John C. Rother, director of legislation and public policy for the American Association of Retired Persons, who was also on the panel, emphasized the many functions of Social Security.

"[It] is not just about retirement; it's about protection from lifetime risks, [such as] the death of a breadwinner, the risk of no longer being able to work," Rother said. "We've got to keep in mind that those protections are extremely important."

Rother discussed five crucial elements that he believes must be included in reform. "First is timing; it's better to do this early, preferably in a non-election year," he said.

"1999 is our window of opportunity," he added.

Weaver agreed that 1999 was "the right year for reform."

Bi-partisan efforts, guaranteed protections, shared sacrifices across generations and the consideration of women were other aspects that Rother said were indispensable to an effective proposal.

The panel discussion was the first of four on social security, as part of the "Spring Exercise" for Kennedy School students.

"Classes have stopped for the last two weeks; the 'Spring Exercise' is a perfect time to integrate a timely issue into all parts of the curriculum," Liebman said.