Definition of the word social security

The term "social security" was coined in the United States during the Great Depression to describe a social welfare program designed to provide financial protection to elderly, low-income, and disabled individuals. The idea was first proposed by President Franklin D. Roosevelt in his 1934 State of the Union address, and the Social Security Act was officially signed into law in 1935. At its core, social security is a system of mandatory, government-sponsored retirement savings accounts that are funded through payroll taxes. The funds are then used to offer retirement, disability, and survivor benefits to qualifying individuals. The purpose of social security is to provide a safety net for those who may have difficulty maintaining their standard of living during retirement, disability, or times of financial hardship. The program aims to promote social and economic stability by reducing poverty in older generations, supporting families afflicted by disability or death, and reducing economic dependence for retirees. Overall, the term "social security" represents a fundamental shift in the way that modern societies handle social welfare, from a system heavily reliant on private charity and familial support to one with greater reliance on state-sponsored programs designed to protect the most vulnerable members of society.