CMKM Diamonds Inc. (fka CMKX)

[Investorman]

Who was the first person to get Social Security benefits?

A: A fellow named Ernest Ackerman got a payment for 17 cents in January 1937. This was a one-time, lump-sum pay-out--which was the only form of benefits paid during the start-up period January 1937 through December 1939.


Has Social Security always taken in more money each year than it needed to pay benefits?

A: No. So far there have been 11 years in which the Social Security program did not take enough in FICA taxes to pay the current year's benefits. During these years, Trust Fund bonds in the amount of about $24 billion made up the difference.

How much has Social Security paid out since it started?

A: From 1937 (when the first payments were made) through 2009 the Social Security program has expended $11.3 trillion.

How much has Social Security taken in taxes and other income since it started?

A: From 1937 (when taxes were first collected) through 2009 the Social Security program has received $13.8 trillion in income.