In order to address the routine concerns of many, regarding the payment of bills post-retirement or disability, a federal benefits program was designed in the United States, in 1935, known as the Social Securities Act. The program known as the social security program provides disability, retirement, unemployment and survivor benefits and Medicare. The benefits offered aim at providing financial support to the citizens of the U.S., who fall under the categories specified within the paradigms of the program.
The Social Security Act of 1935 introduced the social security system in the US. The system caters to the financial needs of the retired citizens, who have contributed to the social security trust fund for at least 10 years. It also provides benefits to the survivors, in event of the employees death. The other benefits offered cover disability and unemployment.
It is essential for the person to make the regular required contribution to the Social Security Trust Funds through the payroll taxes, to be eligible. By virtue of the provisions of the Federal Insurance Contributions Act or FICA, every workers income is subject to a tax payment of 12.4% on the first...
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