Time-dependent reliability assessment is a crucial aspect of the decision process for rehabilitation of existing reinforced concrete structures. Since the assessment strongly depends on degradation of materials with time, the paper focuses on the influence of corrosion in reinforcing steel on time-reliability curves of relevant reinforced concrete (r.c.) structures, built in Italy in the 1960s, belonging to different building categories. To realistically represent the probability distribution functions (pdfs) of the relevant properties of reinforcing steel and concrete commonly adopted in the 1960s, stochastic models for steel yielding and concrete compressive strength have been derived, by means of a suitable cluster analysis, from secondary databases of test results gathered at that time in Italy on concrete and steel rebar specimens. This cluster analysis, based on Gaussian mixture models, provides a powerful tool to “objectively” extract material classes and associated probability density functions from databases of experimental test results. In the study, different degradation conditions and several reinforcing steel and concrete classes are considered, also aiming to scrutinize their influence on the time-dependent reliability curves. Finally, to stress the significance of the study, the time-dependent reliability curves so obtained are critically examined and discussed also in comparison with the target reliability levels currently adopted in the Eurocodes.