79th Anniversary of Social Security

79th Anniversary of Social Security

August 14th marked the 79th anniversary of the passage of Social Security. On August 14th, 1935, Franklin D. Roosevelt signed the Social Security Act. The 1935 Act covered retirement benefits for commerce and industry workers only. The Act was conceived in response to the Great Depression, when over 50% of senior citizens were faced with poverty, to help with unexpected economic troubles and work dangers.

79 Years of Social Security Benefits

Nearly eight decades later, Social Security has morphed to become a program that provides benefits to injured and disabled workers and the families of deceased workers. Inclusion of Supplemental Security Income (SSI) assists older and disabled individuals. In fact, Social Security is the primary source of income for retired Americans over the age of 65 and keeps about 20% of Americans in this age range above the federal poverty level.

Funded through payroll taxes, the money is filtered through the Internal Revenue Service and deposited into a group of funds called the Social Security Trust Funds. All income up to $117,000 is taxed for Social Security.

The Social Security number was adopted as a way to identify those in the program, but has been adopted as a personal identifier. While it is not necessary for those living in the United States to have a Social Security number, they are required for tax purposes, and children claimed as dependents on tax forms must also have a number.

Since its inception in 1935, Social Security has continued to implement benefits with the intent of helping those facing retirement or other hardships. The Zendeh Del Law Firm, PLLC is here if you have any questions regarding Social Security benefits that you may be entitled to. Give our firm a call today!