This month, Social Security celebrated its 84th birthday.
On August 14, 1835, President Franklin Roosevelt enacted the Social Security Act to provide benefits to retirees and the unemployed during the Great Depression.
The very first recipient was Ida May Fuller, a legal secretary who retired in 1939 and received the first Social Security check, amounting to $22.54.
In honor of the 84th anniversary of Social Security, here’s a look at some Social Security facts and figures:
- In 2019, approximately 64 million Americans will receive checks from Social Security
- Back in 1940, the life expectancy of a 65-year old was almost 14 years. Today that number has increased to just over 20 years
- By 2035, the number of Americans 65+ years old will increase from approximately 56 million to over 78 million
- The average monthly benefit in 2019 is $1,461
- The programs trustees predict that Social Security will not be able to pay full benefits by 2035.