Social Security has had a significant impact, with payments helping to lift 22 million Americans out of poverty each year, mostly seniors, according to the Center on Budget and Policy Priorities.
“Social Security is a bedrock of this nation,”
says Frank Garcia, a registered Social Security analyst. He notes the program faces a “silver tsunami” as large numbers of Americans reach retirement age, putting pressure on the program, which is expected to see its retirement trust fund run dry in 2033.
Author's summary: Experts weigh in on Social Security plans.