Social Security is a U.S. federal program that provides retirement benefits, disability income, and survivor benefits to qualified individuals and their families. It is managed by the Social Security Administration (SSA) and funded primarily through payroll taxes paid by workers and employers. The program offers financial support to retirees, disabled workers, and survivors of deceased workers, based on the workers' earnings history and contributions to the program during their working years.

Key Points About Social Security

• It is known as the Old-Age, Survivors, and Disability Insurance (OASDI) program.
• To qualify for retirement benefits, workers must be at least 62 years old and have paid into the system for at least 10 years.
• The benefit amount depends on the worker's average indexed monthly earnings during their highest earning years.
• There are also benefits available for spouses, children, and survivors.
• Social Security acts as a social insurance program providing a financial safety net for those who retire, become disabled, or lose a family breadwinner.

How the Program Works

• Funding comes mainly from payroll taxes withheld from workers' paychecks.
• The taxes are collected into two trust funds: one for retirees and survivors and one for disabled beneficiaries.
• A board of trustees oversees the financial operations of these funds.
• The program pays out benefits monthly to millions of Americans, serving as a crucial source of income for older adults and disabled individuals.

In summary, Social Security is a vital government program ensuring economic security for millions through retirement, disability, and survivor benefits based on work history and contributions.