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retirement benefit awards to men were actuarially reduced because the beneficiaries elected to retire before age 65. This occurred even though 1968 was a period of high employment. In dollars and cents, this has meant an average monthly benefit nationally of $95.50 for early retirees versus $115 for those who waited until age 65. When the option of taking reduced benefits at age 62 was extended to men, it was assumed that the number taking early retirement would decline once the backlog of men in the 62-64 age group who had not been working became entitled to benefits. The anticipated decline has not occurred, and early retirement has remained popular either because many men apparently have sufficient resources to make early retirement attractive, or they have difficulty finding full employment in the years just preceding their decision to retire early.
Compared to men waiting until age 65 to claim benefits, the early retirees “have low lifetime earnings and sporadic work or unemployment in the year preceding entitlement.”
“The article also points out,” Mrs. Crumpton said, “that a man earning the maximum that can be credited to his social security record is more likely to continue working steadily up to his formal retirement. Many of these men presumably have earnings above the maximum during the
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