Social Security insures families against the loss of income caused by retirement, disability, or death, with nearly universal coverage; Social Security insurance covers 94 percent of workers in paid employment and self-employment. The program has been a success; however, Social Security has a long-term solvency challenge.
This Fact Sheet discusses ten important facts regarding Social Security and its future:
Social Security insurance protects all age groups.
Social Security provides a retirement benefit that is guaranteed for life and is adjusted to keep pace with inflation.
Social Security benefits are adequately funded for another 32 years.
Social Security is the principal source of family income for nearly half of older Americans.
Social Security keeps older Americans out of poverty.
Social Security benefits are progressive.
Social Security is crucial for women.
Social Security provides critical income support to minorities.
Trust fund assets earned interest at 5.1 percent in 2008, and the cost of administering Social Security is minimal.
Social Security is the foundation of workers' retirement security, but it was never intended to be the only source.
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