A government program that provides monetary assistance to people with inadequate or no income due to old age, disability or unemployment.
Think of Social Security as a mandatory savings account. You pay into it while you're working (through taxes), and then when you retire or can't work, you get to withdraw from that account.
Payroll Tax: This is the tax employees and employers pay that funds Social Security and Medicare.
Retirement Age: The age at which a person is expected to cease work entirely.
Disability Benefits: These are payments made to individuals who are unable to work due to a medical condition.
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