What is the Social Security system?
According to the AFL-CIO, the Social Security system is a source of “guaranteed income” for retired persons, the families of deceased workers and disabled persons. Approximately 47 million people receive Social Security benefits, according to AFLCIO.org.HistoryThe first Social Security system implemented anywhere in the world began in 1889 in Germany. German Chancellor Otto von Bismarck created the system in response to an industrialized Germany with a growing number of retirees, according to SocialSecurity.gov.Social Security ActSocialSecurity.gov states that President Franklin D. Roosevelt signed the Social Security Act into law in 1935. This legislation established a program that provided continuous income to retirees at least 65 years of age, based on taxes paid by workers beginning in 1937. The first monthly social security payments were made in January 1940.Social Security NumbersUnder the Social Security system and Social Security Act of 1935, in order to receive Social Security
