Milford chronicle., 1954-01-15
Social Security Pays
100000 Monthly
CONTINUED from first pagel

gTesS enacted an amendment to the
law which greatly expanded the
scope of the program. At that time
only three million people were get
ting benefits. The number has Just
about doubled in the last S-year
period, he pointed out, having
reached 100000 by years end,
according to preliminary estimates
made in December.
Since the program was original
ly designed to give a measure of
protection to the nations aged
people, MilbOuer says it is sig
niticant to note that about 4O%
of all aged persons who are with
out income from employment or
self-emplOyment are now getting
Old-age and survivors payments.
The number of such beneficiaries
nationwide shows an increase of
about 100000 since the close of
1852. Self-emplOyed people and
regularly employed farm and
household workers IS or over are
among those who started getting
payments in 1853. The kind of work
in which they are engaged did not
count toward Old-age and surviv-
Ors insurance before 1851.
Nearly three and One-quarter
million retired men and women
workers, aged 65 and over, are
now receiving old-age benefit pay
ments. In addition, monthly pay
ments based on the accounts of re-
tired insured workers are now go
ing to $4,000 wives and depend-
ent husbands IS or over, or wives, /
regardless of age. with retired
workers minor children in their
care. The number of such benefi-
Charles throughout the nation in
creased 100000 during the year Just
ended. During the same 12-mOnth
period, the number OF children I'M
der Is getting payments because
an insured parent over IS had re-
tired, increased by $4,000 in 1853.
A far greater number of child
benefciaries are getting payments
as survivors of a deceased insur-
ed parent, MilbOuer declared. The
number of children who were get
ting survivors payments because
they had lost working parent was
100000 greater at the close of 1853.
The total of children now receiving
payments is now 1,055,000 through
out the nation. About 45@o of all
children under Is whose father
has died are now getting monthly
survivors benefits.
Still quoting national figures, the
local manager said that the num-
Der of aged widows, widOwers, and
aged dependent parents getting
monthly payments increased by
$1,000 in 1858. The number of such
benefciaTies was $4,000 at the end
of the year Widowed mothers now
getting payments because they
have the deceased insured fathers
minor children in their care now
number $4,000. Monthly benefits
are payable to such widowed mo-
theirs regardless of their age.
The Old-age and survivors insur-
ance program is financed from So
cial security taxes paid by en-
plOyees, their employers, and self
employed person whose trade or
business is covered by the law. Tax
contributions amounted to 4 bill
lion dollars in 1853. All social Sc
curity taxes go into a trust fund
which is kept separate from all
other tax collections of the Trea-
sury. The only expenditures which
can be made from this fund are for
paying social security benefits and
the cost of administration under
the program. Benefit payments for
the l2-mOnth period ending Deem
Der 81, 1858. total billion dol
lars; administrative expenses for
the same period were $50 million.
The assets of the fund which are
not needed for current disburse-
ment are invested in interest-bear-
ing u. S. Government bonds. In
terest on these investments
amounted to $40O million in 1853.
The total assets of the fund, as of
December 81, 1858, were $18.8 bill
lion.
At the end of December, the av-
erage monthly payment to all re-
tired workers without dependents
was $4,000; to a retired worker
and aged wife, $84.75; and to wild
owed mothers with two minor chill
dren, $111.0O. For persons whose
benefits were computed under the
more liberal provisions of the 1850
Amendments to the Social Security
Law, based on earnings after 1850,
the averages were considerably
higher. Retired workers average
S62.75 monthly; retired workers
and aged wives average $103.6O;
widowed mothers with two chill
dren average $152.5O monthly.