Ironwood Daily Globe from Ironwood, Michigan on June 18, 1998 · Page 3
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June 18, 1998

Ironwood Daily Globe from Ironwood, Michigan · Page 3

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Ironwood, Michigan
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Thursday, June 18, 1998
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Communit THE DAILY GLOBE, Ironwood, Ml — Thursday, June 18, 1998 Page 4 Ironwood man is guest speaker at Iron County Senior Citizens meeting Based on 31 years of experience 'working for Social Security, and six years as benefit .specialist for Iron County Aging . Unit, Bob Lynn. Ironwood, expressed confidence m the survival of our Social Security system well into the next century. He was tho truest speaker at the 10th Annual Dinner meeting of the Iron County..Senior Citizens ••Association at St. Mary's church ha!!. '•:.'.' Over 150 attended. Halo Bensoni. association president, was the master of ceremonies. "There has been enormous dune's in the Social Security regulations since 1957," the '..speaker said. "Taxes were 4.5 percent <>n the first $4,300 in covered earnings at that time, so the maximum that a worker would pay in taxes was $189. . "Today the tax rate.is 7.65 per- ci-iU on the maximum of $68,400 in covered earnings so that to^ day's • high • wage earner Would pa'v ?5,:Ki'2 in Social Security taxes. This includes Medicare Part A and disability insurance." . . "Back in. 1957 if you continued working.aftfcr'filing for social security you could not earn more than $1,200 a year or you would lose benefits," Lynn noted. "Another thing that has not changed is the misconceptions about-Social Security. Today we hear an endless flow of demise of the 'program. 'Our younger workers have heard so much in negative reports that many are convinced that Social Security will, not be there for them when they retire around the year of 2030. "I would like to look at some of the problems, misconceptions and proposals for change. First let me comment on the biggest -misconception involving the So• cial Security trust funds. How many times have you heard someone complain that the government is wasting Social Security funds on other program* such as foreign aid or defense spending? I have heard the game complaints for the past 40 years, so let us see how the trust funds work." . There are four separate trust funds They include the retirement and survivor insurance trust fund, disability insurance trust fund, the Medicare Part A Hospital insurance trust fund, and the Medicare Pnrt B Trust Fund. The Social Security trust fund has always worked in the same manner. Tax money is collected from employees, employers and the solf-omployed, and deposited in the Federal Reserve banks. !n normal times these tax monies are used to pay current beneficiaries plus administrative costs such as paying the salaries of Social Security staff and office space.' "There usually has not been much left over, but any excess revenue was invested in interest bearing government securities," Lynn noted. The federal government does use these borrowed funds for other non-program purposes iike road building. "So Social Security funds* are used Tor purj>oses other than paying 'benefits," Lynn said. "But wh.it the critics fail to tell you is licit the IVdc-ral government repays these loans* with interest "It is no different than if you or I buy serit--i K or H jwiving.i bonds or trc.ituiry notes We loan th< % ('ovi-rnmi'i 1 ;' money at n MjM>tiried ii;trrr-!. rite for a sp^afit'd p? nn'l •'!' veni-M At the end of the I'-'.in we k'el our m'jfii'y back -Mike '..i oimp.in- .1 Socml S«-eu- ri'\ !n.:-t. fund i<i my own chi.-ck :•..• ,ic-.-: jut rnit DO! I'ft tht" Hum*' GOD^'tWI Officials of the Iron County Senior Citizens Association honored Bruno DeRosso, South Gary, age 90, named citizen of the year in 1997, for his community service. They are, from left, Mary Kay Endrizzi, Hiirtey, secre- MattinO'fiAttiaim'6 Prwto tary; Gertrude Scrilais, Gile, vice president; DeRosso; Bob Lynn, ironwood, speaker; Itato Bensoni, Kimbatl, president; Helen Kasper, Hurley, treasurer; and Jennie Rubatt, director. Marciniak to perform at Friday Noon Series Friday : matinees continue at the historic Ironwood Theatre with Alex Marciniak on the keys and pedals of the popular Barton Theatre Organ Friday at 12:10 p.m. Hin program will include many familiar musical selections from pop to classical. Alex currently teaches theatre, music and film at Gogebic Community College and i'3 the organist nt the St. Paul Lutheran Church in Ironwood. He is also well-known in the area for his many concert performances, as solo artist or accompanist, and as n veteran director of many stage productions, follies and vaudeville shows. Admission is $2 at the door. Gogebic County Transit offers transportation for residents from Ironwood, Bessemer and Wakefield: Call 932-2523 by Thursday afternoon, ALEX MARCINIAK Missionaries to visit "Now the bank is a profit making operation, so they will take a portion of my checking account funds and loan it to business and individuals buying homes, cars and etc. That is the way banks make money," he explained. "It is similar to the way for the trust funds. One difference is that the banks have to maintain a certain level of reserves while the trust funds do not." . The trust funds rely on