Social Security Turns 90: Still Popular, Still Under Pressure
Thursday marks the 90th anniversary of the Social Security Act, true landmark legislation signed into law by President Franklin D. Roosevelt on August 14, 1935, providing retirement benefits for older Americans that later was expanded to include benefits for the disabled, survivors, and others.
“As we mark the 90th anniversary of Social Security, we celebrate one of the most successful and enduring programs in American history,” said Dan Doonan, Executive Director, National Institute on Retirement Security. “For nine decades, Social Security has provided a critical foundation of financial security for millions of Americans, ensuring that after a lifetime of hard work, seniors can retire with dignity and peace of mind. With enactment of Social Security Act, our nation promised its workers that retirement would not mean poverty. Today, it’s a promise worth keeping.”
Doonan noted that for many, Social Security is their primary or even only source of guaranteed retirement income. According to the Social Security website, nearly 70 million people received Social Security benefits in July, with the average monthly check totaling $1,863.
The Senior Citizen’s League’s new 2025 Senior Survey shows that an estimated 31.8 million seniors get by on less than $2,000 a month, with Social Security providing 100% of income for 21.8 million American seniors.
Public support for Social Security is nearly unanimous today, with 96% of Americans saying it’s an important program and 74% calling it one of the most important (up from 68% in 2020), according to a recent AARP poll. That same survey also found that Americans are more worried about Social Security now than they were 5 years ago, with just 36% saying they felt very or somewhat confident about its future, down from 43% in the 2020 survey.
“We must not take this program for granted. With Social Security’s trust fund facing long-term solvency challenges, now is the time for Congress to come together and develop a bipartisan solution that provides assurances to retired Americans and keeps the promise to future generations,” Doonan said. “Our research finds overwhelming bipartisan support for Social Security and a desire for our leaders to act with urgency and responsibility to protect the program.”
Absent Congressional action, Social Security’s trust fund reserves are expected to be depleted by 2033 (or even 2032 after enactment of the “One Big, Beautiful Bill” according to a recent analysis by the non-partisan Committee for a Responsible Federal Budget) and could result in a 23% cut for beneficiaries. As a result, the Social Security Administration (SSA) would only be able to pay out 77% of benefits to retired Americans.
Doonan said NIRS, a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy, is committed to providing data-driven, pragmatic research to help guide policy discussions about retirement security and the future of Social Security. “As we look ahead, our role will continue to be offering fact-based insights to inform solutions that protect and strengthen this vital program.”
NIRS members include financial services firms, employee benefit plans, trade associations, and other retirement service providers.
SEE ALSO:
• Social Security COLA Forecast Boosts Slightly to 2.7%
• Schumer Introducing New Legislation to ‘Protect’ Social Security
• Bumping the Social Security FRA While Shielding Benefits for Low-Income Workers
• Trump’s BBB to Accelerate Social Security, Medicare Insolvency by Another Year: CRFB
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
