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 Tennessee, 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 collected under the Federal Insurance Contributions Act (FICA). Employers, employees, and self-employed individuals all contribute to this system. The Social Security Administration (SSA) administers the program and calculates benefits based on an individual's earnings history and the age at which they choose to start receiving benefits. Early retirement can result in lower monthly benefits, while delaying retirement can increase the monthly amount. It's important to note that while the SSA is a federal agency, the specifics of Social Security benefits, including eligibility and benefit amounts, are consistent across states and are not altered by state law.