Financial support to workers who are retired or have disabilities Option B. Social Security.
The Social Security program in the United States provides protection against the loss of earnings due to retirement, death, or disability. The financial operations of this program are handled through the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.
- Monthly benefits are paid from the OASI Trust Fund to retired workers and their families and to survivors of deceased workers. Monthly benefits are paid from the DI Trust Fund to disabled workers and their families.
- Both funds are financed primarily by contributions, or taxes, paid by employees, their employers, and self-employed persons. Other sources of income interest on investments and income from the taxation of benefits.
- Social security is any of the measures established by legislation to maintain individual or family income or to provide income when some or all sources of income are disrupted or terminated or when exceptionally heavy expenditures have to be incurred (e.g., in bringing up children or paying for health care).
- Thus social security may provide cash benefits to persons faced with sickness and disability, unemployment, crop failure, loss of the marital partner, maternity, responsibility for the care of young children, or retirement from work.
- Social security benefits may be provided in cash or kind for medical needs, rehabilitation, domestic help during illness at home, legal aid, or funeral expenses. Social security may be provided by court order (e.g., to compensate accident victims), by employers (sometimes using insurance companies), by central or local government departments, or by semipublic or autonomous agencies.
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