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Financial Literacy: Social Security Terms

Terms

Social Security Terms and Definitions

Retire

the act of withdrawing from work; to leave a company

When I retire I will purchase a home in Florida.

Retirement

a period after employment

Many people volunteer in their community during their retirement.

Benefits

financial support to which one is entitled; a payment made to help someone

The widow received monthly benefits after her husband died.

Earnings

the amount of money one makes; wages, compensation

Corporate earnings decreased this month due to poor product performance.

Disability

a physical or mental handicap that prevents a person from holding a job; lack of power or strength; incapacity

The company installed elevators and ramps to accommodate the employee’s disability.

Medicare

a government funded program of medical and hospitalization insurance for people over 65.

Survivor

a person that remains alive after the death of someone

A survivor benefit plan may list a spouse as the beneficiary.

Assistance

aid, support, help

The government provides assistance to families through the food stamp program.

Unemployment

the state of being out of work, especially involuntarily

He was on unemployment insurance while he looked for a job.

Beneficiaries

a person or group that receives benefits, profits, or advantages; a person designated as the recipient of funds or other property under a will, trust, insurance policy, etc.

Her daughter was the primary beneficiary of the insurance policy.

Social Security

a program maintained by the U.S. federal government through compulsory payments by specific employer and employee groups. The program includes old-age, health, unemployment, disability, and survivors insurance

Her employer took out money from her weekly paycheck for Social Security.