Social Security - A History and Perspective
Social Security has evolved over time to cover more of the population and to represent different things to its beneficiaries. The Social Security Act of 1935 established the program’s basic structure, a function of two goals; social adequacy and individual equity. As the Industrial Revolution shifted the population from an agrarian to urban lifestyle, Americans started to lose the support structure and resources they once relied upon. In response to this societal change, an increase in poverty among seniors, and as recognition of a significant (10-year) jump in life expectancy, President Franklin Roosevelt established Social Security. This so-called safety net has emerged as an important planning tool, especially for those individuals facing retirement without sufficient saved assets.