In 1959, more than a third of all elderly Americans lived in poverty. Slashing that number to under 10 percent by the late 1990s was among the great U.S. triumphs of the 20th century. Social Security deserves a large share of the credit.
I believe eliminating old-age poverty entirely could one day be deemed a triumph of the 21st century. Even sustaining it at 10 percent would be a significant achievement.
But that meager goal is in serious jeopardy. My research shows more Americans are increasingly struggling to save enough for their later years. And one of the main ways they have left, Social Security, is just 15 years away from going broke.