Angelo's father says he's going to "live off his Social Security" once he's ready to retire. What is Social Security, and how does Angelo's father plan to use it during retirement?

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08-11-2021
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Angelo's father says he's going to "live off his Social Security" once he's ready to retire. What is Social Security, and how does Angelo's father plan to use it during retirement?

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michell96 michell96 · Answer 1 · 2021-11-16T19:26:06+01:00

Social Security is a program and agency that provides benefits. Angelo's father can apply for the benefits for retirement to receive an income every month after he retires.

In the United States, the Social Security Agency provides benefits to citizens, these benefits are indirectly paid by citizens through taxes. This includes:

Survivor benefits.
Benefits for retirement.
Benefits for disability.

When Angelo's father refers to Social Security, he is likely referring to the benefits for retirement the Social Security Agency provides. This is a great benefit because Angelo and his family will receive money every month that will replace his wage as a worker.

This means he can use this benefit to pay for basic expenses such as housing, food, education, etc. without being an active worker.

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