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Crow’s Feet Writing Prompt #63: Looking Forward
Social Security is 89 Years Old!
Let’s celebrate its past and look ahead to its future
On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. It was a cornerstone of the forward-looking reforms that were packaged together as the “New Deal.”
Social Security was born at a moment in history when the Great Depression had put over half of the aged population in the U.S. in jeopardy because they could not support themselves. Prior to Social Security, destitute older Americans had only their families, “poorhouses,” and paltry social services to rely upon. While some states tried to remedy the situation by instituting state pensions, it was an inadequate solution for most seniors.
Labor Secretary Frances Perkins lobbied Roosevelt to support a package of social welfare benefits that would include Social Security. While Social Security had vocal critics, especially those who objected to a payroll tax, once the American public understood its value, Social Security became arguably the federal government’s most popular program.
Social Security today
Today, 96 percent of the population is eligible to receive Social Security benefits when they reach their retirement age. According to the Social Security Administration:
- In 2024, an average of almost 68 million Americans per month will receive a Social Security benefit, totaling about $1.5 trillion in benefits paid during the year.
- Nearly nine out of 10 people age 65 and older were receiving a Social Security benefit as of June 30, 2024.
- Social Security benefits represent about 30 percent of the income of people over age 65.
Social Security: looking forward
In 1940, five years after the Social Security Act was signed into law, the life expectancy of a 65-year-old was almost 14 years (79 years of age). Today it is over 20 years (85+ years of age). The number of Americans 65 and older will increase from about 61 million in 2023 to about 77 million by 2035.
