History of Current Social Security System

Formed in 1935 within President Roosevelt’s New Deal, the Social Security Act, “is a government pension program financed by worker payroll taxes.”
- (Gramlich, 1996, p. 55).
1939- Amended to allow dependents of deceased workers to receive benefits.
1956 and 1958- benefits extended to disabled workers and their dependents.

Formed in 1935 within President Roosevelt’s New Deal, the Social Security Act, “is a government pension program financed by worker payroll taxes.”