The Social Security Administation was started by Franklin D. Roosevelt as a part of the NewDeal in 1935. The first social security taxes wre collected in 1937. Benefits were given in a lump sum payment during the intial period between 1937 and 1939. Monthly benefits began in 1940. Today it is the largest social welfare program in the united states. It is also the most reliable source of income for retiries versus 401 k and other investment income. Citizens can normally claim benefits at age 62. However, if they wait to retire at 66, they can claim 33% more of their benefits.
