What does social security mean?

Social Security in finance refers to a government program designed to provide financial support to individuals who are retired, disabled, or in need of assistance. It is funded through payroll taxes and provides a source of income for individuals and their families during times of financial hardship. Social Security benefits are an important component of retirement planning and can provide a safety net for individuals who are unable to work due to disability or old age. The program is intended to help individuals maintain a basic standard of living and avoid poverty in their later years. Social Security also includes survivor benefits for the family members of deceased workers. Overall, Social Security plays a crucial role in the financial well-being of many individuals and is an essential part of the social safety net.