It was 80 years ago today that President Franklin D. Roosevelt signed Social Security into law--on Aug. 14, 1935. In Arkansas, 666,172 people--among 59 million people nationwide--Social Security benefits.
Social Security is the bedrock of financial security for all of us as we get older. It has kept millions of older people and their families out of poverty and help all people age with dignity. These benefits are earned during our working years, through the payroll taxes deducted from each paycheck.
AARP research* shows that spending related to Social Security by beneficiaries, businesses and workers on goods and services generates $13.7 billion in economic output for Arkansas.
Pensions are rare these days and Social Security provides at least half the family income for 61 percent of older Arkansans. Moreover, Social Security provides 90 percent of income for 31 percent of Arkansans. It’s a vital program for the people it serves and for the states in which they live.
In Arkansas, the majority of Social Security recipients (58 percent) are retired, but many other Arkansans receive Social Security benefits. Of the remainder, 21 percent are disabled; 10 percent are children; 8 percent are widows/widowers; and 3 percent are spouses.
Sign AARP's Social Security Birthday Card at www.aarp.org/celebrate80 and urge 2016 Presidential candidates to share their proposals for keeping Social Security strong for future generations.
Visit AARP.org/socialsecurity and learn why Social Security will be there for you, how Social Security and Medicare (which turns 50 this year) work together, and get information on how to maximize your Social Security benefits. You can also share a personal story on how Social Security has made a difference in your life on AARP’s Humans of Social Security page.