Today's Social Security benefits are too small to give retirees financial stability

[Progressive dog]

63. Yes they are, but social security was

intended to be insurance that was paid for by special taxes. There are also supplemental security benefits which are available to low income recipients. Both the original social security benefits and the taxes to fund them have been increased.

The original Social Security contribution rate was 1 percent of pay, which was matched by employers. The tax rate grew to 1.5 percent in 1950 and gradually increased to top 5 percent by 1978. The current tax rate of 6.2 percent has been in effect since 1990. However, higher earners don't pay Social Security taxes on all of their income. The Social Security tax applied only to earnings of $3,000 or less in 1950 and earlier.

The first monthly retirement check was issued to Ida May Fuller of Ludlow, Vermont for $22.54 in January 1940. Fuller, who worked as a legal secretary, collected payments until age 100 in 1975. Monthly payments to retired workers have continued since then and increased to an average of $1,464 per month in January 2019.

https://money.usnews.com/money/retirement/social-security/articles/the-history-of-your-social-security-payments