Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze School: Highlights from “The History of Social Security”
Jun 9, 2024
Delve into the history of Social Security, from its 1935 origins to potential future changes in benefits. Learn why it's crucial to save early for financial stability and retirement.
23:24
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Starting savings early is crucial due to potential Social Security changes like raised retirement age.
- Financial planning advises early investment for long-term wealth growth amidst possible Social Security alterations.
Deep dives
History of Social Security Act
The history of the Social Security Act dates back to August 14, 1935, when it was initially named the Economic Security Act. The first recipient of a Social Security check was Ida Mae Fuller, a legal secretary who started collecting benefits in 1940 at the age of 65. Despite the act being established in 1935, benefits were not paid until 1940. Social Security faced challenges in projecting life expectancies, leading to adjustments like raising the full retirement age from 65 to 67.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
