CELEBRATING SOCIAL SECURITY
President Franklin D. Roosevelt signed the Social Security Act in 1935. At that time he saw it as an innovative way to provide economic security for American workers. We know that the Social Security program has been enormously successful and is highly popular with our retired seniors.
At the time, he also envisioned disability insurance as part of the program. However, it wasn’t until twenty years later that it became a reality, in August, 1956. In August, we celebrate the 60th Anniversary of the Social Security Amendments which establish the disability insurance program as part of Social Security. Here’s some interesting facts about Social Security Disability:
- Social Security is not a welfare program; it is insurance that workers earn.
- The Social Security Act defines disability very strictly. There are misconceptions that it is easy to qualify. For this reason, Social Security Disability Benefits are limited to the most severely disabled people in our country.
- Disability is unpredictable and can happen at any age.
- Social Security Disability payments are modest; it is not a windfall.
Here are some fun facts:
- Social Security numbers’ original purpose was to keep track of hobos; at the time there were so many itinerant workers, that the government needed a way to keep track of them.
- If you were born before 2011, your Social Security number reflected the state of your birth.
- The lowest Social Security number was 001-01-0001, issued to Grace D. Owen, of Concord, New Hampshire.
- More than 40,000 people claim to have the Social Security number 078-05-1120; this was the number a wallet company decided to include as a sample Social Security card in wallets that they sold (which people then claimed as their own).
Last but not least, consider this interesting fact: A study in Ohio recently showed that 1 in 5 people living in Ohio, or 2.27 million people, were receiving Social Security monthly, adding up to 32.7 billion dollars annually. The study concluded that the “ripple effect” of Social Security in that state amounted to nearly 60 billion dollars every year.
As part of your estate and retirement planning, you do need to take into account Social Security benefits; however, that is only one piece of the puzzle, as most Americans rely on a variety of other plans and options, including pension plans, IRA’s, 401K’s and the like. Give us a call to discuss your plans.
Respectfully Submitted by: Peter E. Grosskopf, Grosskopf Law Office, LLC