History of Social Security

President Franklin D. Roosevelt signed the Social Security Act on Aug. 14, 1935. The law created a program that would pay monthly benefits to retired workers starting at age 65 or older. The act also established a payroll tax to fund the program and required employers to withhold the tax from employee wages. Regular monthly payments to retirees began in 1940.
The original age to claim Social Security payments was 65. A 1961 law allowed workers to begin claiming permanently reduced Social Security payments as early as age 62, but the benefit was reduced proportionally to how much earlier you did start to claim. A 1983 law raised the full retirement age to 66 for most baby boomers and 67 for people born in 1960 or later and increased the reduction in monthly payments for people who sign up before their full retirement age. Provisions were also added to increase payments for retirees who delay claiming benefits past their full retirement age up until age 70.
Part of Social Security benefits became taxable for people who earn above a certain amount beginning in 1984.
A 2013 law requires all beneficiaries to receive payments electronically via direct deposit to a bank account or loaded onto a prepaid debit card. The Social Security Administration has stopped mailing paper Social Security statements to most workers, but you can now create an online account to view your Social Security statement online and check your earnings history, taxes paid and get a personalized estimate of your future Social Security benefit.
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