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Celebrating 89 Years of Social Security

Posted on 08/30/24 by Jeff Johnson

In August, we marked the 89th anniversary of Social Security, and now is a good time to reflect on its profound impact on American society since its creation in 1935. Signed into law during the Great Depression, Social Security emerged as a foundation of hope and stability for millions of Americans facing economic uncertainty. Today, more than one in five Florida residents—nearly 5 million people—receive Social Security benefits.

Social Security provides a measure of income security for citizens who, through no fault of their own, found themselves without income as they aged or fell on hard times. The original idea was simple yet groundbreaking: workers contribute a portion of their earnings during their working years, and in return, they receive guaranteed income upon retirement.

This system has not only endured but has expanded over the decades. What started as strictly a retirement program now includes disability benefits and survivor benefits for families of deceased workers. The program now also has automatic cost-of-living adjustments to help millions of older Americans keep pace with inflation. These changes have ensured that Social Security meets the evolving needs of American society.

For millions of retirees, Social Security provides a reliable income that allows them to live with dignity and independence as they age. Currently, the largest group of beneficiaries in Florida are retired workers, who account for 77% of Social Security recipients in the state.

Social Security plays a vital role in promoting economic stability, not only for individuals, but also communities. Retirees use the steady stream of income provided by Social Security on necessities of daily life, which contributes $93 billion a year to Florida’s economy. The result is more jobs and income to businesses and workers in Florida.

Social Security is paid for by dedicated payroll taxes and the interest on those contributions that have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up reserves to support the retirement of the “Baby Boomer” generation. Today those reserves are used to supplement incoming payroll tax income, but the Trust Funds will face a shortfall in 2035 according to current estimates.

The shortfall is primarily caused by lower birth rates (meaning fewer workers paying in) and a growing population of retirees. By 2035, Social Security is still projected to be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities.

Looking ahead, it is incumbent upon us to protect and save Social Security for both current and future generations. This will require thoughtful policies that preserve its core principles of fairness and sustainability while addressing the challenges of a rapidly changing world. By doing so, we can ensure that Social Security continues to fulfill its promise of providing an earned and guaranteed source of income for all Americans.

We want to hear how Social Security has personally impacted you and your family—share your story with us today! To discover more about Social Security resources and how AARP can support you, visit our Social Security resource page now.

This story is provided by AARP Florida. Visit the AARP Florida page for more news, events, and programs affecting retirement, health care, and more.

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