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Gainesville Florida Estate Planning & Elder Law Blog

Tuesday, August 15, 2017

A Social Security Birthday

Social Security celebrates a birthday this week – officially having turned 82 on Monday.

Social Security became law on Aug. 14, 1935, when President Franklin Roosevelt signed the Social Security Act.

Little did anyone know back in 1935 exactly how important Social Security would become. Back then, most Americans relied on job pensions and savings to live out their retirement years. But over time, the number of jobs with good retirement pensions has decreased and savings tend to not go as far as hoped, especially with people living longer.

Today, 97 percent of older Americans receive Social Security, and without it 15.1 million Americans would be living in poverty. And the addition to the Social Security Program of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) helps protect even more people from poverty, should they experience a disability before retirement age.

But as we celebrate this milestone for social security, it is also important to recognize that it is in danger of being cut through fixes and adjustments. These cuts could result in serious benefit reductions for people who have earned Social Security and are most in need of its benefits.

To learn more about how Social Security is imperiled and how you can help protect it, visit the Justice in Aging website.  


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