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Social Security
A government-run program that provides financial assistance to eligible individuals, including retired workers, disabled workers, and their families.
More Details
Social security is a federally-run program that provides financial assistance to eligible individuals, including those who are retired or disabled, and their families. This assistance may include monthly payments, medical coverage, and other benefits.
Example
As an eligible individual, you may be able to receive social security benefits if you meet certain criteria. For example, you may be eligible for retirement benefits if you have worked for a sufficient number of years and have paid into the social security system through payroll taxes. Similarly, you may be eligible for disability benefits if you are unable to work due to a physical or mental disability. Social security benefits can provide a valuable source of income and security for individuals and their families, particularly during times of need.
Related Terms
Bond
A debt security where an investor loans money to a borrower for interest and the return of the principal. They are low-risk but offer lower returns.
Money Market Account
A type of savings account that offers higher interest rates and has higher minimum balance requirements.
Certified Check
A check that has been certified by the bank as having sufficient funds to cover the full amount, with the bank guaranteeing payment.