For most Americans, Social Security will play an important role during their retirement. According to a 2022 Gallup survey, 89% of existing retired workers lean on their monthly Social Security payout to cover their expenses. For the 20 years Gallup has conducted its annual survey, at least 80% of seniors have noted that Social Security is, to some degree, a necessary income source. 

Unfortunately, this financial lifeline for so many retirees, survivors of deceased workers, and workers with disabilities, is facing its own financial turmoil. In order for Social Security to be shored up for future generations, elected lawmakers are going to have to act sooner than later -- and it all starts at the top with President Joe Biden.

President Joe Biden delivering remarks. Image source: Official White House photo by Katie Ricks.

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Source Fool.com