Social security

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Social Security

Social Security (/ˈsoʊʃəl sɪˈkjʊrɪti/) is a government system that provides monetary assistance to people with an inadequate or no income.

Etymology

The term "Social Security" originated in the United States during the Great Depression in the 1930s. It was part of President Franklin D. Roosevelt's New Deal program, which aimed to provide economic security for the nation's citizens.

Definition

Social Security is a comprehensive federal program that provides benefits to retirees, disabled people, and their survivors. The program is funded through payroll taxes collected from workers and their employers throughout their careers.

Related Terms

  • Retirement: The period of one's life after leaving one's job and ceasing to work.
  • Disability: A physical or mental condition that limits a person's movements, senses, or activities.
  • Survivor Benefits: Benefits paid to the surviving dependents of a deceased worker.
  • Payroll Tax: Taxes an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee.
  • New Deal: A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939.

See Also

External links

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