Appreciate Your Social Security Check Day

Celebrated at least since 2013, Appreciate Your Social Security Check Day recognizes the support that Social Security provides for seniors and others, such as those with disabilities, and is a day for those who receive Social Security checks to appreciate them and the stability they provide.

The formal name for Social Security is Federal Old-Age, Survivors, and Disability Insurance (OASDI). Administered by the Social Security Administration (SSA), Social Security is an important part of income for seniors, replacing part of their income when they retire or cut back hours. Those eligible for old-age Social Security are 62 or older and must have paid Social Security taxes for 10 or more years. The amount they receive is based on prior work: most jobs take out Social Security taxes in each paycheck, and the monthly benefit is paid out in retirement. They may get additional money based on a current or former spouse's work. Most workers are covered by Social Security, although a portion of state and local government workers instead have pension plans and are not covered.

"Full Retirement Age" is between 66 and 67, and determines an individual's and family's benefit amount. The longer an individual waits to take Social Security after turning 62, up until the age of 70, the higher their checks will be. Medicare can also affect Social Security benefits. Those who are 65 and over are eligible for Medicare, being able to sign up for Part A (hospital insurance) and Part B (medical insurance) through the Social Security Administration. The cost of Part B is taken out of an individual's monthly Social Security check. Individuals who can't work because of a disability are also eligible for Social Security checks.

Franklin D. Roosevelt signed the Social Security Act on August 14, 1935. At the time, the legislation included Unemployment Insurance, Aid to Dependent Children, Old Age Insurance (OAI), and Old Age Assistance (OAA). It has been amended many times over the years, and the old age insurance programs eventually became the Old-Age, Survivors, and Disability Insurance Program. In 1937, over 20 million Social Security cards were issued, and in 1939, categories were added for spouses and minor children of retired workers. The first monthly benefit check was issued to Ida May Fuller in 1940 for $22.54.

The disability program was added in 1954, and the early retirement age was lowered to 62 with reduced benefits in 1961. Medicare was added to Social Security in 1965, and Supplemental Security Income (SSI) became a federal program and was added to Social Security in 1972. In 2022, the cost of the Social Security program was $1.244 trillion, approximately 5.2 percent of the U.S. GDP. The average monthly benefit was $1,706 in September 2023.

How to Observe Appreciate Your Social Security Check Day

• If you receive a Social Security check, learn about your benefits, share stories with others about the positive effect that receiving checks has had on you, and appreciate the checks and the stability they help provide.
• Similarly, if you will be receiving Social Security checks soon, learn more about the program. Look over your finances and adjust your plans to make sure you are saving for retirement. Estimate your benefit amount and determine when you should apply.
• If you are between the ages of 62 and 70, you may apply for your monthly retirement benefit. If you wait to start collecting, the amount you will get will go up each year until the age of 70.
• Learn more about Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), and benefits for spouses and other family members of a family member who has died.
• Discuss with older relatives about if they are using their Social Security benefits to the fullest.
• Log in to your Social Security account.

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