On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act, making August 14, 2023, Social Security’s 88th “birthday”. In January 1937, Ernest Ackerman received a one-time, lump-sum payout in the amount of $0.17. (Lump sum payout was the only form of benefits paid from January 1937 – December 1939.) On January 31st, 1940, the first monthly benefit check was issued to Ida May Fuller, in the amount of $22.54.
This year, the Social Security Administration will administer more than $1.3 trillion in benefits and payments to more than 70 million beneficiaries. Beneficiaries include not only retirees, but also people with disabilities, dependents and families that lose a wage earner.
Have you visited the Social Security website lately? Last December the administration launched their enhanced website at www.ssa.gov. Sign up for a “my Social Security account” and access your retirement benefit estimates, apply for benefits and Medicare, check on your application status or get proof of benefits.
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