FICA (Social Security)

[Gregory Matthews]

The following are facts about FICA, commonly known as Social Security, in the United States:

* August 14, 1935:  Signed into law by President F. D. Roosevelt.

* January 1937:  First payments made which were a one-time, lump-sum payment.

* January 31, 1940: Ida Fuller became the first person to receive a monthly payment, which began for her at $22.54.  (Worth today $518.58)

* October 1950: The first cost of Living increase was made.

* July 1, 1966: Medicare first began.

8* July 1975:  The first automatic COLA increases began.

* December 8, 2003: The prescription drug benefit began.

* January 1, 2006:  Medicare Part D, began.

 

NOTE:  Thanks to AARP Bulletin, May/June 2025 for all of the above information.

 

[phkrause]

5 hours ago, Gregory Matthews said:

NOTE:  Thanks to AARP Bulletin, May/June 2025 for all of the above information.

Great organization!!!