aug 14, 1935 - Social Security Act

Description:

In 1935, FDR signed into law the Social Security Act, which created a new system operated by the federal government which would benefit the elderly, unemployed, and disadvantaged. It was originally created to pay retirees over 65 based on their lifetime payroll tax contributions, but has grown since. The Social Security Act also created the Social Security Board to help figure out the logistics of implementing Social Security.