Description: This article covers a session at the 1975 Spring Cincinnati Joint Meeting of the Conference of Actuaries in Public Practice and Society of Actuaries. It addresses the following issues: how the Social Security system reached its present situation with respect to benefit levels and actuarial status, the problems in Social Security funding and with the Social Security system, the prospects for the Railroad Retirement system and the future of Social Security. 1975 Record Vol.1, No.3