Social Security marks 90th anniversary

National Institute on Retirement Security

WASHINGTON, D.C. – Signed into law by President Franklin D. Roosevelt on Aug. 14, 1935, the Social Security Act is landmark legislation providing retirement benefits for older Americans that later was expanded to include benefits for the disabled, survivors and others.

To commemorate the program’s 90th anniversary, Dan Doonan, executive director, National Institute on Retirement Security, issued the following statement.
 
"As we mark the 90th anniversary of Social Security, we celebrate one of the most successful and enduring programs in American history. For nine decades, Social Security has provided a critical foundation of financial security for millions of Americans, ensuring that after a lifetime of hard work, seniors can retire with dignity and peace of mind. With enactment of Social Security Act, our nation promised its workers that retirement would not mean poverty. Today, it’s a promise worth keeping.
 
"This anniversary comes at a time when economic inequality is growing, and far too many Americans face an uncertain retirement future. For many, Social Security is their primary or even only source of guaranteed retirement income. The program’s success is a testament to our nation's commitment to protecting those who have contributed to our economy throughout their working lives.
 
"But we must not take this program for granted. With Social Security’s trust fund facing long-term solvency challenges, now is the time for Congress to come together and develop a bipartisan solution that provides assurances to retired Americans and keeps the promise to future generations. Our research finds overwhelming bipartisan support for Social Security and a desire for our leaders to act with urgency and responsibility to protect the program.
 
"At the National Institute on Retirement Security, we are committed to providing data-driven, pragmatic research to help guide policy discussions about retirement security and the future of Social Security. As we look ahead, our role will continue to be offering fact-based insights to inform solutions that protect and strengthen this vital program.”
 
The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org.

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