The Social Security program turns 75 this Saturday. Each day this week, we’ll highlight two key facts about the program and its accomplishments since President Franklin Roosevelt signed the Act on August 14, 1935.
Here is our first one:
- Social Security is more than just a retirement program. It provides important life insurance and disability insurance protection as well. In June 2010, 53.4 million people, or about one in every six U.S. residents, collected Social Security benefits. While three-quarters of them received benefits from the programs for retirees and elderly widow(er)s, another 10.0 million (19 percent) received disability insurance benefits, and 2.3 million (4 percent) received benefits as young survivors of deceased workers. The risk of disability or premature death is greater than many people realize. A recent analysis by the Social Security actuaries estimates that almost four in ten men entering the labor force, and three in ten women, will become disabled or die before reaching the full retirement age.
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