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Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of covered wages. The averaging period could be increased to 38 or 40 years, which could potentially reduce the deficit by 10% to 20%, respectively. [citation needed]
In 2009, nearly 51 million Americans received $650 billion in Social Security benefits. The effects of Social Security took decades to manifest themselves. In 1950, it was reported that as many as 40% of Americans over 65 were still employed in some capacity, but by 1980 that figure had dropped to less than 20%.
The Social Security Administration was established by the Social Security Act of 1935 and is codified in 42 U.S.C. § 901 (49 Stat. 635). It was created in 1935 as the "Social Security Board", then assumed its present name in 1946.
Franklin Delano Roosevelt. The father of the social safety net, FDR signed the Social Security Bill into law on Aug. 14, 1935. He had called on Congress to craft a social insurance policy just 14 ...
For the first four decades of Social Security's existence -- when it was signed into law in 1935 through 1974 -- there was no rhyme or reason to adjusting benefits.
Income Taxes on Benefits. About 40% of Social Security beneficiaries must pay federal income taxes on their benefits, according to the SSA. This typically happens when you have provisional income ...
1973 - Social Security Benefits Increase, Pub. L. 93–233 1977 - Social Security Amendments of 1977, Pub. L. 95–216 1980 - Social Security Disability Amendments of 1980, Pub. L. 96–265
The bill could also jeopardize the Social Security fund overall, critics say. Sen. Thom Tillis, R-N.C., said the Social Security trust fund is less than 10 years away from being insolvent, and ...