More Than 55 Million Americans Depend on Social Security Today
Since President Franklin D. Roosevelt signed Social Security into law in 1934, millions of America's workers have earned benefits by paying into the system, creating a safety net that keeps retirees, survivors of workers who die young and people with disabilities and their families out of poverty.
Source: Social Security Administration, Number of Social Security Recipients, Dec. 2011.
Social Security Is Not Going Broke
Social Security is not going broke. Modest commonsense measures, such as lifting the cap on the amount of income taxed for the Social Security fund, would strengthen the program. Right now, the cap is set so low upper-wage earners do not pay Social Security on most of their incomes.
*The Social Security Trustees calculated the 2033 date. Using a slightly different method and set of assumptions, the Congressional Budget Office arrived at the 2034 date.
Sources: Social Security Trustees, The 2012 OASDI Trustees Report, and Congressional Budget Office, CBO's 2012 Long-Term Projections for Social Security: Additional Information
Most Retirees Rely on Social Security for Their Incomes
Percentage of older Americans receiving Social Security benefits, by relative importance of benefits to total income.
Source: Social Security Administration, Fast Facts & Figures About Social Security, August 2011.
Social Security More Crucial Than Ever as Pension Coverage Falls
Number of defined-benefit pension plans in the private sector.
Source: U.S. Department of Labor. Employee Benefits Security Administration. Private Pension Plan Bulletin Historical Tables.
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