Though it is a part of everyone’s working life, most people have no idea how the Social Security program actually works. So, here is a quick overview. Social Security is a retirement program and a disability insurance program in one. Like any other insurance program, you have to pay into the system to qualify. The “premiums” for qualifying for this program are the FICA taxes that you pay in while you are working.
If you have paid enough into FICA, then you will qualify for pension benefits when you reach retirement age.
Additionally, if you have paid enough into FICA, recently enough, you can also receive disability benefits once you meet the government’s definition of “disabled.”
How much you receive under your pension or disability benefits depends on how much you have paid in taxes under the FICA program. Generally speaking, the more you pay in taxes over your working life, the higher your benefits will be.
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