Hey everyone, ever heard of Social Security, but aren’t quite sure what it is?
Well, today we’re going to break down this vital program simply, because at its heart, Social Security is like a nationwide insurance program.
You and your employer pay into it, and it primarily helps three groups: retirees, people with disabilities, and survivors.
So, where does this money come from? It’s mainly funded by payroll taxes, often called FICA, a small percentage of your earnings that goes directly into the Social Security trust funds.
Think of Social Security as a crucial safety net, providing a primary source of income for millions of Americans, preventing poverty, and offering peace of mind.
So, in a nutshell, Social Security is a foundational program providing stability and security for millions of Americans, funded by the contributions we all make.