(NewsNation) — Social Security is a vital source of income for millions of Americans, but after 90 years, the program faces significant financial challenges that could reshape it for future generations.

If Congress fails to act, retirees could see their monthly checks cut by 23% in less than a decade, slashing thousands of dollars from the average person's annual benefits.

Lawmakers are unlikely to let that happen, but so far, they've opted to kick the can down the road, avoiding politically unpopular solutions and complicating eventual fixes.

President Franklin D. Roosevelt signed Social Security into law on Aug. 14, 1935, as a way to give "some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age."

Here's what to

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