Generally, the term social security describes a program that uses public funds to provide a degree of economic security for the public.
http://people.howstuffworks.com/social-security-number1.htm
The remaining share of tax revenues—4 percent—is collected from income taxes on benefits. Those filing singly must pay taxes on Social Security benefits if the sum of their non-Social Security income and half of their benefits exceeds $25,000. The threshold for those filing jointly is $32,000. Under current law, those thresholds remain fixed, with no adjustment for earnings growth or inflation.
https://www.cbo.gov/publication/44590
Social Security is a far-reaching system, offering many types of benefits. In this article, we'll focus on the retirement-and disability-benefit aspects of the Social Security system. We'll find out how Social Security got started, how it works today and what might happen in the future if we don't make some changes.
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And most workers will no longer get paper statements that explain how much they have paid into the system and what benefits they are likely to receive in retirement. Here are 10 things everyone should know about Social Security: You contribute 6.2 percent of your income. Workers pay 6.2 percent of their earnings into the Social Security system, up to $113,700 in 2013. Employers pay a matching 6.2 percent for each worker. Self-employed workers must contribute 12.4 percent of their income annually. How your benefit is calculated.
http://money.usnews.com/money/retirement/articles/2013/02/19/10-things-everyone-should-know-about-social-security
How Social Security Works. Social Security is often characterized as a retirement program because a majority of its beneficiaries—70 percent—are retired workers or the spouses and children of those people.
https://www.cbo.gov/publication/44590
The specific social security discussed here is the United States government program established in 1935 that provides old age, disability, and survivors insurance, as well as supplemental security income, an income for elderly or disabled people.
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From its roots in the Great Depression, Social Security has changed with the times to try and help poor, out-of-work, disabled and elderly Americans. Whether the system is truly in crisis or not, it will surely have to change in the coming decades as the number of retirees increases relative to the number of workers.
http://money.howstuffworks.com/personal-finance/financial-planning/social-security.htm
You receive Social Security benefits based on the amount of Social Security taxes you have paid, which, up to a certain maximum amount, is based on your income.
http://people.howstuffworks.com/social-security-number1.htm
In general, workers qualify for retirement benefits if they are age 62 or older and have paid sufficient Social Security taxes for at least 10 years. However, Social Security also provides other types of benefits, such as payments to deceased workers’ survivors, who make up 11 percent of beneficiaries.
https://www.cbo.gov/publication/44590
They need the money more, and a dollar they pay in Social Security taxes provides them higher benefits than a dollar paid by a high-roller. In this way, Social Security in principle provides for those in need. Social Security reform is in the news pretty consistently. This is beyond the scope of our discussion here but you can learn more about Social Security reform at the Social Security Reform Center.
http://people.howstuffworks.com/social-security-number1.htm
how social security works
Social Security is a program that uses public funds to provide a degree of economic security for the public. Social Security uses public funds to provide a degree of economic security for the public.