Page 2 - Social Security - Beginning to Today
P. 2

SOCIAL SECURITY FROM THE GOOD TO THE BAD TO THE UGLY






            After a series of challenges, the Supreme Court found

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

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

            wages for an initial maximum of $60 annually.



             2%
                                  $60


                           st
           On July 31 of 1940 the first retirement check was
           issued to Ida May Fuller. Ida May lived to be 100
           years old, paid in a total of twenty four dollars, &

           seventy five cents ($24.75) in Social Security taxes,

           & collected twenty two thousand, eight hundred,
           eighty       two       dollars,       and      ninety        two       cents

           ($22,882.92) in Social Security 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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