Social Security is an umbrella term for several federal benefits programs, although most Americans think of Social Security benefits as a monthly payment that begins in retirement. One of the largest government programs in the world, Social Security is expected to pay more than $1 trillion to about 68 million Americans in 2024 to retirees and their survivors and those with disabilities and their families.
This is the most familiar Social Security plan, with roots that go back to 1935 and the administration of President Franklin D. Roosevelt. Benefits are paid out of the Old-Age and Survivors Insurance (OASI) Trust Fund.