Impact of Social Security
Social Security has had a significant impact, helping to lift 22 million Americans, mostly seniors, out of poverty each year, according to the Center on Budget and Policy Priorities.
“Social Security is a bedrock of this nation,”
says Frank Garcia, a registered Social Security analyst. However, he notes that the program faces a "silver tsunami" as large numbers of Americans reach retirement age and begin receiving benefits.
This pressure is expected to cause the retirement trust fund to run dry by 2033, under current estimates.
Author's summary: Experts discuss Social Security's future.