When President Franklin Delano Roosevelt signed the Social Security Act into law in 1935, poverty among older Americans stood at more than 50%. Social Security was enacted as a promise to the citizens of this country that, when they could no longer work, they would still be able to meet their basic needs and live a life of dignity and self-sufficiency in retirement.
The program has been incredibly successful at keeping that promise. Today, more than 60 million older adults, disabled workers, and their families depend on Social Security to make ends meet. At a time when pensions are becoming a rarity, and as personal retirement savings lose ground to the cost of living, Social Security has become even more critical to keeping America’s workers and their families from living in poverty. Social Security keeps 22 million people out of poverty each year, and more than 61% of all older SS beneficiaries rely on SS for half or more of their income.
In order to ensure that the program is meeting the growing needs of today’s seniors—as well as future generations—we must make some important changes to the Social Security system. Read More