Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 84 years ago, the U.S. Social Security Act was signed into law.
Where The Market Was
The Dow Jones Industrial Average closed at 128.27 and the S&P 500 traded at 11.37.
What Else Was Going On In The World?
In 1935, the construction of the Hoover Dam was completed. Sir Malcolm Campbell breaks the world land speed record by becoming the first person to exceed 300 mph in a car. A gallon of gasoline cost 10 cents.
The U.S. version of Social Security is a social welfare program originally created to provide support for elderly and disabled Americans.
The Social Security Act was signed into law by President Roosevelt in 1935, but the first Social Security payout was not made until 1937. The first batch of Social Security payouts came in the form of a one-time check. In 1939, the program was expanded to include payouts to dependents of workers who retire, are disabled or die prematurely.
In 1940, Ida May Fuller received the first monthly Social Security payment in the form of a $22.54 check. Despite paying just $24.75 into the Social Security system, Fuller continued to receive monthly checks until her death in 1975 at the age of 100.
Today, Americans who work for at least 10 years are eligible to begin receiving Social Security payments starting at age 62.
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Photo: President Roosevelt signs Social Security Act.
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