This year is Social Security's 80th anniversary, an ideal time to reflect on what this essential program means to us all. Many important facts about this vital program are overlooked in the ongoing nation debate. The program keeps roughly 20 percent of all Americans age 65 and older above the Federally defined poverty level. We must never forget just how vital those benefits are to families all over America.
Social Security helps millions of people of all ages. These include 2.5 million children whose parents have died or retired, 4.1 million spouses of deceased workers, and almost 11 million disabled workers and their dependents. Benefits are modest. Overall, retirement benefits average less than $16,000 a year. About half the beneficiaries, mainly women, get less. These benefits are most or all of the income for more than 1 in 4 older women.
Social Security provides critical support for middle-class retirees. Without it many people who worked their entire lives would struggle to pay bills. People are living longer than ever and those added years cost money. Financial pressures facing boomers and Gen Xers explain why Social Security will continue to play an important through the coming years. Retirement savings are often meager and employer retirement pensions have become scarce. Without the guarantee of Social Security, the poverty rate for older Americans would skyrocket- from 9.5 percent to 42 percent.
The United States can afford to keep Social Security strong, and we must-not only for today's retirees but for young people and future generations. Let's seize on Social Security's 80th anniversary as a time to remember just how important those benefits are to families all over America. Make sure that maintaining Social Security is a part of the national discussion and find out where political candidates stand on this issue.
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