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Social security retirees born just befor 1917 generally receive higher benefits than those born in 1917 and after-a disparity commonly referred to as the notch. Pre-1917 birth retirees were compensated at an unexpectedly high level because of the way increased inflation affected the benefit formula. This resulted from the introduction of an automatic cost-of-living adjustment in the 1972 Amendment to the Social Security Act. Continued use of this benefit formula would have jeopardized the solvency of the Social Security Trust Funds and required large future increases in payroll taxes to pay for the growing benefits. Faced with this problem, in 1977 the Congress corrected the formula, in effect reducing benefits for retirees born after 1916. For nearly a decade, these retirees have voiced their concerns to the Congress that they have been treated unfairly. Because of the continuing controversy, the Chairman of the Subcommittee on Social Security, House Committee on Ways and Means asked GAO to study the issue. Specifically, the Chairman asked GAO to review - how the notch arose, how beneficiaries are affected, alternatives for financing legislation to address the issue, and socioeconomic characteristics of those affected.
This report discusses recent attempts at legislative action regarding changes to the computation of benefits under Social Security Amendments of 1977 (P.L. 95-216), which directly affected retirees born in the 5- to 15-year period after 1916. These persons fall in the "notch" between previous Social Security legislation and those affected by the amendments.
Today, more American women than ever before stay in the workforce into their sixties and seventies. This trend emerged in the 1980s, and has persisted during the past three decades, despite substantial changes in macroeconomic conditions. Why is this so? Today’s older American women work full-time jobs at greater rates than women in other developed countries. In Women Working Longer, editors Claudia Goldin and Lawrence F. Katz assemble new research that presents fresh insights on the phenomenon of working longer. Their findings suggest that education and work experience earlier in life are connected to women’s later-in-life work. Other contributors to the volume investigate additional factors that may play a role in late-life labor supply, such as marital disruption, household finances, and access to retirement benefits. A pioneering study of recent trends in older women’s labor force participation, this collection offers insights valuable to a wide array of social scientists, employers, and policy makers.