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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Jun 24, 1981
Page
9
Social Security faces potential bankruptcy by fall 1982 without changes. Aiken SSA field rep Jackie McMillan urged action at a luncheon, outlining Schweiker proposals to curb benefits growth, raise payroll taxes, and source new income.
Dan Smith, assistant district manager at the Augusta Social Security office, addressed the North Augusta Rotary Club about the trust fund depleting and possible Congress changes. He cited a 80 to 90 billion fund, cost of living adjustments, later full benefits for age 68, reduced early retirement benefits, potential removal of student benefits, and the costly death benefit of 255 dollars. He noted Social Security accounts for about one fifth of the federal budget and costs 120 billion annually while employees pay 6.13 percent on earnings up to 29,700.
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