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Social Security at a Glance

by | Dec 3, 1998 | Articles | 148 comments

Social Security at a Glance

OASDI Benefits and beneficiaries – December 1998

Number of beneficiaries

44.2 million

Retired workers,
spouses, and children

30.8 million

Retired workers

27.5 million

Survivors of deceased
workers

7.1 million

Disabled workers,
spouses, and children

6.3 million

Disabled workers

4.7 million

Aged 65 or older

32.0 million

Average monthly benefits
for —

Benefits

Awards

Retired workers

$780

$754

Disabled workers

$733

$762

Nondisabled widow(er)s

$749

$697

Children of deceased
workers

$510

$536

Earnings amounts in 1998

Maximum taxable earnings

Maximum taxable earnings

Social Security

$68,400

Medicare

No limit*

Earnings required
for work credits (quarters of coverage)

One work credit

$700

Maximum of four work credits
per year

$2,800

Earnings test exempt
amounts

Under age 65

$9,120 ($760 monthly)

Aged 65-69

$14,508 ($1,209 monthly)

* The Omnibus Budget Reconciliation Act of 1993 repealed the dollar limit on wages and self-employment income subject to the Medicare Hospital Insurance tax, effective January 1, 1994.

SSI
Number of persons receiving SSI and payment amounts

Category

Number

Average Payment *

Recipients of 
State-administered 
payments (June 1998)

All recipients

6.6 million

$359

663 thousand

   Aged

1.3 million

$277

139 thousand

   Blind

80 thousand

$390

5 thousand

   Disabled

5.2 million

$380

311 thousand

Aged 65 or older

2.0 million

$281

—

Federal payment, 1999 (for persons in their own household, no other countable income)

Individual

$500

Couple (both eligible)

$751

* Excludes retroactive payments

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