Social Security Turns 85

August 19, 2020 by SRI

On Aug. 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. Among the provisions of the law was a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.

The intent was to provide economic stability to older Americans, however, Social Security was not designed to fully fund Americans’ retirement. Today — 85 years later — Social Security continues to provide a critical component of retirees’ financial security, representing, on average, 41% of their retirement income, according to Secure Retirement Income® (SRI®) research.

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Originally Posted at Advisor Magazine on August 13, 2020 by SRI.