The first monthly Social Security check was issued to a 65-year-old legal secretary named Ida May Fuller in 1940.
That check was for a grand total of $22.54.
Today, Social Security represents about 33% of all income for older Americans. The average retired worker receives nearly $1,500 a month in benefits.
The size of your check will be based on your income from your working years, the year you were born and your age when you decide to start taking money out.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
So how much should you expect from Social Security if you make $40,000 a year? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
by Paul B. Burkhalter Managing Partner of Morgan & Weisbrod, Board Certified in Social Security Disability Law.