What is Social Security?

Social Security is a part of a social insurance and welfare program that provides benefits to retirees, disabled workers and survivors of disabled workers. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

| Term of the Day Social Security Social Security is an important part of the Old-Age, Survivors, and Disability Insurance program and run by the Social Security Administration. This is a social welfare and insurance plan managed by the U.S. federal government that pays benefits to retirees, workers who become disabled and survivors of deceased workers. Social Security's benefits include retirement income, disability income, Medicare and Medicaid, and death and survivorship benefits. Social Security is one of the largest government programs in the world, paying out hundreds of billions of dollars per year. Read More » Related to "Social Security" 10 Common Questions About Social Security Find answers to the 10 Social Security questions that most people ask, from how to apply for benefits to how secure the system is. Read More » What Will Social Security Look Like When You Retire? Many workers are not confident that Social Security will be around during their retirement. Here's what you need to know about its future. Read More » How Secure Is Social Security? The 2019 Social Security Trustees Report shows the program is nowhere near bankruptcy. Even with no fix, reduced benefits could be paid. Read More » Related Definitions Old-Age, Survivors and Disability Insurance Program (OASDI) The old age, survivors, and disability insurance program (OASDI) is the official name for Social Security in the United States. Read More » Social Security Administration (SSA) The Social Security Administration (SSA) is a U.S. agency that administers social programs covering disability, retirement and survivors' benefits. Read More » Actuarial Balance Actuarial balance is the difference between future Social Security obligations and the income rate of the Social Security Trust Fund as of the present. Read More » Federal Reserve Board (FRB) The Federal Reserve Board (FRB) is the governing body of the Federal Reserve System, the U.S. central bank in charge of making monetary policy Read More » CONNECT WITH INVESTOPEDIA Email sent to: mondemand.forex@blogger.com To update your newsletter preferences or unsubscribe, click here. 114 West 41st St, floor 8 New York NY 10036 © 2019, Investopedia, LLC, All Rights Reserved | Privacy Policy