What is the purpose of Social Security?

The purpose of Social Security is to provide financial assistance to individuals when they retire, which primarily comes from the benefits funded by payroll taxes. This program is designed to ensure that adults have a source of income during their retirement years after they have finished working. By collecting a portion of workers' earnings throughout their careers, the government is able to create a safety net that can be drawn upon later, typically beginning at the age of 62, though full benefits are available at a later age depending on when an individual was born.

Social Security also includes disability benefits for those who are unable to work due to a qualifying disability and survivor benefits for the family members of deceased workers. It plays a crucial role in reducing poverty among the elderly and providing a level of financial stability in old age. The structure of the program is designed to be sustainable and support a broad range of citizens through their contributions over their working lives.