Social security

Social Security is a government program that provides financial support to people who are unable to work, such as the elderly, disabled, or unemployed. It is funded by taxes paid by workers and employers.

History

The concept of social security has been around for centuries, but it was not until the Great Depression in the United States that a formal social security program was established. The Social Security Act was signed into law by President Franklin D. Roosevelt in 1935.

Benefits

Social security provides a variety of benefits, including retirement income, disability income, and survivor benefits. The amount of benefits a person receives is based on their earnings history and the age at which they begin receiving benefits.

Funding

Social security is funded through a payroll tax that is paid by both workers and employers. The funds are then invested in U.S. Treasury securities, which earn interest and help to fund the program.

Challenges

Despite its success, social security faces several challenges. These include a growing aging population, increasing life expectancy, and a declining birth rate. These factors are putting pressure on the program's finances and could lead to future benefit cuts or tax increases.

See also

• Medicare (United States)
• Pension
• Unemployment benefits

References

Social security Resources
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