Social Security was designed in 1935 as a program to keep the elderly out of poverty, and it has proven to be one of the most successful and wildly popular government programs ever created.
If not for Social Security, 37.8% of elderly Americans would be living below the federal poverty line today (compared to the less than one in ten Americans who actually do). The program has broad bipartisan support, as 96% of Americans say Social Security is an important government program, according to a 2019 AARP poll. It’s no surprise then, that both President Trump and his Democratic challenger Joe Biden, have promised to protect Social Security.
However, Social Security was never designed to be retirees’ main source of retirement funding. Yet, in 2017, roughly half of all retirees relied on Social Security as their primary source of retirement income, receiving an average benefit of just $1,503 a month or about $18,000 per year.
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