The main benefit of socialism is the smaller amount of inequalities between all citizens, but socialism can lead to communism, which has been shown to fail in the past. There are many definitions of socialism but, in general, a socialist society has a larger and more powerful government that is meant to distribute tax revenue and goods evenly.
Socialism is often confused with communism, which is a society where everyone is meant to be exactly equal. However, inequalities often drive motivation and are needed for innovation and productivity. Socialism attempts to make basic education, healthcare and access to necessities fairly equal, without eliminating all societal inequalities.