- any system by which a society or community provides for those of its members who may be in need
- [usuallyS- S-] in the U.S., a federal system of social-insurance and welfare programs, including Medicare and Medicaid, paying benefits to eligible persons who are retired, unemployed, disabled, indigent, etc.
- benefits paid by this system, esp., the monthly check issued to eligible retirees
An example of Social Security is a monthly check received by a retired worker which is based on the age of the worker and the amount of money the worker has earned over their work history.
- often Social Security Abbr. SS A government program that provides economic assistance to persons faced with unemployment, disability, or agedness, financed by assessment of employers and employees.
- The economic assistance provided by social security.
social security - Investment & Finance Definition
A federal program, created under the Social Security Act of 1935, that is designed to provide some financial support to retirees. The program is paid for from a Social Security tax that is deducted from employees’ paychecks as well as from contributions made by employers. The paycheck deductions show up as FICA, which stands for the Federal Insurance Contributors Act.
social security - Legal Definition