Concept in which an individual works, the worker pays taxes into the system, and when the worker retires or becomes disabled, the worker, his or her spouse, and his or her dependent children receive monthly benefits based on the reported earnings. Also, the worker’s survivors can collect benefits if the worker dies.
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A general term used to refer to the programs mandated by the Social Security Act of 1935. With the amendments made to the act since then, it is now sometimes called Old Age, Survivors, Disability, and Health Insurance. Through social security, programs that provide assistance to certain segmentds of the public are administrated, such as Public Assistance.