This system of insurance, named Social Security, was created in 1935 by President Franklin D. Roosevelt. It was then considered to be one of the best systems available to provide retirement income to those who were age 65 and over. Qualifying disabled individuals began receiving benefits in 1956.
The Social Security system is governed by 2,728 core rules. There are thousands upon thousands of additional rules about the rules in the Programs Operating Manual Systems (POMS), which supposedly clarify the original 2,728 rules.
The system has experienced major changes and continues to sustain solvency over the past 81 years. Today this system offers a wide range of financial benefits to those who qualify, including retirement income, disability income and death and survivor benefits.
The program pays, to its recipients, billions of dollars each year. Many of these recipients would be destitute without such assistance. This year more than 65 million people are receiving Social Security benefits.