Social Security systems are government programs that provide financial support to retired and disabled individuals, as well as their dependents. These systems are funded through contributions from workers and employers during their working years.
Related terms
Pension: A regular payment made by the government or a private company to retired individuals based on their past employment.
Retirement Age: The age at which a person is eligible to receive full benefits from a social security system.
Payroll Tax: A tax deducted from employees' wages and paid by employers, which funds social security programs.