incoming tax revenue to meet obligations. This management of funds is enormous in size," Lynn said. . •In 1997 the Social Security trust fund had an income of $457 billion and paid benefits and coaU of $369 billion. This was a one year increase of $58 billion," he said. At the end of 1997, the assets in the two trust funds totaled $655 billion, The interest paid to the funds amounted to $435 billion. "With all this money, why is there such a mad scramble to saveSocial Security?" the speaker asked. A partial answer offered by Lynn is that while we now have 45 billion people getting social security, it is estimated that the baby boomers will swell the total to 75 million beneficiaries. "Our population is aging," Lynn observed. "When I started working for Social Security there were 15 workers contributing to every one person receiving benefits. Today there are three workers for every benefitor, and by the year of 2030, there will be only two workers for every beneficiary. If no change is made, as the critics say, the system will go broke by 2050. "With figures currently available, the trust funds would be exhausted in another 30 years, however, the tax revenues would still be sufficient to cover 75 percent of the benefit payments. So the 'great debate' will begin to head off the problem." he predicted. When asked, "What nhould we as individuals do?" the speaker said, "A. Remain informed, but don't lose any sleep. None of us are likely to be affected by any of the proposals. B. Avoid all ril* I - ,S! i.lv I.. :>>!' i* from am) my With th* Color* I, For A Gift Sure To Please Consult Our Wedding Registry A;unr |rn«iilf r (,hti;.i>i .V I >i i n Voycr )nnc Jll. J'C'M [\<UM - A^U( *V !>in Nirmi I .! i ! .V • *.,>; »• J H, •', " .f •.- 4 ^v«rf'* *, * *-' •>** * <jt • .... - , ta^t «-•* *' • *••"** ••«* f . . ." : ' -» -> > : ** 'f " ' * •» * ti 1 j , f 4 -.. •.*< ' '** .* v^ f '>,- ^*i ;,*»'. . •*•*• ' •*•»' • *-* * •' V" % MMM' v ...:«,. '.»»• ».»W •*• ., .,/ •«. -r-. tempta by organizations to solicit money from you to 'Save Social Security.'" There are other courses of action our government might take such as: —Raise retirement age. —Cut benefit. —Raise revenues. —Invest some tax revenues, in the stock market to raise return on investments. —Permit individuals to open individual retirement accounts. The Iron County Senior Citizens Association was organized in 1981 to promote the welfare of the county's aging population and to protect seniors from adverse legislation, by working with the State of Wisconsin Coalition Agency in legislative actions. Halo Bensoni, Kimball, .the present president, and John Honkarven, Hurley and Verner Thompson, South Gary, were leader* in forming the association. • : i • One of the major accomplishments of the association was the promotion of the construction of the $165,000 Hurley Senior Center, designated for the exclusive us« of senior citizens. Itnlo Bensoni was chairman of the building committee. Forty-six thousand dollars of the cost was obtained from Htate and federal ROBERT LYNN funding. Tho balance was paid by the Iron County board. For eight years the association has awarded two $300 scholarships to deserving graduates of Iron County High School. Receiving the awards this year were Monica Luomn, Saxo.n, and Dana Skinner, Mercer. The association sponsors two bazaars each year for tho purpose of raising funds for the scholarships. A heart raising fund drive is sponsored yearly by the association. v GLIDDEN, Wis, — Missionaries Rick and Joy Haynes will be at the Mercy Church on tonight arid Friday at 6:30. "They would like the opportunity to share with you how the Chinese people . live," said a church spokesman. -"They have attended the University of Beijin, learned the language and have had much experience ministering you're Ztnvitect ImprovlMtional Theatre: For those, ages 18-100, Tuesdays at 6:30 p.m., Theatre North, 825 N, Lake Rd., Ironwood. Lunch*on: Gogebtc Range Christian Women's Club, theme "Raindrops and Roses," Wednesday, noon to 2 p.m., Pow- dermill Creek Resort. Cost is $7 inclusive. Reservations and cancellations, 932-5216 or 561-3776. Nursery provided, 932-3390. in that land. This event is open to all. Everyone is welcome to visit and fellowship with them. "Lunch ..will be served each night after the meeting where you can get to know these delightful people more." Mercy Church is located on County X which is six miles north of Glidden or eight miles south of Mellen on Highway 13.' £ from tHt NIFTY GIFT CORNER ¥ - BRIDAL REGISTRY Sun Tanning Salon (in the Hobby Wheel) Hwy 2, Ironwood 9323332 24°°!! mnn 1999 Uon.-Fri. 9 to 5 Sllli«cr»«r>log — Iron On— Troph*«« d Av«. Inxiwood »J2-1414 505 E. McL*od iatf Man* Btnwtki & i - 6127m Stifaut GUta*l <f Ora Vtjtr - 612Of9* HudftrL^t 4 /W Ktrw - 7/11/9* &m<* KOit * EnttXmmidt AmyKtn&LJ. til/99 Sttftrm MUt» - 9tl9/9« GIOVANONl'S^ 'Tht m*U without tr*lli " 501 $»v«f SbMt MurWy, Wt PtlOtM 5C1-414V OMH: MON. TVw THUt). ( kjn.-«:]0 f.m. n>. I «.m.-7 • •«.; SAT. • *.m.-i *M>. SUMOAT MOO«»: f ».«.-! m.m. Dally Globe Want-Ads Sell! •*> , - ¥ A Make sure you have all the pieces. Onry First Financial puts it all together for your Home Equity Line of Credit. OocM Open a First Financial Hcxno Kquity Line of nil tr>« groat b»n«fiis p»us n SftO o*f» c*nrfto»t« from T.-J To 'toc.nl First IFlnancW Bank

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