On this day in history, August 14, 1935, Social Security is signed into law by FDR

President Franklin D. Roosevelt signed the Social Security bill into law on this day in history, Aug. 14, 1935, creating a federal safety net for older, unemployed and disadvantaged Americans.

The Social Security Act created a federal safety net for elderly, unemployed and disadvantaged Americans, noted History.com. On Jan. 31, 1940, Ida M. Fuller became the first person to receive a monthly benefit. Her first check was for $22.54, the inflation-adjusted equivalent of $420.15 today. Fuller lived to the age of 100.  About 66 million people, or about one in every five U.S. residents, collected Social Security benefits in February 2023.  "As aging baby boomers retire, there are fewer workers paying into the program to support the rising cost of benefits." Erica Lamberg is a contributing reporter for Fox News Digital.

"The main stipulation of the original Social Security Act was to pay financial benefits to retirees over age 65 based on lifetime payroll tax contributions," said the same source.