Ida May Fuller
The Social Security website tells a great story about Ida May Fuller that illustrates the history of how Social Security benefits increased. Let’s take a look.
1940 – First checks sent out.
- Ida received $22.54 per month
1950 – First benefit increase enacted by Congress.
- 77% increase
- After 10 years at $22.54 a month, Ida began receiving $41.30 in October 1950
1952 – Second increase of 12.50% goes into effect.
All subsequent increases were by special legislation until 1975.
1975 – Automatic annual increases go into effect.
- Increase is meant to cover annual cost of living increase
- No longer does inflation erode Social Security benefits
2018 – Cost of living adjustment = 2.8% effective for payments starting January 2019.