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What is Social Security?

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.

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