To help celebrate Social Security’s 78th anniversary, here is a comparison of how the country — and Social Security — have changed since 1940, when Ida May Fuller received Social Security’s first monthly benefit.
Since 1940, the number of Americans age 65 and over has quadrupled, more than doubling as a percentage of the population.
The number of individuals receiving a Social Security benefit, since benefit checks were first issued in 1940, has increased over 250 times.
Not only has the number of people receiving benefits increased, but the amount of the average monthly retirement benefit has too (thanks to wage growth). However, benefits are still modest.
The increase in women’s labor force participation means that more women than ever are receiving retirement benefits based on their own earnings.
Social Security has helped older Americans live their retirement out of poverty (note: the poverty statistic is for 1959 – the oldest Census data that was available).
Source: Table 3 here: http://www.census.gov/hhes/www/poverty/data/historical/people.html
Mikki D. Waid, Ph.D., is a senior strategic policy adviser on the Economic Security Team in the AARP Public Policy Institute. She is responsible for research and analysis of policy issues relating to Social Security and retirement security.
Also of Interest
- A Look at Social Security’s History – Celebrating Social Security’s 78th Anniversary
- Retirement Savings: It’s Worse Today Than a Year Ago
- Join AARP: Savings, resources and news for your well-being
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