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Social Security is a federal program providing retirement, disability, and survivor benefits to eligible Americans.
In Depth
Funded primarily through payroll taxes, Social Security aims to provide a basic safety net for millions of Americans. Benefits are calculated based on an individual's lifetime earnings. While it can be a significant source of income in retirement, it's generally not intended to be your sole source of financial support.
Example
After working for over 40 years, John started receiving his Social Security retirement benefits to help cover his living expenses.