Social Security Terms and Definitions |
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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. |