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Under § 215 of the Social Security Act (42 USCS 415), old-age insurance benefits are computed on the basis of the wage earner's "average monthly wage" earned during their "benefit computation years," which are the "elapsed years" (reduced by five) during which their covered wages were highest. Under the pre-1972 version, the computation for ...
The American social security system (1949) comprehensive old overview. Burns, Eveline M. Toward Social Security: An Explanation of the Social Security Act and a Survey of the Larger Issues (1936) online; Davies, Gareth, and Martha Derthick. "Race and social welfare policy: The Social Security Act of 1935." Political Science Quarterly 112.2 ...
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
Despite this, 10 million received Social Security coverage. [38] The Federal Railroad Disability Insurance program was enacted (1946). The Social Security Act was amended (1950) to provide a new category of state aid to the totally and permanently disabled. [39] Throughout 1950, more than thirty major changes were made to Social Security.
1950 - Social Security Amendments of 1950, Pub. L. 81–734; 1952 - Social Security Amendments of 1952, Pub. L. 82–590; 1954 - Social Security Amendments of 1954, Pub. L. 83–761; 1956 - Social Security Amendments of 1956, Pub. L. 84–880; 1958 - Social Security Amendments of 1958, Pub. L. 85–840
Those zeros lower your average, meaning you'll have a smaller benefit than if you'd had a full 35 years of income. If You Worked Only 20 Years: Social Security will factor in 15 zero-income years ...
According to the National Institute on Retirement Security, 40% of retirees depend on Social Security for the majority of their income, and a 2024 study by the Employee Benefit Research Institute ...
During her retirement, Fuller collected a total of $22,888.92 (equivalent to $497,793 in 2023) in Social Security benefits. [14] [15] As monthly payments increased in the 1950s and 1960s, Fuller typically received the first check issued for the new amount, which was usually the subject of news reports. [16]