Friday, August 13, 2010

Social Security "An American Sucess Story"

For more than seven decades, the Social Security program has been helping millions of Americans - from adding to their retirement income to providing income for the disabled.

The plan was a lifesaver to those struggling in poverty through the Great Depression, and continues to be for many retired citizens without pensions or savings. Despite initial fears of socialism, many would agree that the small cushion Social Security provides makes a big difference in a lot of people's lives.

But even as the administration celebrates Social Security's 75th anniversary Saturday, many people are wondering what the next 75 years will look like, especially because many retirement savings accounts have taken a financial hit during the current economic downturn.

The fact that it has lasted 75 years proves the program's staying power, said Edward Lafferty, public affairs specialist for the Social Security Administration.

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