Social Security

Social Security: Present, Future

Bv DEL BROOKS Social Security Manager in Wildwood The Social Security Act of 1935 has been revised many times over the past 50 years to keep Social Security responsive to emerging needs. A prime example is the 1983 amendments that strengthened program financing and assures stability both in the short run and in the long-term future. For several years prior to the Social Security Amendments of 1983, there was concern about the financial soundness of the cash benefits programs. High Inflation and unemployment and other factors were depleting trust fund reserves. In making changes, the Congress made a

particular effort to have any burden shared by both current workers and by present and future beneficiaries. THE LEGISLATION not only addressed the immediate problem, but also included provisions for coping with future unanticipated downturns in the economy. For example, borrowing among the Social Security and Medicare hospital insurance trust funds is authorized when necessary to assure continuation of benefit payments during periods of adverse economic conditions. Another provision makes a portion of the Social Security payments to some higher-income beneficiaries subject to federal income tax. About

10 percent of beneficiaries, those with substantial outside income in addition to benefits, are affected. THE REVENUES resulting from this provision are credited to the Social Security trust funds. The amendments also extended Social Security coverage to Federal employes hired after Dec. 31, 1983, and to employes of nonprofit organizations not previously covered. Certain Federal employes, including the President, Vice President, and members of the Congress, are also covered. And the legislation prohibited termination of coverage by state and local government employes. TO ASSURE THE future

stability of Social Security, the age of eligibility for unreduced retirement benefits, now 65. will be very gradually increased to 67 between the years 2000 and'2022. Reduced benefits will continue to' be available as early as age 62, but the extent of the reduction for early retirement will be increased. These and other provisions of the Social Security Amendments of 1983 are evidence of the program's ability to remain relevant despite significant social and economic changes. This ability to remain responsive to society's changing needs is one of the program's greatest strengths.

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