Social Security Administration has helped 'Americans retire with dignity' for 86 years

The Social Security Administration (SSA) celebrated their 86th anniversary on Aug. 14.

Signed by President Franklin D. Roosevelt in 1835, the Social Security Act established programs for the following reasons: 1. To provide for the material needs of individuals and families; 2. To protect aged and disabled persons against the expenses of illnesses that may otherwise use up their savings; 3. To keep families together; 4. To give children the chance to grow up healthy and secure, according to the Social Security Administration.

"Happy birthday to the @SocialSecurity Administration! Over the past 86 years, the SSA has been an avenue for millions of Americans to retire with dignity," U.S. Rep. Lizzie Fletcher (D-Houston) said in a tweet. "For those in #TX07 who may need help getting in touch with the SSA, call my office (713) 353-8680!"

MarketWatch reports that the Social Security trust fund is expected to run out within the next 15 years. Unless Congress acts, Social Security recipients would begin receiving only about 75 cents on the dollar of amounts otherwise owed to them.

"It’s perhaps inevitable that our politicians will want to postpone as long as possible making the necessary changes to restore the Social Security trust fund’s long-term solvency," Mark Hulbert with Market Watch reported. "This is what happened the last time that this fund was about to run out of money, in 1983. As I’ve written before, Congress on that occasion didn’t make the necessary changes until there were just four months to spare."

CNBC reports that the COVID-19 pandemic triggered jitters related to Social Security’s trust funds and benefits.

Although some grow worried over Social Security benefits running out, experts like Shai Akabas, director of economic policy at the Bipartisan Policy Center, aren't as convinced.

“Many people hear the words insolvent or bankrupt and they automatically assume the program is just going to disappear,” Akabas said, CNBC reported. “In reality, Social Security has been around for well over 80 years now and it has more support than just about any other government function,” he said. “It is highly unlikely that it is going to disappear anytime soon.”