Under the 1935 law, what we now think of as Social Security only paid retirement benefits to the primary worker. A 1939 change in the law added survivors benefits and benefits for the retiree's spouse and children. In 1956 disability benefits were added.
Keep in mind, however, that the Social Security Act itself was much broader than just the program which today we commonly describe as "Social Security." The original 1935 law contained the first national unemployment compensation program, aid to the states for various health and welfare programs, and the Aid to Dependent Children program.
All members of Congress, the President and Vice President, Federal judges, and most political appointees, were covered under the Social Security program starting in January 1984. They pay into the system just like everyone else. Thus all members of Congress, no matter how long they have been in office, have been paying into the Social Security system since January 1984.
COLAs were first paid in 1975 as a result of a 1972 law. Prior to this, benefits were increased irregularly by special acts of Congress.
A fellow named Ernest Ackerman got a payment for 17 cents in January 1937. This was a one-time, lump-sum pay-out--which was the only form of benefits paid during the start-up period January 1937 through December 1939. I read elsewhere that this person paid in for 1 week before collecting. I also read elsewhere that the smallest lump sum payout was 5 cents paid to a lady who worked 1 day before her retirement.
Some interesting information contained here... SS payroll deduction started at 1% on 3,000 Income Capped. Originally people paid in 30 bucks a year, but it quickly grew
https://www.ssa.gov/policy/docs/statcomps/supplement/2010/2a1-2a7.html#table2.a3
So far there have been 11 years in which the Social Security program did not take enough in FICA taxes to pay the current year's benefits. During these years, Trust Fund bonds in the amount of about $24 billion made up the difference. That's going to change rapidly with the influx of cash workers...
Not Only can you receive SS for yourself, you can also get paid for dependants as well. Applies to disability SS as well. No wonder Expats love younger brides, heh.
https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
My A.D.D. is kicking in and I will have to post the remainder at another time.
A minor note. I learned that the spousal benefit of half your SS is not totally true. If she worked and started her benefits before you do, then there is a very complicated formula for reducing her spousal benefit. In our case she gets $400 less benefits. Since she paid in, she really should get more, but that is not how the system is structured.
My wife has 8 years paid in, but 7.5 more years to reach 62, she earns more than I (I'm back working) and My Social Security is below the average by quite a lot. I advised her to work as long as she can because she can probably get more on her own record.
yup. .the payout for social security is so terrible too, you are quite literally better off taking whatever money you put into social security, and stuffing it under your mattress, (IF you were allowed to do this).
Social security needs to be switched to an Opt IN deal, and slowly depreciated and gotten rid of.. I would pay out those that are currently owed still, but start to just get rid of it..
maybe part of the Financial aspect of the Q plan will be dealing with it.
i would also separate out Disability and anything else attached, and deal with those separately (as different problems that need to be cleaned up and dealt with).. as a society I don't think we should let those with real disabilities twist in the wind..
edit: Every aspect, Every goddamn thing that the left has passed,, it's all about them controlling everyone else, that's all they care about, they just want power and control. and the MORE they say it's for our own good, the MORE it is not. Social Security is just another Enslavement, and people will be kicking and screaming when it is gotten rid of
Back in the day there were proposals to gradually allow people to control their money. 2% a year privatised or somesuch.
Interesting post 👍
Problem is most people will not save their own money for retirement or disability- they think they will and then decide they need new furniture and a new car.. etc. You have to be disabled 1 year or expected to be longer to get an SSDI check. Most people do not have that income & in the meantime you need health insurance to cover any medical treatments- which most likely you won’t have after 6Mo of not working. This is why we have it b/c most people are dumbasses & will be destitute otherwise.
I have always been a saver, and haven't been broke since I was a kid. I do not have a big pile of money though. I use a squirrel as an example, a brain the size of an M&M but they provide for their future.
I'm on my wife's insurance and only have Medicare Part A which is free. As long as she works, her is much better than Part B which would cost me more than she pays to cover me.
However, I'm not piling up money for the corrupt medical system to drain, fast in the hospital or slow in a nursing home. I won't feel guilty if I leave the world owing medical. My goal is to go broke just as I die, to enjoy life just a little. The medical costs are feeding the cabal coffers quite well. I was in the hospital for 6 days on IV antibiotics in the Philippines, it's a cash country. My bill was 400 bucks. No insurance involved.