The Social Security program serves over 71 million Americans, providing crucial benefits such as retirement, disability, and survivor support. It has evolved significantly over its history, with major contributions from various presidents. However, challenges loom as projections indicate that by 2035, Social Security may only be able to cover 80% of promised benefits. Notably, the establishment of Medicare in 1965 by President Lyndon B. Johnson further augmented Social Security’s role in securing health insurance for seniors, reinforcing its importance in the retirement landscape for older Americans.
The Social Security program is essential for over 71 million Americans, providing critical services like retirement, disability, and survivor benefits.
Despite its significance, Social Security faces financial challenges, with projections suggesting a potential 20% reduction in benefits by 2035.
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