On August 14, 1935 President Franklin Roosevelt made Social Security law, so in honor of its 75th birthday we thought we would let you know a little bit more about this sweeping legislation. All employees are required to pay into the system and it is the largest income source for most Americans 65 and older. A government program this big is filled with many aspects that are not widely known. Here are 10 things you may not know about Social Security
Couples who are currently married, or who have stayed together at least 10 years, tie their working records—and the resulting Social Security checks—together as long as they both live. In the case of Social Security payments, the result is often better for the couple.
Boston College’s Center for Retirement Research released a study that shows 51% of US households simply do not have enough savings in their retirement funds to exit the work force at 65. This is an increase from 2006’s study which showed that only 44% of households were in the same ugly financial position. The current financial crisis has hit those near retirement age doubly hard. Namely, their dismal 401Ks and the decreased value of their homes.