BANKING AFFAIRS

Detailed explanation-1: -Social Security is a federal program in the U.S. that provides retirement benefits and disability income to qualified people and their spouses, children, and survivors.

Detailed explanation-2: -Social Security provides you with a source of income when you retire or if you cannot work due to a disability. It can also support your legal dependents (spouse, children, or parents) with benefits in the event of your death.

Detailed explanation-3: -The Social Security Retirement benefit is a monthly check that replaces part of your income when you reduce your hours or stop working altogether. It may not replace all your income so it’s best to identify other ways to pay for your monthly expenses as you age. Learn how to apply.

Detailed explanation-4: -social insurance, public insurance program that provides protection against various economic risks (e.g., loss of income due to sickness, old age, or unemployment) and in which participation is compulsory.

Detailed explanation-5: -You may qualify for monthly SSI payments if: you are 65 or older, blind or disabled; you are a U.S. citizen or lawful resident; and you have very limited income and financial resources.