Social Security has become a financial foundation for our nation's seniors since it was signed into law by President Franklin D. Roosevelt in 1935. According to the Center on Budget and Policy Priorities, Social Security income is responsible for lifting more than 21.7 million people out of poverty each year, including nearly 15.4 million adults aged 65 and over. 

The interesting thing about Social Security is that while most retirees rely on their monthly payout, in some capacity, to make ends meet, the average benefit is actually quite modest.

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Source Fool.com