social security

social security   n.   often Social Security Abbr. SS A government program that provides economic assistance to persons faced with unemployment, disability, or agedness, financed by assessment of employers and employees. The economic assistance provided by social security.

Social Security

A U.S. federal benefits program developed in 1935. The program includes retirement benefits, disability income, veteran's pension, public housing, and even the food stamp program.

Investopedia Commentary

The funding for social security is done through a tax levied equally on employers and employees.

Related Links

Supplementing Your Retirement Income with IRAs
Introductory Tour through Retirement Plans
Determining Your Post-Work Income
Fundamentals Of A Successful Savings Program

See also: Canadian Pension Plan, Pension Plan

Main Entry: social security
Function: noun
1 : the principle or practice or a program of public provision (as through social insurance or assistance) for the economic security and social welfare of the individual and his or her family; especially often cap both Ss : a U.S. government program established in 1935 to include old-age and survivors insurance, contributions to state unemployment insurance, and old-age assistance
2 : money paid out through a social security program social security> —see also Social Security Act in the IMPORTANT LAWS section social security administration in the IMPORTANT AGENCIES section