Since President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935, Social Security has time and again proven to be our country's most successful and popular anti-poverty program. Without Social Security benefits, more than 40 percent of Americans 65 years and older would live below the federal poverty line. Even more striking is that Social Security is the only source of retirement income for almost a quarter of elderly beneficiaries. Due to sharp income disparities during working years, nearly half of women and 37 percent of seniors of color rely on Social Security as their sole source of income.
With more than half of the American workforce without private pension coverage, Social Security provides economic certainty within a system that is fair, equitable, and easy to understand. You work hard, pay into the system, and the federal government makes a promise to pay back your earned benefits when you retire. It's that simple.
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