The Social Security Act, signed by Franklin D. Roosevelt, aimed to provide economic stability for older Americans. Currently, it provides monthly benefits to nearly 69 million individuals, primarily over the age of 65. Despite its popularity, funding issues threaten its sustainability, with a projected depletion date moved to 2034—earlier than previous estimates. Challenges include a lack of staffing, misinformation spread during the Trump administration, and changing legislation contributing to funding shortfalls. Proposed solutions are being considered to maintain the program's effectiveness and integrity.
When President Franklin D. Roosevelt signed the Social Security Act into law 90 years ago, he vowed it would provide economic stability to older people while giving the U.S. "an economic structure of vastly greater soundness."
Just as it has for decades, Social Security faces a looming shortfall in money to pay full benefits. The so-called go-broke date has been moved up to 2034.
The earlier go-broke date came as new legislation affecting Social Security benefits have contributed to earlier projected depletion dates, according to an annual report released in June.
The program provides benefits to almost 69 million Americans monthly. It's a major source of income for people over 65 and is popular across the country and political lines.
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