According to the Center on Budget and Policy Priorities, Social Security payments help lift 22 million Americans, mostly seniors, out of poverty each year.
“Social Security is a bedrock of this nation,”
says Frank Garcia, a registered Social Security analyst and president of InsuranceKO. He notes that 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 summary: Experts weigh in on Social Security.