This report examines the critical role that Social Security plays in the lives of American seniors. Timed to the 81^st anniversary of the signing of the Social Security Act on August 14, 1935, the report details how vital Social Security is in keeping millions of Americans out of poverty.

Roughly 45 percent of seniors – approximately 20 million people – rely on Social Security for a majority of their income. This includes the 22 percent of seniors who count on Social Security for 90 percent or more of their income. Social Security benefits lifted 14.5 million seniors out of poverty in 2014. Without those benefits, the poverty rate among seniors – 10 percent in 2014 – would be over four times higher. More than half of those lifted out of poverty were women (8.6 million women ages 65 and older).

Social Security will only increase in importance over the next few decades, as most employers have stopped offering pensions. Also, slow wage growth and rising costs of living will continue to limit the amount of money Americans can put aside for retirement.