# Social Security

*Retirement & Benefits — Finicade finance glossary*

Social Security is the US government retirement and disability programme funded by payroll taxes, paying an inflation-adjusted income for life. Its benefit formula is deliberately progressive, replacing a larger share of income for lower earners. Because it's inflation-linked, guaranteed and lasts as long as you do, it functions as the safest annuity most people will ever own — and delaying the claim is the cheapest way to buy more of it.

**Also known as:** state pension, social security benefits, OASDI

**Related terms:** [Full Retirement Age](https://finicade.com/glossary/full-retirement-age), [FICA](https://finicade.com/glossary/fica), [Cost-of-Living Adjustment (COLA)](https://finicade.com/glossary/cost-of-living-adjustment), [Longevity Risk](https://finicade.com/glossary/longevity-risk), [Medicare](https://finicade.com/glossary/medicare)

Source: https://finicade.com/glossary/social-security