SOCIAL SECURITY · HISTORY
She paid $24.75. Here is what happened next.
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ENTRY 01 · 1935
THE LAW IS SIGNED
President Roosevelt signed the Social Security Act on Aug. 14, 1935.
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ENTRY 02 · 1937
THE FIRST PAYROLL TAX
Workers paid 1% on the first $3,000 of pay. Employers matched it.
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ENTRY 03 · 1937
THE FIRST PAYOUT
Ernest Ackerman paid a nickel and got a 17-cent lump sum, per the SSA.
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ENTRY 04 · 1940
CHECK NO. 00-000-001
Ida May Fuller of Vermont got the first monthly check on Jan. 31, 1940.
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ENTRY 05 · HER DEAL
WHAT SHE PAID IN
About three years of work. She lived to 100 and collected $22,888.92.
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ENTRY 06 · 1983
FULL RETIREMENT AGE
The 1983 law raised it to 67 for anyone born in 1960 or later.
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ENTRY 07 · 2027
YOUR 2027 RAISE
The average retired worker check rises to about $2,170 in January 2027.
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ENTRY 08 · THE FUTURE
PAYABLE AFTER 2032
Projection: the retirement fund runs dry in late 2032, then taxes cover about 78%.
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From $22.54 to your check today.
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Photo: SSA / Wikimedia Commons, public domain