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 Virginia, as in all states, Social Security is a federal program managed by the Social Security Administration (SSA). It is funded through payroll taxes collected under the Federal Insurance Contribution Act (FICA) from employees, employers, and self-employed individuals. The program provides benefits for retirement, disability, and survivors, which includes financial support for retirees, individuals who are unable to work due to disability, and the legal dependents of a worker in the event of their death. The amount of the benefit is based on the worker's earnings record and the age at which they choose to retire. Early retirement can begin at age 62, but taking benefits at this age results in lower monthly payments compared to postponing retirement. Virginia does not have its own state-level Social Security program; all Social Security benefits are governed by federal law and administered by the SSA.