Social Security

Social Security

Social Security is a federal government program in the United States that provides financial assistance to individuals and families in retirement, disability, or following the death of a family member. It is funded through payroll taxes that are deducted from an employee's wages, as well as contributions from employers.

The Social Security program was established in 1935 as part of President Franklin D. Roosevelt's New Deal. It is designed to provide a safety net for individuals who are unable to work due to age, disability, or other reasons. The program provides a regular source of income to eligible beneficiaries, helping them to meet their basic needs.

To be eligible for Social Security benefits, an individual must have earned sufficient credits through working and paying Social Security taxes. The amount of benefits received is based on a formula that takes into account the individual's earnings history and the age at which they begin to receive benefits.

Social Security is an important source of income for many Americans, particularly those who may not have access to other retirement savings programs. However, the program has faced financial challenges in recent years, as the number of beneficiaries has grown while the number of workers paying into the system has declined. This has led to concerns about the long-term sustainability of the program, and debates about potential reforms to ensure its continued viability.