Old-Age Benefits For Workers Retiring Before Age 65

higher. It will be several years before a retirement annuity as high as $250 can be achieved, and 9 years before as much as $300 will be payable. By 1977, 30 years of service could result in an annuity as high as $263.40, compared with the potential maximum of $326.00 shown in table 4 but not payable before 1996. Similarly, the highest amount available at, the beginning of 1977 for 40 years of service will be $330.40, in comparison with the $434.60 eventually possible but not payable under present law before the year 2006. Survivor benefits are paid for the most part under the minimum guarantee. The amounts are shown in table 7 for a widow aged 60 or over and for a widow with two eligible children. Benefits based on an average monthly wage as high as $550 may, in rare instances, be paid as early as 1967. The benefit is based on the railroad formula only where the average earnings are low and there are at least 20 years of service.