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UE/Labor Party On-Line Social Security Workshop


How Did Social Security Come About?

Before 1935, the year that Social Security began, everyone saved for their own retirement. Most workers could not afford to retire. They worked as long as they were physically able and then moved in with their kids or out to the poor farm.

The 1929 stock market crash and Great Depression made millions realize that they needed some protection from the ups and downs of the market. That’s why the same act that created Social Security provided for retirement income, disability payments, and survivors benefits that would be guaranteed.

Social Security is "social" in that it is a universal insurance program run through our elected government which produces a retirement income for everyone. And it is "secure" in that the benefits are statutorily guaranteed, backed by the full faith of the federal government and are there in times of need - old age, disability or death of a parent.



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A Labor Party Educational
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