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The 1935 Social Security Act was 37 pages long.
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Social Security Cards began to be issued in 1937.
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The first person to receive a monthly benefit check was Ida May Fuller, in 1940. Her check was for $22.54.
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Social Security trusts include the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Disability Trust Fund.
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The payroll taxes that are levied on workers in the United States to fund Social Security are the Self Employed Contributions Act Tax (SECA), and the Federal Insurance Contributions Tax Act (FICA).
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It is estimated that 33% of the households in the United States spend every resource in each pay period. This can make it difficult if not impossible to save for retirement, making Social Security even more important.
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On average the amount a person receives on Social Security only equals 40% of their earnings pre-retirement.
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It is estimated that of the roughly 60 million people receiving Social Security benefits, 66% depend on their monthly check for 50% of their monthly retirement income.
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Once an individual reaches 80 years of age, they rely on their Social Security income for approximately 70% (or more) of their monthly income. They are living in poverty in many cases because this isn't enough.
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It is estimated that 90% of individuals in the U.S. aged 65 and older receive benefits from Social Security.
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It is estimated that one out of every four 20 year olds in the U.S. will become disabled before they are 67 years old, which means they will likely rely on Social Security disability benefits to survive.
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Since 1940 the life expectancy of an individual reaching age 65 has risen from 14 more years to 21 more years, on average.
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There are about 2.8 workers today to account for every beneficiary of Social Security. In 2035 it is estimated that there will only be 2.1 workers for every beneficiary.
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The taxable amount of income in 1935 was $3000. In 2015 is it was capped at $118,000.
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The main Social Security programs in the United States include OASDI (Federal Old Age, Survivors, and Disability Insurance, TANF (Temporary Assistance for Needy Families, Medicare (health insurance coverage for disable and aged), Medicaid (medical assistance grants to states for low income individuals), SCHIP (State Children's Health Insurance Program), and SSI (Supplemental Security Income).
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