Social Security created as a system of old age benefits

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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.

 

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