On Aug. 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law, ensuring income for elderly Americans and creating a federal unemployment insurance program.
National Institute on Retirement Security released a January 13, 2020 report saying that 40% of Older Americans Rely Solely on Social Security for Retirement Income.
Included in their findings:
- Only a small percentage of older Americans, 6.8 percent, receive income from Social Security, a defined benefit pension, and a defined contribution plan.
- A plurality of older Americans, 40.2 percent, only receive income from Social Security in retirement.
Coast Contact 