Final answer:
Social Security is crucial in preventing poverty among individuals over the age of 65. Its absence would likely see poverty rates revert to pre-Social Security levels, when one-third of the elderly lived in poverty. Considering 12 to 40 percent of retirees rely solely on Social Security income, the program is central to the economic security of America's seniors.
Step-by-step explanation:
The topic of how many adults over age 65 would live in poverty without the help of Social Security integrates information from the Social Security Administration, census data, and studies on poverty rates among seniors. Before the establishment of Social Security, nearly 35 percent of the elderly lived on poverty-level incomes. The significance of Social Security is underlined by the fact that it is the primary source of income for a significant portion of the retired population. For instance, approximately 12 to 40 percent of retirees depend entirely on Social Security for their income. This reliance increases with age, particularly as seniors face higher health care and long-term care costs, and their savings diminish.
Statistics reveal that, historically, the poverty rate among people over sixty-five years old once reached 30 percent in 1967 and then declined to 9.7 percent in 2008 due to Social Security and Medicare. However, the national poverty rate among the elderly had risen back to 14 percent by 2010, illustrating the fluctuating nature of economic stability among seniors. With the aging population increasing—expected to be one in five Americans by 2030—the pressure on federal programs like Social Security, Medicare, and Medicaid is expected to grow substantially, raising concerns about the long-term budget outlook for these essential services.
Without Social Security, the poverty rate among the elderly would likely return to or exceed the high levels seen before the program was implemented. Therefore, it's safe to conclude that Social Security plays a vital role in keeping millions of retired Americans out of poverty, highlighting the program's critical nature as a safety net for the nation's aging population.