Social Security Amendments of 1983
The Social Security Amendments of 1983 were significant changes to the Social Security program in the United States, aimed at addressing its financial challenges. These amendments raised the retirement age for full benefits from 65 to 67, gradually increasing it for younger workers. They also increased payroll taxes to ensure the program's long-term sustainability.
Additionally, the amendments introduced taxation on Social Security benefits for higher-income individuals, which was a new approach to generating revenue. These changes were designed to strengthen the Social Security Trust Fund and ensure that the program could continue to provide support for future retirees.