Social Security Benefits

The monetary benefits received by retired workers who have paid in to the Social Security system during their working years. Social Security benefits are paid out on a monthly basis to retired workers and their surviving spouses. They are also paid to those who are permanently and totally disabled according to the strict criteria set forth by the Social Security Administration.

Social Security benefits may be taxable depending on the taxpayer's level of income. Single taxpayers who have income above $25,000 per year and married couples filing jointly with more than $32,000 of income may have a portion of their Social Security benefits taxed. Social Security disability payments are usually tax-free.