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How Social Security funding affects your retirement
The first person to receive a monthly Social Security retirement benefit, Ida May Fuller of Ludlow, Vermont, earned quite a return on her tax dollars. Fuller paid $24.75 in payroll taxes, which is used to fund Social Security, over three years while working as a legal secretary. She retired at age 65 in November 1939. On Jan. 31, 1940, she received her first Social Security check of $22.54. From then until 1970 when she died at age 100, Fuller collected a total of $22,888.92 in Social Security retirement benefits, according to the Social Security Administration (SSA). Read more…
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