Social Security is designed, as the title suggests, to provide security. In order to protect individuals from unforeseen catastrophes, the government spreads certain risks among all members of society so that no single family bears the full...
social security
Social Security Administration
The Social Security Administration (SSA) is a Federal agency established in 1935 as part of President Franklin Delano Roosevelt's New Deal that manages the old age, survivors, and disability insurance programs (OASDI) also known as “social...
Social Security Disability Insurance (SSDI)
Social Security Disability Insurance (SSDI) is a federal program in the United States that pays benefits to injured and disabled workers and certain members of their families if the worker is “insured,” meaning they have worked for a required...
Social Security Number (SSN)
A Social Security Number (SSN) is a unique nine-digit number assigned to U.S. citizens, permanent residents, or temporary working residents. The SSN was created in 1936 to keep track of the earnings history of U.S. workers for social security...
Social Security statement
A social security statement is the letter created for each taxpayer by the Social Security Administration which details the amount the individual has paid towards social security and their estimated payments at retirement. A social security...
SSA
See: Social Security Administration
[Last updated in September of 2021 by the Wex Definitions Team]
SSDI
Social Security Disability Insurance (called SSD or SSDI) is a benefit system that distributes monthly income to individuals who are disabled and have paid a certain level of Social Security taxes. In order to qualify, a person must meet the...
SSI
Abbreviation, Supplemental Security Income.
supplemental needs trust
See: Special needs trust
[Last updated in June of 2024 by the Wex Definitions Team]
survivors benefits
Survivors benefits are a sum of money paid to the surviving spouse and dependents of an eligible deceased worker. Beneficiaries include widows, widowers (and divorced widows and widowers), children, and dependent parents. A portion of the...