What is Social Security? A Brief History…
June 14, 2009
Social security programs first appeared in Europe in response to families moving from farming to working for others as the world became industrialized. Germany established the first social security program way back in 1889.
In the United States, the Great Depression triggered an economic crisis that caused millions of seniors to become impoverished. President Franklin D. Roosevelt passed the Social Security Act in 1935 in an attempt to provide economic security for the elderly.
Under the original Social Security retirement program, only workers received benefits , and only retirement benefits (there were no survivor or disbility benefits under the original Social Security program). In 1939, the act was amended to provide benefits to spouses and children for both retired and deceased workers.
The monthly retirement benefit didn’t begin until 1940, and the first recipient was Ida May Fuller, a retired legal secretary. Ida May continued to receive benefits until she died at age 100.
Social Security Retirement Age: When Can You Retire?
June 13, 2009
Currently, there are several ages to consider when it comes to Social Security retirement benefits.
The full retirement age for people retiring now (including baby boomers who were born between 1943 and 1954) is age 66. The full retirement age will gradually increase for people born after 1954 until it reaches age 67 (for people born in 1960 or later).
However, people can choose to collect benefits as early as age 62, as late as age 70, or anywhere in between.