Social Security

Social Security is a social insurance program in the United States. It is managed by the Social Security Administration, and its primary purpose is to provide financial support to individuals who are retired, disabled, or otherwise unable to work. The program is funded through payroll taxes, and benefits are calculated based on a person's lifetime earnings.

History

The Social Security program was established in 1935 as part of President Franklin D. Roosevelt's New Deal. It was created in response to the Great Depression, during which many elderly people were left without a source of income. The program has undergone several changes since its inception, including the addition of disability and survivor benefits.

Benefits

Social Security provides several types of benefits, including:

• Retirement benefits: These are provided to individuals who have reached the age of retirement, which is currently 66 for people born between 1943 and 1954, and gradually increases to 67 for those born in 1960 or later.
• Disability benefits: These are provided to individuals who are unable to work due to a medical condition that is expected to last at least one year or result in death.
• Survivor benefits: These are provided to the surviving spouses and children of deceased workers.

Funding

Social Security is primarily funded through payroll taxes, which are collected from both employers and employees. The current tax rate is 6.2% for both employers and employees, for a total of 12.4%. Self-employed individuals pay the entire 12.4% themselves.

Criticisms and Controversies

Despite its widespread use, Social Security has been the subject of numerous criticisms and controversies. Some argue that the program is unsustainable in its current form, while others believe that it does not provide adequate benefits.

See Also

• Medicare (United States)
• Pension
• Unemployment benefits

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