Social Security

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Social Security

A program of the United States federal government that provides income to disabled and (especially) elderly people. That is, persons who have paid into the Social Security system for a certain period of time are eligible to receive what amounts to a government pension in retirement or in the event of disability. It is paid out of the Social Security trust fund and is financed through FICA taxes. Because Social Security is the single largest expense of the federal budget, periodic attempts are made to wholly or partly privatize Social Security, though opponents claim that doing so would make the American social safety net less secure. See also: SSI, TANF, SCHIP.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Social Security.

Social Security is a federal government program designed to provide income for qualifying retired people, their dependents, and disabled people who meet the Social Security test for disability.

You qualify for retirement benefits if you have had at least the minimum required payroll tax withheld from your wages for 40 quarters, the equivalent of 10 years.

The minimum for each quarter is set by Congress and increases slightly each year. You earn credits toward disability coverage in the same way.

The amount you receive in Social Security retirement benefits, up to the annual cap, is determined by the payroll taxes you paid during your working life, which were matched by an equal tax paid by your employers. Some of your benefit may be subject to income tax if your income plus half your benefit is higher than the ceiling Congress sets.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Social protection is a source of socioeconomic development and an important instrument used for crisis management.
Only Cambodia, Lao PDR, Myanmar, and Timor-Leste will have to make trade-offs among the different social protection investments given their fiscal constraints.
Social protection for anyone in need, at any age, helps ensure against that threat,' said Deborah Greenfield, ILO Deputy Director-General.
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The views on social protection and main areas of state policy involving progressive methods of support of families, children and people with disabilities were exchanged at the meeting.
The Principal Secretary for Social Protection, Pensions and Senior Citizens, Ms Susan Mochache, said the Ministry is verifying details of the additional people to ensure that they qualify before the funds are released."We have recruited four banks Kenya Commercial Bank, Equity Bank, Cooperative Bank and Post Bank to help the ministry pay the funds to the elderly persons," she said.
Eight Member States -- Finland, France, Denmark, Austria, Italy, Greece, Sweden and Belgium -- devoted at least 20 per cent of GDP to social protection, while Ireland, Lithuania, Romania, Latvia, Malta, the Czech Republic and Bulgaria each spent less than 13 per cent of GDP on social protection.
The new program focuses, in particular, on the effectiveness and coherence of Palestine's social protection system through focusing on improving the social services that in turn will contribute to the goal of ending poverty in all its forms in Palestine, in line with the 2030 Sustainable Development Goals.
Turkey was surpassed by all EU countries based on the ratio of social protection support to GDP.
In recent years, social protection has become part and parcel of the development response across the globe.
Social protection, economic growth and social change; goals, issues and trajectories in China, India, Brazil and South Africa.

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