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Congressional amendments to Social Security took place in even numbered years (election years) because the bills were politically popular, but by the late 1970s, this era was over. For the next three decades, projections of Social Security's finances would show large, long-term deficits, and in the early 1980s, the program flirted with ...
Social Security Act of 1935; Other short titles: Social Security Act: Long title: An Act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment laws; to ...
The first Social Security office opened in Austin, Texas, on October 14, 1936. [10] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [8] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...
Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of covered wages. The averaging period could be increased to 38 or 40 years, which could potentially reduce the deficit by 10% to 20%, respectively. [citation ...
"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."
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How Social Security benefits work. Social Security is a federal retirement insurance program. Most people who have worked and paid taxes in the U.S. for more than 10 years are eligible for Social ...
During debate on the House floor, Republicans offered a substitute bill that would have made participation fully voluntary. It was narrowly defeated 236 to 191, with 128 of 138 Republicans in favor of the substitute. H.R. 6675 was passed in the House on April 8, 1965, by a vote of 313 to 115. [4]