Social Security is the foundation of financial security for 60 million Americans. It’s there when a worker retires, faces a career-ending disability, or suffers the death of a working parent or spouse. Created in 1935, Social Security has been enhanced numerous times to maintain its core social insurance mission. Today, significant demographic and economic changes, including lower fertility rates, more single-adult households, longer life expectancies, and higher income inequality, endanger Social Security’s long-term adequacy and solvency; however, just a handful of policy options have served as the building blocks for nearly every Social Security reform proposal for the last 60 years.
SOURCE: Debra Whitman. “Innovative Approaches to Improve Social Security Adequacy in the 21st Century.” Oxford University Press, 10 August 2018.
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