More insecurity over Social Security

Younger Americans are the least confident about Social Security's future — and worry the payments won't be enough to wholly fall back on once they retire, according to a new AARP poll (first given to Axios).

Today in HIstory: 1935 FDR signs Social Security Act President Franklin D. Roosevelt signs into law the Social Security Act on August 14, 1935. Press photographers snapped pictures as FDR, flanked by ranking members of Congress, signed into law the historic act, which guaranteed an income for the unemployed and retirees. FDR commended Congress for what he considered to be a “patriotic” act. Roosevelt had taken the helm of the country in 1932 in the midst of the Great Depression, the nation’s worst economic crisis. The Social Security Act (SSA) was in keeping with his other “New Deal” programs, including the establishment of the Works Progress Administration and the Civilian Conservation Corps, which attempted to hoist America out of the Great Depression by putting Americans back to work. In his public statement that day, FDR expressed concern for “young people [who] have come to wonder what would be their lot when they came to old age” as well as those who had employment but no job security. Although he acknowledged that “we can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life,” he hoped the act would prevent senior citizens from ending up impoverished. #todayinhistory

Check out this CNBC article where Tina Ambrozy shares new survey insights from the Nationwide Retirement Institute? on how COVID-19 has Americans more worried about Social Security running out of funding:

All kinds of angles of financial pain this year. Are you or anyone you know turning 60 this year?