Social Security
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A government program that provides retirement, disability, and survivor benefits funded through payroll taxes, with the US system (OASDI) being the most well-known example.
## Social Security
Social Security (formally Old-Age, Survivors, and Disability Insurance — OASDI) is the US federal program providing retirement income, disability benefits, and survivor benefits.
### Funding
Funded through FICA payroll taxes: 6.2% employee + 6.2% employer on earnings up to $176,100 (2025). Self-employed pay 12.4%.
### Benefits
| Type | Average Monthly (2024) |
|------|----------------------|
| Retired worker | $1,927 |
| Disabled worker | $1,537 |
| Survivor (spouse) | $1,506 |
### Retirement Age
Full Retirement Age (FRA) is 67 for those born after 1960. Early retirement at 62 permanently reduces benefits by up to 30%. Delaying past FRA increases benefits by 8% per year until age 70.
### Global Equivalents
Every developed country has a social security system: UK State Pension, Germany Gesetzliche Rentenversicherung, Japan Nenkin, France Assurance Retraite.