Social Security is a U.S. government program funded through payroll taxes on employees, employers, and self-employed individuals. The taxes are collected under authority of the Federal Insurance Contribution Act (FICA) and support Social Security programs—including Old-Age, Survivors, and Disability Insurance.

Social Security provides a worker with a source of income during retirement or if the worker is unable to work due to a disability. It can also support a worker’s legal dependents (spouse, children, or parents) with benefits in the event of the worker’s death.

The Social Security program is administered by the Social Security Administration (SSA). The SSA keeps track of a worker’s earnings throughout their working life. When a worker retires, the amount of the worker’s monthly Social Security benefit depends on the worker’s earnings and the age at which the worker retires. Workers who retire earlier (beginning at age 62) typically receive lower benefit payments than they would if they postpone retirement.

In Maine, as in all states, Social Security is a federal program and is consistent across the United States, governed by the same federal laws and regulations. The Social Security program, funded by payroll taxes collected under the Federal Insurance Contribution Act (FICA), provides benefits for retirees, disabled workers, and the dependents of deceased workers. The Social Security Administration (SSA) administers these benefits and calculates the amount based on the individual's earnings history and the age at which they choose to retire. Early retirement at age 62 results in lower monthly benefits compared to retiring at full retirement age or later. It's important to note that while the program is federal, certain aspects, such as the taxation of Social Security benefits, may be affected by state laws. However, Maine does not tax Social Security benefits, aligning with federal provisions to provide financial support to eligible individuals without additional state-level tax burdens.