Social Security and Retirement

Social Security is a government program that provides financial support to individuals during retirement, as well as to disabled workers and survivors of deceased workers. Funded through payroll taxes, it aims to ensure a basic standard of living for retirees. The program's benefits are based on workers' earnings over their lifetime, encouraging saving for retirement. As part of labor legislation, Social Security plays a crucial role in protecting citizens from poverty in old age, promoting economic stability, and supporting the workforce by enabling older workers to retire with financial security.