President Franklin D. Roosevelt signed the Social Security bill into law on this day in history, Aug. 14, 1935, creating a federal safety net for older, unemployed and disadvantaged Americans.
A system of federal old-age benefits for retired workers
The Social Security card was — and still is — used to track workers' earnings and benefits, History.com indicated.On Jan. 31, 1940, Ida M. Fuller became the first person to receive a monthly benefit. Her first check was for $22.54, the inflation-adjusted equivalent of $420.15 today. Fuller lived to the age of 100.
During the 1960s, there was additional growth in Social Security, with the creation of the Medicare program in 1965. Eventually, the Social Security statement became available online, starting on May 1, 2012, after most paper statements stopped being mailed out in 2011. "Today, paper statements are automatically mailed only to workers 60 and over who are not yet collecting benefits and who have not set up an online via the Social Security account website," according to AARP.
"While older adults make up about 4 in 5 beneficiaries, the other one-fifth of beneficiaries received Social Security Disability Insurance or were young survivors of deceased workers," the same source stated.
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