LYCOS RETRIEVER 
Social Security Death Index: Benefits
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Throughout the 1950s and 1960s during the phase-in period of Social Security, Congress was able to grant generous benefit increases because the system had perpetual short-run surpluses. Congressional amendments to Social Security took place in even numbered years (election years) because the bills were politically popular, but by the late 1970s, this era was over. For the next three decades, projections of Social Security's finances would show large, long run deficits, and in the early 1980s, the program flirted with immediate insolvency. From this point on, amendments to Social Security would take place in odd numbered years (not election years) because Social Security reform now meant tax increases and benefit cuts. Social Security became known as the "Third Rail of American Politics." Touching it meant political death.
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Social Security benefits are part of a social insurance program and its benefits are distinct from employer-provided pensions, Individual Retirement Accounts (IRAs), or other forms of savings. Retired workers are guaranteed an inflation-indexed payment for their entire lifetime. Other forms of saving have much more risk. For example, an employer pension program may go bankrupt, private investments face substantial risk if there is a market downturn, and workers' savings may run out. The disability insurance provided by Social Security protects workers and their families against a physical or mental disability that renders someone unable to work; the survivors' insurance provides benefits to the families of deceased workers.
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Approximately one-half billion dollars in Social Security benefit checks go unnegotiated each year. Heirs of decedents who have left behind unclaimed assets and unclaimed benefits make up the largest group of individuals owed money and property. Most family members do not know they are entitled to receive funds, as financial records are often incomplete or missing at the time of death. There is no time limit concerninga request to reissue a lost or uncashed check, but no effort is made to locate and/or notify owners.
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If a worker covered by Social Security dies, a surviving spouse can receive survivors' benefits. In some instances, survivors' benefits are available even to a divorced spouse. A father or mother with minor or disabled children in his or her care can receive benefits which are not actuarially reduced. The earliest age for a nondisabled widow(er)'s benefit is age 60. The benefit is equal to the worker's full retirement benefit for spouses who are at, or older than, normal retirement age. If the surviving spouse starts benefits before normal retirement age, there is an actuarial reduction.
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The first Social Security card was issued 1 December 1936 and on 1 January 1937, U.S. workers began acquiring "credits" toward old-age benefits. About 35 million numbers were assigned to workers who qualified at that time.
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[O]f concern was the long-term prospect for Social Security because of demographic considerations. Of particular concern was the issue of what would happen when people born during the post-World War II baby boom retired. The commission chaired by Alan Greenspan made several recommendations for addressing the issue. [15] Under the 1983 Amendments to Social Security, signed into law by President Ronald Reagan, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income. [16][17]
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