Social Security refers to a federal program in the United States that provides financial assistance to individuals and families in various circumstances. Primarily, it offers benefits to retirees, disabled individuals, and survivors of deceased workers. The program is funded through payroll taxes collected under the Federal Insurance Contributions Act (FICA), which allows workers to earn “credits” towards eligibility for benefits. Social Security aims to provide a safety net to ensure that individuals have access to income during retirement, in the event of disability, or upon the death of a family wage earner. It plays a crucial role in reducing poverty among the elderly and supports the economic stability of many families.
The Current Status of Benefit Payments This month, benefit payments will not see any changes, thanks to an absence of bank holidays. Beneficiaries can expect their payments as scheduled, primarily…