What is Social Security? With origins in the 1930s, it is designed to pay retired workers age 62 or older a continuing income after retirement. needs-based program funded by the U.S. Treasury general fund to provide payments to people with limited income and resources who are of age, blind, or disabled.
How much Social Security income you’ll receive depends on:
- Your earnings over your lifetime
- The age at which you’ll begin receiving benefits
- Whether you’ll be eligible to receive a spouse’s benefit instead of your own