This Was the Average Social Security Benefit in 1964, and Here's What It Is Now

Social Security is one of the most important and wide-reaching government programs around. A total of $1.5 trillion in benefits from the Social Security Administration (SSA) will be paid out to about 70 million Americans this year.These checks are the foundation of many Americans' retirements. In fact, 1 in 7 recipients relies almost exclusively on them to get buy.The first payment -- check number 00-000-001 -- was made out to Ida M. Fuller in 1940 for $22.54. Thankfully for all of us, those benefits have increased quite a bit over the years. In the beginning, any increase had to go through Congress, and there were stretches of time when no such increase passed. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool