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 Indiana, as in all states, Social Security is a federal program that provides financial support to eligible retirees, disabled individuals, and their dependents. The program is funded through payroll taxes levied on both employees and employers under the Federal Insurance Contributions Act (FICA). Self-employed individuals also contribute to the program through self-employment taxes. The Social Security Administration (SSA) is responsible for administering the program, which includes tracking workers' earnings over their careers to determine benefit amounts. Benefits are calculated based on a worker's earnings history and the age at which they choose to retire. Early retirement, starting at age 62, can result in lower monthly benefits compared to retiring at full retirement age or later. It's important to note that while the SSA oversees the program, there are no Indiana-specific statutes that alter the fundamental workings of Social Security, as it is a federal program.