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What is the Purpose of Social Security. The purpose of social security is to strengthen and support an individual who has faced an unwanted and tragic incident in his life. This may include loss of a dear one or losing a job or a sudden accident. Keep reading to know more about its purpose.
Purpose of FICA. The Social Security Act was established on Aug. 14, 1935 by President Franklin D. Roosevelt. It requires that employers, employees and self-employed people pay Social Security tax.The money is used to pay benefits to eligible disabled individuals, retirees, survivors of the deceased, and dependents of beneficiaries.he Social Security Act was established on Aug. 14, 1935 by President Franklin D. Roosevelt. It requires that employers, employees and self-employed people pay Social Security tax. The money is used to pay benefits to eligible disabled individuals, retirees, survivors of the deceased, and dependents of beneficiaries.