Social Security – (in the US) is a federal insurance program that provides benefits to retired people and those who are unemployed or disabled. Social Security is the economic security for millions of Americans.
About 169 million Americans pay Social Security taxes and 61 million collect monthly benefits.
About one family in four receives income from Social Security.
Social Security is largely a pay-as-you-go program.
This means that today’s workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries.