What was the purpose of the Social Security Act of 1935?

The Social Security Act of 1935 was designed primarily to create a federal retirement fund to provide financial assistance to the elderly. This landmark legislation established a system of old-age benefits for workers, which would ensure that individuals had a financial safety net upon retirement. By providing retirees with regular payments funded through payroll taxes, the Social Security Act aimed to address the economic insecurity many faced during the Great Depression, thus helping to alleviate poverty among older Americans.

The act was a pivotal part of President Franklin D. Roosevelt's New Deal, aiming to support not only the elderly but also the unemployed and disadvantaged segments of the population through various welfare programs. This foundational component of the welfare state has significantly influenced the way the U.S. addresses economic support for its citizens.