Ida May Fuller: First Social Security Recipient Lived to 100, Highlighting Retirement Planning Needs
Ida May Fuller, a legal secretary from Vermont, made history in January 1940 when she became the first recipient of a Social Security monthly payment. She was 65 and had only paid into the system for a few years, contributing a total of $24.75. Little did anyone know, she would go on to collect nearly $23,000 over the next three decades.
Born in 1868, Ida May Fuller lived through a time of significant change. When she retired in 1939, life expectancy was shorter, and she was expected to collect benefits for about a year. However, she defied expectations and lived to be 100, passing away in 1975. Her longevity highlights the importance of planning for a long retirement.
The U.S. Social Security Administration, established under President Franklin D. Roosevelt's administration, introduced the social insurance system. Fuller's first check, for $22.54, marked the beginning of a program that has since become a vital safety net for millions of Americans. Today, for the average retired married couple, there's a 51% chance one of them will live to be 90. This increased longevity underscores the need for careful retirement planning, including considering inflation and healthcare costs, and maintaining a sustainable withdrawal rate, typically less than 5% per year.
Ida May Fuller's story serves as a reminder of the importance of Social Security and the need for careful retirement planning. As Americans live longer, it's crucial to consider the financial implications of a longer retirement and ensure our savings can last.
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