Social Security has a significant impact, with payments helping 22 million Americans, mostly seniors, out of poverty each year, 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 many 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 discuss the future of Social Security.