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 New York, as in all states, Social Security is a federal program managed by the Social Security Administration (SSA) and is not governed by state law. It is funded through payroll taxes collected under the Federal Insurance Contributions Act (FICA) from employees, employers, and self-employed individuals. Social Security provides benefits for retirees, disabled workers, and the dependents of deceased workers. The amount of a retiree's monthly benefit is calculated based on their lifetime earnings and the age at which they choose to begin receiving benefits. Early retirement can result in lower monthly payments, while delaying benefits can increase the monthly amount. It's important to note that while the program is federal, New York residents must still comply with federal regulations regarding Social Security and can access local SSA offices for assistance.