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Understanding Department of Social Security

Department Of Social Security

Social Security, as a program offered by the United States government to citizens of that country, is made available to offer retirement benefits and other kinds of benefits to people who have left the work force and are for other, related reasons, such as age, unable or less able to make a livable wage from regular employment.

In this regard, the overall Social Security program of the country, as constitutes a major source for public spending, is commonly referred to the terms of either OASDI, or Old Age, Survivors, and Disability Insurance, or RSDI, or Retirement, Survivors, and Disability Insurance.

The Social Security program for retirement benefits and other services to the older segment of the United States population has been available since its 1935 creation in the context of New Deal economic programs and the Depression. As of the 2010 period, it was estimated that the funds used by the Department of Social Security amounted to around 37% of all of the funds used by the government. Moreover, in the same period, it was found that Social Security programs amounted to 7% of the total GDP of the United States.

According to estimates released by the Department of Social Security, the social security program has been shown to have the ability to maintain up to 40% of the U.S. population at or over the age of 65 beyond the government-established poverty line. Since the creation of the social security program for providing retirement benefits and other services, various amendments have been enacted to the function of the Department of Social Security.

NEXT: Find The Answers To Your Social Security Questions

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