BizTerm Definition
Social Security
Full Definition

The general term that describes a number of related programs, including retirement, disability, dependents and survivors benefits. These programs operate together to provide workers and their families with some monthly income when their normal flow of income shrinks because of the retirement, disability or death of the person who earned that income. All of the programs have one thing in common: benefits are paid to a retired or disabled worker, or to the worker's dependent or surviving family, based on the worker's average wages, salary or self-employment income in work covered by Social Security.

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