Social Security System
The Social Security System is a government program that provides financial support to people who are retired, disabled, or survivors of deceased workers. Funded through payroll taxes, employees and employers contribute to the system. When individuals retire or become unable to work, they receive monthly benefits based on their earnings history. The system aims to reduce poverty among the elderly and disabled, ensuring a basic standard of living. It also includes programs like Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) for those who need additional assistance.
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The Social Security system is a government program that provides financial support to individuals, primarily for retirement, disability, and survivors' benefits. Workers and employers contribute to the system through payroll taxes. When eligible individuals retire or become disabled, they receive monthly payments based on their work history and contributions. The program aims to ensure a basic level of income for people who may no longer be able to work or need assistance after the death of a breadwinner, helping to reduce poverty and provide financial security.