Definition

A federal program that provides retirement, disability, and survivor benefits, funded through payroll taxes to support you in later life.

What to consider

  • Check your estimated benefits and adjust your plans accordingly.
  • Consider how it fits with your other retirement income sources.
  • Stay informed about changes to the program rules.

Real world scenarios

  • At age 66, Martin begins drawing Social Security benefits, supplementing his modest pension for a comfortable retirement lifestyle.
  • After an injury, Diana qualifies for Social Security disability benefits, helping cover living costs during her recovery period.
  • Couples like Terri and George coordinate their Social Security claim ages to optimize household income over time.

Related terms

Government Benefits & Programs