In July, nearly 50 million retired workers received checks from Social Security that averaged $1,838.58 (about $22,063 on an annualized basis). While this represents a fairly modest monthly payout, it's proven vital for the vast majority of retirees.

More than two decades worth of surveys from national pollster Gallup show that between 80% and 90% of retirees lean on their Social Security income to various degrees to cover their expenses. Without this program, the poverty rate for our nation's seniors would be significantly higher.

Yet in spite of Social Security playing a big role in the financial well-being of our nation's retired workers, the foundation of America's top retirement program has begun to crack. Fixing Social Security should therefore be a priority of the federal government.

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Source Fool.com