Social Security
What is the intent of Social Security?
The Social Security Act was signed into law by President Roosevelt on August 14, 1935. In addition to several provisions for general welfare, the new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.
Social Security is more than a retirement program. It can help support your family when you die and provide monthly benefits when you retire or if you become severely disabled. Your work in Social Security covered employment helps you and your family qualify for those benefits. The benefit amounts are based on the earnings reported to the Social Security Administration.
Since then there have been many changes to the original program to adapt to the economic changes and needs of the people. 2021 is no exception so we have provided a link to a quick overview of those as well as a Fact Sheet.
* All information cited has come from https://www.ssa.gov/