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Social Security Office: Benefits
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The first Social Security office opened in Austin, Texas, on October 14, 1936. Social Security taxes were collected first in January 1937, along with the first one-time, lump-sum payments.[6] The first person to receive a Social Security benefit was Ernest Ackerman, who was paid 17 cents in January 1937. This was a one-time, lump-sum pay-out, which was the only form of benefits paid during the start-up period January 1937 through December 1939. The first person to receive monthly retirement benefits was Ida Mae Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940 was in the amount of US$22.54.[7]
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Economic predictions are all over the map on this, but one guesstimate is that about the year 2017 the Social Security system will start to see that incoming payroll taxes aren’t enough to match outgoing retirement and disability benefits. The timing is less important than the inevitability of the event. Every year from 2008 until 2025 will see another wave of Boomers retiring. Somewhere during that time span, the benefits will outgrow the income.
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The Social Security office holds several main programs. The insurance programs for old age, survivors and disability provides assistance to retirees or workers who are disabled, including their families. Millions of American receive Social Security benefits annually. Funding comes from the contributions acquired from workers, businesses and self-insured individuals.
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Social Security survivor benefits help ease the financial burden that follows a worker’s death. Almost all children under age 18 will get monthly benefits if a working parent dies. Other family members may be eligible for benefits, too. Anyone who has worked and paid Social Security (FICA) taxes has been earning Social Security benefits for his or her family. The amount of work needed to pay survivors benefits depends on the worker’s age at the time of death. It may be as little as 1 ½ years for a young worker.
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Social Security is a retirement benefit program that began approximately 60 years ago to provide economic protection for US workers when they retire. The program "taxes" a portion of every worker's paycheck. The employer matches the "tax" and sends it to the Social Security program for savings until the worker reaches retirement age.
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In conjunction with the changes in the disability determination process, Social Security is conducting several demonstration projects aimed at helping people with disabilities who are interested in working. These projects support the President’s New Freedom Initiative and provide for work incentives and opportunities earlier in the process. In these demonstrations, the Agency will test providing cash supports, various forms of medical benefits and employment supports such as transportation assistance. Social Security will look at how making these available will help people with disabilities successfully work.
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