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 ?
Despite questions regarding the future of Social Security, social scientists agree that some form of Social Security will continue to exist.
We want to use America's hard-earned success to preserve the future of Social Security and Medicare, to pay off our national debt, and cut the taxes of middle-class families."
The high-profile issues, though worthy, reflect concerns of middle-class and upper middle-class Americans: the future of Social Security, the high price of prescription drugs, tax breaks for college students.
The future of Social Security will feature both inertia and attention-driven punctuations.
Everything from the opening of salad bars in fast-food restaurants (yes, it turns out, we DO need our roughage) to policy discussions on health care, retirement planning, and the future of Social Security can be attributed, in part, to the fact that, somewhere in America, a boomer turns 50 every 7.5 seconds.
Uncertainty over the future of Social Security is fueling concerns.
The future of Social Security is anything but secure.
Thus, moving any major tax bill before there is a bipartisan agreement on securing the future of Social Security faces an uphill battle in the House, Senate, and at the White House.
Adding $27 billion to the economy certainly will be of some assistance to the Social Security system and might lessen some of the skepticism young people have about the future of Social Security. But, in the long run infrastructure investment is superior to tax cuts as a remedy for curing economic ills while simultaneously improving the health of the Social Security Trust Fund:
So far, the future of Social Security has mainly been an inside Washington affair.
The future of Social Security poses a question mark.
"Most are concerned about the future of Social Security and few are very confident about their retirement prospects."