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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.
How Social Security Works. Social Security is often characterized as a retirement program because a majority of its beneficiariesâ70 percentâare retired workers or the spouses and children of those people. In general, workers qualify for retirement benefits if they are age 62 or older and have paid sufficient Social Security taxes for at least 10 years. However, Social Security also provides other types of benefits, such as payments to deceased workersâ survivors, who make up 11 percent of beneficiaries.