Social Security Act

The Social Security Act, enacted in 1935 in the United States, was designed to provide financial support to individuals during retirement, unemployment, or disability. It established a system of social insurance, primarily funded through payroll taxes, where workers earn credits for future benefits. This aims to ensure basic financial security for retirees, disabled individuals, and their dependents. Over the years, the Act has evolved to include various programs, such as Social Security Disability Insurance and Supplemental Security Income, helping millions of Americans maintain a standard of living when facing economic hardships.