Social Security Turns 90: The Cornerstone of Retirement Income
Social Security has served as the cornerstone of retirement income since its establishment on August 14, 1935. As a social safety net program, it provides a meaningful source of retirement income that complements employer-sponsored retirement benefits and personal savings, and it is a lifeline for lower-income retirees and other vulnerable groups.
Ninety years later, Social Security continues to provide tens of millions of older Americans with guaranteed income, so they can retire with greater financial security. However, amid population aging and increases in longevity, the Social Security trust funds are estimated to be depleted by 2033, and many people are anxious about the program’s future in terms of its ability to make benefit payments. Now is the time for policymakers to identify reforms that can help ensure the program’s sustainability for the next 90 years.
To commemorate Social Security’s 90th anniversary, Transamerica Center for Retirement Studies (TCRS) in collaboration with Transamerica Institute has published, Social Security Turns 90: The Cornerstone of Retirement Income, to illustrate how this social safety net plays a vital role in helping Americans achieve a more secure retirement. The report examines people’s beliefs, expectations, and reliance on Social Security. Serving as a call to action for policymakers, the report sheds light on people’s views on how to address Social Security’s projected funding shortfall.
The report is based on findings from the 25th Annual Transamerica Retirement Survey of more than 10,000 U.S. adults age 18 and older conducted in late 2024. The report offers detailed demographic analysis and comparisons by the U.S. general population, workforce-retirement status (including people who are not yet retired, those in the workforce, those who are not employed and not looking for work, homemakers, and retirees), annual household income (including people with less than $50k, $50k to $99k, $100k to $199k, and $200k or more), and gender.