
8.0
$8,630.92
7.5
$14,100
$2,520
$2,520
1976
6.4
9,226.48
6.9
15,300
2,760
2,760
1977
5.9
9,779.44
6.0
16,500
3,000
3,000
1978
6.5
10,556.03
7.9
17,700
3,240
4,000
1979
9.9
11,479.46
8.7
22,900
3,480
4,500
1980
14.3
12,513.46
9.0
25,900
3,720
5,000
1981
11.2
13,773.10
10.1
29,700
4,080
5,500
1982
7.4
14,531.34
5.5
32,400
4,440
6,000
1983
3.5
15,239.24
4.9
35,700
4,920
6,600
1984
3.5
16,135.07
5.9
37,800
5,160
6,960
1985
3.1
16,822.51
4.3
39,600
5,400
7,320
1986
1.3
17,321.82
3.0
42,000
5,760
7,800
1987
4.2
18,426.51
6.4
43,800
6,000
8,160
1988
4.0
19,334.04
4.9
45,000
6,120
8,400
1989
4.7
20,099.55
4.0
48,000
6,480
8,880
1990
5.4
21,027.98
4.6
51,300
6,840
9,360
1991
3.7
21,811.60
3.7
53,400
7,080
9,720
1992
3.0
22,935.42
5.2
55,500
7,440
10,200
1993
2.6
23,132.67
.9
57,600
7,680
10,560
1994
2.8
23,753.53
2.7
60,600
8,040
11,160
1995
2.6
24,705.66
4.0
61,200
8,160
11,280
1996
2.9
25,913.90
4.9
62,700
8,280
712,500
1997
2.1
27,426.00
5.8
65,400
8,640
713,500
1998
1.3
28,861.44
5.2
68,400
9,120
714,500
1999
82.5
30,469.84
5.6
72,600
9,600
715,500
2000
3.5
32,154.82
5.5
76,200
10,080
717,000
2001
2.6
32,921.92
2.4
80,400
10,680
725,000
2002
1.4
33,252.09
1.0
84,900
11,280
730,000
2003
2.1
34,064.95
2.4
87,000
11,520
30,720
2004
2.7
35,157.10
3.2
87,900
11,640
31,080
2005
2.0
36,599.68
4.1
90,000
12,000
31,800
2006
2.2
38,137.06
4.2
93,000
12,360
32,760
2007
2.7
39,793.49
4.3
96,600
12,840
34,200
2008
2.8
41,463.08
4.2
100,800
13,320
35,640
2009
2.8
43,155.26
4.1
105,000
13,920
37,080
2010
2.8
44,893.85
4.0
109,500
14,520
38,640
2011
2.8
46,702.32
4.0
114,000
15,120
40,320
2012
2.8
48,631.78
4.1
118,500
15,720
41,880
2013
2.8
50,572.35
4.0
123,300
16,320
43,560
2014
2.8
52,532.90
3.9
128,400
17,040
45,360

1Effective with benefits payable for June in each year 1975-82, and for December in each year after 1982.

2Average wages used for Social Security indexing purposes.

3Increase in the average wage index over the prior year.

4The bases for years after 1989 were increased slightly by changes to the indexing procedure, as required by Public Law 101-239. Prior to 1991, the Hospital Insurance (HI) contribution base was the same as the OASDI contribution and benefit base. Higher HI bases of $125,000, $130,200, and $135,000 applied for 1991-93, respectively. Public Law 103-66 repealed the HI contribution base.

5See Glossary for definition of "Normal retirement age—NRA".

6During the period 1955-82, the retirement earnings test did not apply at ages 72 or older; during 1983-99, it did not apply at ages 70 or older. Public Law 106-182 eliminated the earnings test for workers attaining normal retirement age through age 69 in 2000 or later. Exception: the test still applies to all months prior to attainment of the full retirement age in the calendar year the beneficiary attains full retirement age.

7Amount specified by Public Law 104-121.

8Benefit increase for 1999 was originally determined as 2.4 percent, but pursuant to Public Law 106-554 is effectively now 2.5 percent.

Sources:

Note: Future estimates based on 2005 Trustees Report intermediate set of assumptions. See tables V.A4 and V.B4 for low cost and high cost alternatives, respectively.

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