Social Security offers crucial life and disability insurance protection in addition to being a retirement fund.
A guaranteed payment from it maintains pace with rises in the cost of living.
For almost everyone in the US, it offers a foundation for retirement safety.
Many individuals are unaware of how little its benefits are; in January 2022, they were roughly $1,614 (max $3,345) per month.
In 2019, over 6.5 million children under the age of 18 received payments, making it helpful for both older people and youngsters.
The program pulled more than 10 million older persons out of poverty in 2012.
One in four (25%)receives nearly 90% of their income from it, accounting for at least 50% of the income for about half of all older people.
Black and Latino employees are especially dependent on social security.
In both their 60s and 90s, women make up more than half of all Social Security recipients.
Mainly by raising Social Security's tax receipts, policymakers should alleviate the program's long-term funding gap.