RRA Educational Resources/Blog/From Its Inception to Now: Social Security

From Its Inception to Now: Social Security

The founding of Social Security marked a significant milestone in American history. Prior to its establishment, many senior citizens faced poverty and destitution, with limited access to healthcare and other necessities. However, the creation of Social Security brought about a transformative change that helped millions of Americans live with dignity and security during their retirement years.

The idea of Social Security was first proposed in the early 20th century, with many activists and reformers calling for a system that would provide a safety net for the elderly and those with disabilities. However, it was not until the Great Depression of the 1930s that the government began to seriously consider the idea of a social insurance program.

In 1935, President Franklin D. Roosevelt signed the Social Security Act into law, creating a system that would provide retirement benefits, disability insurance, and survivor benefits to eligible individuals. The program was funded through payroll taxes, with both employers and employees contributing to the system.

​The first Social Security retirement benefits were paid out in 1940, with millions of Americans receiving financial assistance that helped them live comfortably during their retirement years. Over the decades, Social Security has continued to evolve, with amendments to the original legislation expanding the program’s benefits and eligibility criteria.

Today, Social Security remains one of the most important social welfare programs in the United States. Millions of Americans rely on Social Security benefits to meet their basic needs, including housing, healthcare, and food. While the program faces challenges in the form of rising costs and an aging population, its importance as a safety net for the most vulnerable members of society cannot be overstated.

​Ready to take action against the risks facing your retirement?

See other posts like this one:

Thursday, March 28, 2024

In 2024: What Medicare Could Cost You

Friday, March 01, 2024

Building Cash Flow in Retirement: Income Diversity Strategies

Wednesday, February 21, 2024

Why Legacy Planning is Part of Smart Retirement Planning

Thursday, February 15, 2024

How a Living Will Can Help Your Retirement

Friday, February 09, 2024

Retire Right: Ditch the Traditional Plan, Embrace Your Risk-Based Freedom

Thursday, February 01, 2024

From Pensions to 401(k)s: Shifting Risks in Retirement

Wednesday, January 24, 2024

Why Today’s Retirement Isn’t Like Your Parents’

Friday, January 19, 2024

Roth vs. Traditional Accounts for Pre-Retirees

Thursday, January 11, 2024

Pioneers of Risk-Based Retirement Planning

Thursday, November 30, 2023

Understanding Linked-Benefit Long-Term Care

Wednesday, November 22, 2023

Which is Best: Annuity or LIRP? Or Both?

Thursday, November 09, 2023

You Can Unlock Your Home Equity for Retirement

Wednesday, November 01, 2023

What Is a Second-To-Death Life Insurance Policy?

Friday, October 27, 2023

Beneficiary IRAs: Preserving Your Legacy for Future Generations

Thursday, October 19, 2023

Steady Stream of Retirement Income

logo.png

Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and Retirement Risk Advisors are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.

© COPYRIGHT RETIREMENT RISK ADVISORS. ALL RIGHTS RESERVED.

RETIREMENT PLANNING

Step 1 – Team Approach
Step 2 – Get to Know You
Step 3 – Design Your Plan
Step 4 – Provide Education
​Step 5 – Help You Take Action

CONTACT US

1309 Coffeen Avenue, Suite 3851, Sheridan, WY 82801

Support Staff support@retirementriskadvisor.com

Toll free: 1 (855) 491-0400
​Text us at: 1 (307) 264-2902