Overview

* In 1935, Congress passed and Democratic President Franklin D. Roosevelt signed into law the "Social Security Act." This law created "a system of Federal old-age benefits" for workers and their families. In 1956, the law was amended to also provide disability benefits.[3] [4]

* Social Security is composed of two separate entities: The "Old-Age and Survivors Insurance" program and the "Disability Insurance" program. Each program has separate finances handled through two separate trust funds. For the purpose of simplicity, the figures shown below reflect the combination of both programs unless otherwise stated.[5] [6]

* The Supplemental Security Income (SSI) program provides benefits for aged, blind, and disabled people without regard to prior workforce participation. It is administered by the Social Security Administration, but it is not funded by Social Security taxes. Unless otherwise stated, this program is not covered in this research.[7]

* As of June 30, 2013, 57.5 million people or 18% of the U.S. population were receiving monthly Social Security benefits.[8]