Some folks may think Social Security has been around forever. Actually, the program started during the Great Depression. Here are just a few of the top moments in Social Security history:
- Aug. 14, 1935: President Franklin Roosevelt signs the Social Security Act to create the program.
- Jan. 7, 1937: The first benefits are paid in a one-time, lump sum.
- Jan. 31, 1940: Ida Fuller becomes the first person to get a monthly benefit of $22.54, which would be $420.50 today.
- Oct., 1950: The government authorizes the first annual cost-of-living adjustment (COLA).
- Aug. 1, 1956: The program expands to include disabled workers.
- Jun. 30, 1961: Workers now are allowed to take early retirement at age 62.
- Oct. 30, 1972: Congress creates Supplemental Security Income (SSI).
- May 17, 1994: The Social Security Administration launches its website.
The program continues as a bedrock for government benefits funded by workers and their employers.
To ensure its future viability there likely will be other milestones and improvements to supply the Trust Fund needed to pay benefits.
Council of Seniors Works to Strengthen Social Security
Extra retirement income will always be welcomed by seniors. Here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. We need this bill because seniors sometimes have been shortchanged by the annual Social Security cost-of-living adjustment (COLA). If we succeed, seniors will be reimbursed the $581 that’s belonged in their benefit all along.
Please sign our petition to show Congress how many people think this issue should be a top priority.
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