How Social Security Funding Affects Your Retirement

The first person to receive a monthly Social Security retirement benefit, Ida May Fuller of Ludlow, Vermont, earned quite a return on her tax dollars.

Fuller paid $24.75 in payroll taxes, which is used to fund Social Security, over three years while working as a legal secretary. She retired at age 65 in November 1939. On Jan. 31, 1940, she received her first Social Security check of $22.54. From then until 1970 when she died at age 100, Fuller collected a total of $22,888.92 in Social Security retirement benefits, according to the Social Security Administration (SSA).

Continue reading source article at NBCnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions