The History of Social Security
1935
The Social Security Act
The Social Security Act is passed by
Congress and signed into law by President
Roosevelt. The Act stipulates that financial benefits are given to retirees over age 65 based on lifetime payroll tax contributions.
1965
Medicare
In 1965, the Social Security Act was amended to provide medical insurance to Social Security beneficiaries age 65 and older. This new “Medicare” program also offered people 65 and older the chance to purchase supplemental medical insurance.
1980
Social Security Reform
President Ronald Reagan created a commission to examine how to stabilize Social Security. In 1983, legislation was signed to gradually increased the retirement age to 67, tax Social Security benefits, and provide Social Security benefits to federal workers.
2004
Social Security Protection Act
President Ronald Reagan created a commission to examine how to stabilize Social Security. In 1983, legislation was signed to gradually increased the retirement age to 67, tax Social Security benefits, and provide Social Security benefits to federal workers.
The Future of social security
Each year, the Social Security Administration makes changes to the program. In 2018, for example, they rolled out a two percent cost-of-living adjustment, and a taxable earnings increase, an earnings limit increase for beneficiaries who still work and a slight increase in disability payments
1940
First Social Security Cards
To receive a social security card, workers completed an application at their local post office and received a national identity card with a unique, nine-digit identification number.
Ida May Fuller was the first person to
receive a monthly Social Security check. She would live to be 100 and collect about $22,000
over her lifetime.
1977
Funding Crisis
Social Security Becomes Financially Unstable. Benefits are taxed as income for the first time.
2002
Ticket to Work
Ticket to Work program is launched. It is a voluntary program designed to help people who are receiving disability benefits from Social Security “find good jobs, good careers, and better self-supporting futures.”
2015
Changes in the Law
The Bipartisan Budget Act of 2015 is enacted.