Legal Definitions - Social Security Act

The Social Security Act is a federal law that was created in 1935 as a response to the Great Depression. It established a system of benefits, including old-age and survivors' benefits, and created the Social Security Administration.

For example, if someone works and pays into the Social Security system for a certain number of years, they may be eligible to receive retirement benefits when they reach a certain age. Additionally, if someone passes away, their surviving spouse or children may be eligible to receive survivors' benefits.

The Social Security Act was created to provide a safety net for Americans who may need financial assistance during times of hardship, such as retirement or the loss of a loved one. It continues to be an important program in the United States today.