SOCIAL SECURITY · HISTORY

The First Check Was $22.54

She paid $24.75. Here is what happened next.

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ENTRY 01 · 1935

Aug. 14

THE LAW IS SIGNED

President Roosevelt signed the Social Security Act on Aug. 14, 1935.

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ENTRY 02 · 1937

1%

THE FIRST PAYROLL TAX

Workers paid 1% on the first $3,000 of pay. Employers matched it.

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ENTRY 03 · 1937

17¢

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

$22.54

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

$24.75

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

67

FULL RETIREMENT AGE

The 1983 law raised it to 67 for anyone born in 1960 or later.

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ENTRY 07 · 2027

3.6%

YOUR 2027 RAISE

The average retired worker check rises to about $2,170 in January 2027.

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ENTRY 08 · THE FUTURE

78%

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.

The full story: every date, number and source, plus 3 free checks to do this week.

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Photo: SSA / Wikimedia Commons, public domain