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Personal Finance. Credit Cards. About Us. Who Is the Motley Fool? Fool Podcasts. New Ventures. Search Search:. Updated: Mar 9, at AM. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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Personal Finance. Your Practice. Popular Courses. Part Of. Getting Started. How Social Security Is Organized. Getting Benefits. Benefits and Your Income. Benefits for Spouses. Benefits for Dependents, Survivors, After Divoce. Immigrants, Non-Citizens, Americans Abroad.

Smart Benefits Strategies. Retirement Planning Social Security. It provides benefits to retirees and disabled people. Article Sources. Investopedia requires writers to use primary sources to support their work.

These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.

You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Social Security benefits are payments made to qualified retirees and disabled people, and to their spouses, children, and survivors.

What Is the Social Security Act? The Social Security Act established a benefits system for people who are retired, jobless, or have a disability. Each year, the Social Security contribution base changes with inflation.

The Social Security tax is collected separately from federal income taxes. When you file your income tax return, you won't get any credit for the amount of Social Security taxes that you've paid.

The only way it will affect your return is if you work multiple jobs and your total Social Security withheld exceeds the annual limits. Mark Kennan is a writer based in the Kansas City area, specializing in personal finance and business topics. Social Security.