------------------------------------------------------------------------------- Retirement earnings Increase OASDI test exempt amount OASDI in average contri- ------------------------- benefit wage bution and Ages increases 1/ index 2/ benefit Under 65 and Calendar year (percent) (percent) base 3/ age 65 over 4/ ------------------------------------------------------------------------------- Historical data: 1975......... 8.0 7.5 $14,100 $2,520 $2,520 1976......... 6.4 6.9 15,300 2,760 2,760 1977......... 5.9 6.0 16,500 3,000 3,000 1978......... 6.5 7.9 17,700 3,240 5/ 4,000 1979......... 9.9 8.7 5/ 22,900 3,480 5/ 4,500 1980......... 14.3 9.0 5/ 25,900 3,720 5/ 5,000 1981......... 11.2 10.1 5/ 29,700 4,080 5/ 5,500 1982......... 7.4 5.5 32,400 4,440 5/ 6,000 1983......... 3.5 4.9 35,700 4,920 6,600 1984......... 3.5 5.9 37,800 5,160 6,960 1985......... 3.1 4.3 39,600 5,400 7,320 1986......... 1.3 3.0 42,000 5,760 7,800 1987......... 4.2 6.4 43,800 6,000 8,160 1988......... 4.0 4.9 45,000 6,120 8,400 1989......... 4.7 4.0 48,000 6,480 8,880 1990......... 5.4 4.6 51,300 6,840 9,360 1991......... 3.7 3.7 53,400 7,080 9,720 1992......... 3.0 5.2 55,500 7,440 10,200 1993......... 2.6 .9 57,600 7,680 10,560 1994......... 2.8 2.7 60,600 8,040 11,160 1995......... 2.6 6/ 3.9 61,200 8,160 11,280 Intermediate: 1996......... 2.9 3.9 7/ 62,700 7/ 8,280 5/ 12,500 1997......... 3.2 4.2 65,100 8,640 5/ 13,500 1998......... 3.3 3.9 67,800 9,000 5/ 14,500 1999......... 3.4 4.2 70,500 9,360 5/ 15,500 2000......... 3.5 4.2 73,500 9,720 5/ 17,000 2001......... 3.7 4.3 76,500 10,080 5/ 25,000 2002......... 3.9 4.5 79,500 10,560 5/ 30,000 2003......... 4.0 4.8 83,100 11,040 31,320 2004......... 4.0 4.9 86,700 11,520 32,760 2005......... 4.0 5.0 90,900 12,120 34,320 Low Cost: 1996......... 2.5 4.0 7/ 62,700 7/ 8,280 5/ 12,500 1997......... 2.9 4.5 65,400 8,640 5/ 13,500 1998......... 3.0 4.4 67,800 9,000 5/ 14,500 1999......... 3.0 4.6 70,800 9,360 5/ 15,500 2000......... 3.0 4.5 74,100 9,840 5/ 17,000 2001......... 3.0 4.4 77,400 10,320 5/ 25,000 2002......... 3.0 4.4 81,000 10,680 5/ 30,000 2003......... 3.0 4.5 84,300 11,160 31,320 2004......... 3.0 4.5 88,200 11,760 32,760 2005......... 3.0 4.6 92,100 12,240 34,200 High Cost: 1996......... 2.8 3.1 7/ 62,700 7/ 8,280 5/ 12,500 1997......... 3.2 3.5 64,800 8,640 5/ 13,500 1998......... 5.8 5.3 66,900 8,880 5/ 14,500 1999......... 5.1 4.4 69,300 9,240 5/ 15,500 2000......... 4.5 4.7 72,900 9,720 5/ 17,000 2001......... 5.0 5.1 76,200 10,080 5/ 25,000 2002......... 5.0 4.9 79,800 10,560 5/ 30,000 2003......... 5.0 5.1 84,000 11,160 31,560 2004......... 5.0 5.3 87,900 11,640 33,120 2005......... 5.0 5.4 92,400 12,240 34,800 ------------------------------------------------------------------------------- 1/ Effective with benefits payable for June in each year 1975-82, and for December in each year after 1982. 2/ Increase in the average wage index from prior year to the year shown. See footnote 6 below and table III.B1 for projected dollar amounts of the average wage index. 3/ The 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 contribu- tion 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 contribu- tion base. 4/ In 1955-82, the retirement earnings test did not apply at ages 72 and over; beginning in 1983, it does not apply at ages 70 and over. 5/ Amounts for 1978-82 specified by Public Law 95-216; for 1996-2002, Public Law 104-121. 6/ Based on an estimated average wage index of $24,669.85 for 1995. 7/ Actual amount, as determined and announced in October 1995.
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