Social Security in the US, refers to a social insurance program that provides financial support to individuals who are retired, disabled, or survivors of deceased workers. It is designed to provide a basic level of economic security and protection against poverty, particularly for people who are no longer able to work due to old age, disability, or the death of a family breadwinner.
In the United States, Social Security is primarily funded through payroll taxes collected from current workers and their employers. These funds are then used to provide benefits to eligible retirees, disabled individuals, and survivors. The program was established in 1935 under the Social Security Act and has since become a critical component of the country’s social safety net.
Benefits are calculated based on a person’s work history and earnings, with the amount of benefits increasing as a worker’s lifetime earnings increase. Eligibility requirements and benefit amounts can vary based on factors such as age, work history, and disability status.
It’s important to note that programs and their specifics can vary from country to country, as different nations have implemented their own versions of social insurance programs to address the needs of their populations.
Watch these videos about Social Security on finstream.tv. For more information, visit SSA.gov