The 1935 Social Security Act conceived and established the present-day Social Security. It made pension in old age as a basic right. It also designed to handle unemployment with insurance.
The determined age of retirement is at 65 years (or on January 1, 1942--whichever was later) with a stipend that depends on what is put in. The monthly aid amount was based on wages (total amount) after 1936 and before 65 years of age.
