Social Security Act
Definition
The Social Security Act, signed into law by President Franklin D. Roosevelt in 1935, created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans.
Analogy
Think of the Social Security Act as a life jacket. If you're swimming (working) and suddenly get tired or can't swim anymore (retire or become unemployed), this life jacket keeps you from sinking (falling into poverty).
Related terms
Medicare: A federal program established in 1965 that provides health insurance to people aged 65 or older.
Unemployment Insurance: A social welfare program on which individuals receive cash benefits if they meet certain eligibility requirements.
Pension: Regular payment made during a person's retirement from an investment fund to which that person contributed during their working life.
"Social Security Act" appears in:
Subjects (1)
Study guides (1)
Practice Questions (6)
What was the purpose of the Social Security Act?
What was the primary goal of the Social Security Act?
What was the main objective of the Social Security Act of 1935?
What major difference existed between Social Security Act (1935) and Welfare Reform Act (1996)?
What was created by the Social Security Act during FDR's New Deal program?
What impact did the Social Security Act have on American society?
Resources
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