Social Security Savings Bond Act of 1983

Social Security Savings Bond Act of 1983 - Permits an individual entitled to a benefit from the Federal Old-Age and Survivors Insurance Trust Fund under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to make irrevocable elections to receive the total amount of the payments of such benefit for 12-month periods in the form of a social security savings bonds issued at the end of each such period. Adjusts the amount of such a savings bond elected by an individual who dies before the end of a 12-month period to include only the amount of benefit payments for the months preceding his or her death.

Sets forth requirements pertaining to the redemption of, interest on, circulation privilege of, and disposition upon the beneficiary's death of social security savings bonds.

Declares that an individual electing such a savings bond shall be subject to the imposition of income taxes on 50 percent of the value of such bond or redemption. Exempts such bonds from any other Federal, State, or local income, estate or gift taxation.

Provides that an election under this Act shall have no effect on an individual's rights under title II of the Social Security Act.

Makes an election under this Act applicable to benefits payable on or after January 1, 1984.