Funding Social Security: A Modern Approach Essay

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Social Security Overview Social Security is one of America’s most successful government programs, and has helped millions of Americans avoid poverty. Congress passed the Social Security Act in 1935 and the retirement benefits program went into effect on January 1, 1937. Social Security issued its first monthly retirement benefits check to Ida May Fuller of Ludlow, Vermont on January 31, 1940 in the amount of $22.54. Miss Fuller, a Legal Secretary, retired in November 1939. She started collecting benefits at the age 65 and lived to be 100 years old, dying in 1975. Miss Fuller worked for three years under the Social Security program, the accumulated taxes on her salary during those three years was a total of $24.75. During her lifetime she…show more content…
6) Public assistance and welfare services, including aid to needy families with children, medical assistance, maternal and child health services, child support enforcement, family and child welfare services, food stamps and energy assistance (Stenken). The heart of the Social Security system is the retirement program, and this was the original intention of social security and it encompasses today the greatest number of beneficiaries (Tomkiel). Generally speaking, most employees in private industry, most self-employed persons, and members of the U.S. Armed Forces are covered by Social Security however some groups of people are excluded from social security coverage. Some groups of people are excluded from social security coverage. The main groups excluded are federal employees hired before 1984, and railroad employees, who fall under the Railroad Retirement System. Otherwise the following categories of people can receive Social Security Benefits: 1) A disabled insured worker under the age of 65. 2) A retired insured worker at age 62 or over. 3) The spouse of a retired or disabled worker entitled to benefits who is age 62 or over, or has in care a child under age 16 or over age 16 and disabled who is entitled to benefits on the worker’s Social Security record. 4) The divorced spouse of a fully insured worker who has not yet filed a claim for benefits it both are age 62 or over, were married for at least 10 year, and have been finally
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