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Simple English definitions for legal terms
Old-Age and Survivors' Insurance
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A quick definition of Old-Age and Survivors' Insurance:
Old-Age and Survivors' Insurance is a system that helps people who are retired or whose loved ones have passed away. The government gives money to those who have reached retirement age or to the families of those who have died. This system was created in 1935 to help people during the Great Depression. It is now called social security and is run by the Social Security Administration.
A more thorough explanation:
Old-Age and Survivors' Insurance is a system of insurance that provides retirement benefits for people who reach retirement age and payments to survivors upon the death of the insured. It was established by the Social Security Act of 1935 as a way to help people during the Great Depression.
For example, if someone works and pays into the system for a certain number of years, they can receive retirement benefits when they reach a certain age. If someone passes away, their surviving family members may be eligible to receive benefits as well.
The system has expanded over time and is now commonly referred to as social security. It is subsidized by the federal government and provides a safety net for many Americans.