Social Security Turns 90: The Cornerstone of Retirement Income

Social Security has served as the cornerstone of retirement income since its establishment in 1935. It continues to provide millions of older Americans with guaranteed income, so they can retire with greater financial security. With the Social Security trust funds’ estimated depletion on the horizon, 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. It also sheds light on their views on how to address its funding shortfalls.

The report is based on findings from the 25th Annual Transamerica Retirement Survey of more than 10,000 U.S. adults and offers detailed demographic analysis by the 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), household income (including people with less than $50k, $50k to $99k, $100k to $199k, and $200k or more), and gender.