Times Are Changing And So Has Social Security

I read a very sad story in the New York Times the other day about the late Eric De La Cruz, who apparently died of a severe dilated cardiomyopathy (an abnormally large heart), and the article told the story of his sister and her efforts to speed up the Social Security disability hearing process so he could be covered by Medicare. Unfortunately, his sister's mighty efforts did not speed up the lengthy Social Security process. If you want to read the article, click here.

After reading the Eric De La Cruz article, it really got me thinking and questioning whether there was ever a time when Social Security really paid off as an "investment." After some thorough research, I came across Ida May Fuller. On January 31st, 1940, Ida May Fuller, of Ludlow, Vermont received the very first Social Security check from the government totalling $22.54. The amount is not what is interesting, rather the amount that she put in. According to the Social Security Administration, Ida worked as a legal secretary for three years and put a total of $24.75 into Social Security. Because she lived till she was 100 years old, Social Security paid her a total of $22,888.92. That means that by the time of her death in 1975, the government had paid Ida a mind boggling 924 times the amount of money she put in the system!

As the dividends of Social Security have dwindled over time, there is no doubt that we can all be envious of the rewards Ida May Fuller received during her lifetime and only hope that Social Security improves its current condition and procedures.