Page 3 - Social Security - Day 1 To Today

SOCIAL SECURITY FROM THE GOOD TO THE BAD TO THE UGLY

After a series of challenges, the Supreme Court foundAfter a series of challenges, the Supreme Court found

Social Security to be constitutional in 1937. The SocialSocial Security to be constitutional in 1937. The Social
Security trust fund was established, and it beganSecurity trust fund was established, and it began

receiving 2% of the first $3,000 of a worker’s annualreceiving 2% of the first $3,000 of a worker’s annual

wages for an initial maximum of $60 annually.wages for an initial maximum of $60 annually.

2%
$60

On July 31On July 31 stst of 1940 the first retirement check wasof 1940 the first retirement check was
issued to Ida May Fuller. Ida May lived to be 100 yearsissued to Ida May Fuller. Ida May lived to be 100 years

old, paid in a total of twenty four dollars, & seventy fiveold, paid in a total of twenty four dollars, & seventy five

cents ($24.75) in Social Security taxes, & collectedcents ($24.75) in Social Security taxes, & collected
twenty two thousand, eight hundred, eighty two dollars,twenty two thousand, eight hundred, eighty two dollars,

and ninety two cents ($22,882.92) in Social Securityand ninety two cents ($22,882.92) in Social Security

retiree benefits in her retirement years.retiree benefits in her retirement years.

$24.75

$22,882.92

SOCIAL SECURITY WAS A SWEET DEAL FOR IDA MAY FULLER. NOT SO SWEET FOR TODAY’S SENIORS

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