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 North Carolina, as in all states, Social Security is a federal program that provides financial support to retirees, disabled individuals, and the dependents of deceased workers. The program is funded through payroll taxes collected under the Federal Insurance Contributions Act (FICA). Employers, employees, and self-employed individuals all contribute to this system. The Social Security Administration (SSA) is responsible for tracking workers' earnings over their careers to determine eligibility and benefit amounts. Retirement benefits are available as early as age 62, but taking benefits at this age results in lower monthly payments compared to waiting until full retirement age. Disability benefits and survivor benefits are also available under Social Security. The specifics of benefit amounts and eligibility are governed by federal law and are consistent across the United States, including in North Carolina.