Federal Old Age Insurance System

On August 14, 1935 in Austin, Texas, President Franklin D. Roosevelt inked his signature on the Social Security Act. It was originally implemented to resolve problems with unemployment, old age insurance, and public health and welfare. The Great Depression was the catalyst for the creation of the Social Security program, and the basic structure was very similar to Germany’s social insurance programs from the 1880s. Today, social security is mostly used for retired senior citizens starting at the age of 62. At 62, American citizens can begin to collect, but will only receive 35% of their monthly benefit due, rather than the maximum amount of 50% when they reach the full retirement age of 66. (cite) In addition, social security is dispersed to about 14 million disabled people under the age of 62, who can no longer work in the labor force for various reasons. The people who qualify as disabled are just a small percentage of those collecting compared to senior citizens, and are often not mentioned when social security issues are brought up because of their minute effects on social security distribution.

The Social Security Act of 1935, signed by Franklin D. Roosevelt, created a program that included social insurance programs, as well as public assistance. Both programs came about due to the depression and were created as part of the New Deal to benefit the citizens who needed assistance. While both programs were created to assist the public, each program had different eligibility requirements and accomplished different tasks.

In 1935 the government started the Social Security Act which gave workers benefits if they were fired or forced to quit their job. It also gave benefits to disabled workers.(Cooper 978

During the Great Depression people lost their jobs and didn 't have money available when they retired. Franklin Roosevelt wanted citizens to have money available if they became unable to work anymore or not start work at all because of an unforeseen event in their life. By reading the debate and ideas of the Act, a better understanding of how the Social Security Act came to be can be gained. The Social Security Act was created in 1935 for people that are disabled who can 't work at all and for citizens that work to have money put into social security and available after retirement. It was used to help citizens after the Great Depression who lost their jobs. This act would help citizens that work to have benefits by having employers pay into a trust fund, so money would be available to employees after they retire or become disabled while working.

Social security was created in response to the Great Depression. The purpose of it is to protect aged and disabled persons from illness expenses, to give children a chance to grow up healthy and secure, keep families together, and to augment the material needs of individuals and families. The Social Security Act was first passed in 1935 and later amended in 1956 to provide disability benefits. Some programs included under the Social Security Act are: retirement insurance, survivor’s insurance, disability insurance, and some public assistance and welfare services. The Social Security program is meant to provide benefits,social security numbers, and generate its own finances.

Medicare and Medicaid, created by the Social Security Amendment Act 1965, added Title XVIII and XIX to the Social Security Act. President Lyndon B Johnson was responsible for bringing about this change. Social Security Program started during the Great Depression of 1930s because of the stock market crash and bank failure, which wiped away the retirement savings of the Americans. Poverty rate among senior citizen exceeded 50% during this time. Social Security Act was created in an attempt to limit the five dangers of modern American Society. The Social Security Act was

A landmark change in providing for the elderly came in 1935 with Franklin D. Roosevelt 's Social Security Act. While this provided aid to people with disabilities and mothers with children, aid was also mainly intended for the elderly. The premise of the act was that an individual would pay into the government through the years that they worked and upon retiring that person would receive benefits. Elderly Americans relied on this system to help pay for expenses that they might incur after they reached an age where they could no

President Franklin D. Roosevelt created the countries first Social Security program in 1935 as a part of his New Deal Program. The United States was in the midst of the Great Depression and due to the stock market crash of 1929 and bank failures, many American’s retirement savings accounts were destroyed. As a result, the poverty rates among the elderly in the country were exceeding fifty percent (Achenbaum). In creating the countries first Social Security program, President Roosevelt was the first president to advocate federal assistance for the elderly, disabled, widowed, fatherless children (later changed to included motherless children,) and unemployed (Kessler-Harris).

The Social Security Act (SSA) of 1935 was drafted during the Great Depression as part of President Franklin D. Roosevelt’s New Deal. The SSA was an attempt to

The Social Security Act of 1935 signed by former president Franklin D Roosevelt created many programs that some today created the foundation for the governments role in old age insurance, income security, AFDC program and income security. AFDC program is todays TANF program. The Social Security Act formulated two categories contributory and noncontributory welfare. Social security was for the working Americans that committed a percentage of their wages from

In 1935 the Social Security Act was established to provide Old Age Assistance and Old Age Survivors Insurance and in 1950, then President Truman, held the first of all National Conferences on Aging and the first federal social service programs were funded for the

The social security act was created by President Franklin D. Roosevelt so that he could put in place provisions in order to help the elderly. The social security act a document that helps impoverished citizens, such as the elderly and physically impaired receive benefits after retirement. Citizens’ in America during the great depression where expected to work weather elderly or physically disabled. These citizens weren’t afforded the financial stability to retire so work was a necessity to acquire money. “Prior to social security, the elderly routinely faced the prospect of poverty upon retirement” (U.S SSA). This effect of the great depression led to a lot death and homes turning into singled parent homes with no income. “The widespread

In this picture taken on Aug. 14, 1935 Franklin Roosevelt is signing the Social Security Act. He did this due to the fact that people were living longer and retiring earlier. This meant that the elderly had to live in poverty after working hard for their entire life.

In addition, the New Deal led to the enactment of the Social Security Act of 1935; which helped establish a peace of mind among vulnerable American citizens by providing them with economic security.

Franklin D. Roosevelt signed the original Social Security Act. It comprised of two services: a Social Security retirement benefit that applied only to workers, and a welfare program for the elderly called Old Age Assistance. Social