Created as a result of the Great Depression, The Social Security Act was signed into law by President Roosevelt in 1935; mainly due to the rise in poverty of the nation’s elderly population. The act was designed to provide retired workers ages 65 and older with a continuing income after retirement. The first Social Security card was created in November of 1936, with the numbers assigned by geographic region. To date, more than 450 million Social Security numbers have been issued since the program started.
Remember way back to your first paycheck. The moment you open the envelope anticipating the windfall when all your hard work pays off. Then, like a swift kick to your gut, realty hits. Your takeaway earnings are almost always way lower than what you expected.
Have you ever stopped to wonder why 60 is considered retirement age? Some public services - like the police force in certain countries - require you to stop working at 60. For most, retirement age, which traditionally varies from 60 - 65 simply refers to when you’re entitled to receiving your pension plan, whatever that may be.1 Thousands of man-hours go into determining when the appropriate age is to allow for citizens to get support from the government.