Which mandatory federal program provides retirement and survivor benefits for covered workers?

Social Security is a mandatory federal program that provides retirement and survivor benefits for covered workers. This program is designed to support individuals once they have reached a certain age or when they cannot work due to disability. It operates through payroll taxes collected under the Federal Insurance Contributions Act (FICA). Workers earn "credits" based on their work history, which determine their eligibility for benefits. When employees retire, they receive monthly payments based on their earnings during their working years.

Additionally, Social Security provides survivor benefits to the family members of deceased workers, ensuring that dependents still have financial support. This makes Social Security a crucial safety net for millions of Americans, helping to prevent poverty in old age and supporting families after the loss of a primary income earner.

In contrast, unemployment insurance is aimed at providing temporary financial assistance to individuals who have lost their jobs through no fault of their own, rather than a retirement benefit. Medicare primarily focuses on health insurance for those 65 and older or with certain disabilities, without encompassing survivor benefits or additional retirement assistance. Workers' compensation is a state-based program that provides medical benefits and wage loss compensation to employees injured on the job but does not relate to retirement or survivor benefits.