Why Is It Important to Pay Social Security?


Quick Answer

Payment to Social Security Administration contributes to coverage under the Social Security plan. The money accruing from this program is essentially used to pay citizens who have reached retirement age or who currently qualify for the benefits.

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Full Answer

Social Security is a retirement program that protects almost all Americans. In addition it offers essential life insurance and disability protection. Social Security is a source of income for minority groups, such as low earners. It provides beneficiaries with guaranteed, progressive benefits that increase with inflation.

Social Security refers to any government program that utilizes public funds to provide a significant level of

economic security for the public. In the United States, a federal insurance program provides benefits to retired people, the elderly, survivors insurance, the jobless and the disabled as well as being a source of supplementary income. Employers and employees are expected to remit Social Security taxes and Medicare taxes.

The right to social security is generally acknowledged as a human right and provides for the right to social security benefit for those unable to work due to illness, maternity or employment injury. The importance of the social security program is that eligible people receive a monthly check for their lifetimes, regardless how long they live and regardless of the economic circumstances.

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