In 1935, the United States was in the depths of the Great Depression. You saved absolutely everything you had, including string. Every household had the ball of string that you added to whenever a new scrap came along. Most Americans had very little money to live on. And senior citizens were among the people who were hit hardest. Many could no longer work, and their families were having difficulty supporting themselves, let alone trying to support Grandma and Grandpa.
Roosevelt signed the Social Security Act August 14, 1935, and it saved the lives of hundreds of thousands of senior citizens, preventing almost certain financial ruin for each one.