Happy Birthday Social Security!
Yesterday Social Security turned 83 years old! Party hats for everyone!
On August 14, 1935 President Franklin Roosevelt signed into law the Social Security Act, which is among the most important pieces of personal financial legislation ever created in the U.S. For the majority of Americans, Social Security is the primary source of income in retirement. About 61 million people receive a check from the Social Security Administration every month (1 in 5 people in the U.S.). In 2018, the average Social Security retirement check is worth $1,368. The lifetime value of this benefit (assuming the person receives benefits for 30 years) is hundreds of thousands of dollars. For a couple, the lifetime value could be close to $1mm.
Amazing to think about, isn’t it?