Social Security was created during the administration of Franklin Roesevelt in 1935. It may be the most successful social program ever created by the federal government.
The amount of benefits in retirement is typically based on the total accumulation of Social Security Income over your working career.
Benefits are funded via a Social Security [Payroll Tax]?, of which a portion is paid by the employer?, and a portion by the employee?. [Self employed]? persons are responsible for the entire tax.
Social security tax is paid into the [Social Security Trust Fund]? maintained by the U.S. Treasury. Surpluses from this trust fund have been used by the federal government to fund other government programs. However, it is predicted due to the aging populance of the U.S. that at some point the fund flowing into the trust fund from payroll taxes will be insufficient to cover payments to benefit recipients, if the system remains in it's current form.
A side effect of the Social Security program in the United States has been the near universal adaptation of the program's identification number, your [Social Security Number]? as a form of unique identification in the U.S. Everyone in the us from goverment agencies like the Internal Revenue Service, your Creditors?, your Insurance company to your Employer? references your Social Security Number.
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