What program provides monthly benefits to nearly 60 million Americans?

The program that provides monthly benefits to nearly 60 million Americans is Social Security. This federal program, established in 1935, aims to provide financial support to retired individuals, disabled workers, and survivors of deceased workers. Social Security benefits are funded through payroll taxes collected under the Federal Insurance Contributions Act (FICA) and are a crucial source of income for many Americans, especially those who have retired or are unable to work due to disability.

Social Security helps alleviate poverty among older adults and is designed to replace a portion of lost wages due to retirement or disability. Given the significant number of people it serves, it plays a vital role in the financial security of millions of families. Other programs, while important in their own right, do not reach the same breadth of coverage or the number of people affected. For example, Medicaid primarily assists individuals with low income and is focused on health care, while Veterans Benefits cater specifically to those who have served in the military. Unemployment Benefits, on the other hand, are temporary and provide support only to those who are currently out of work and actively seeking employment.