Social Security is a government program that provides benefits to people who are retired, unemployed, or disabled.
It was established in 1935 as part of the Old-Age, Survivors, and Disability Insurance Act (OASDI).
Its benefits include:
- Retirement income
- Disability income
- Death and survivorship benefits
- Medicare (health insurance program for those over 65 or with disabilities)
- Medicaid (health insurance program for the low-income and needy)
Employers and employees pay Social Security taxes, which then go towards a large Social Security fund.
The money in this fund goes primarily towards people who are eligible for collecting Social Security.