Social Security is a crucial U.S. federal program providing retirement, disability, and survivor benefits to millions of Americans. Funded primarily through...
Social Security provides retirement benefits, disability benefits for those unable to work due to a severe medical condition, and survivor benefits for eligible family members of deceased workers.
Social Security is primarily funded through dedicated payroll taxes (FICA taxes) paid by employees, employers, and self-employed individuals. A portion of these taxes goes into trust funds for future benefit payments.
The earliest age to claim retirement benefits is 62, but benefits are permanently reduced. Your full retirement age (FRA) depends on your birth year, typically between 66 and 67, to receive 100% of your primary insurance amount.