Social Security is a federal insurance program that provides financial assistance to retired, disabled, and survivors. Social Security benefits are paid out of a trust fund that is funded by payroll taxes. Anyone who has worked and paid Social Security taxes for a long enough period of time is eligible to receive benefits.
The amount of Social Security benefits you receive is based on your lifetime earnings and the age at which you start receiving benefits. You can start receiving Social Security benefits as early as age 62, but your benefits will be reduced if you start receiving them before your full retirement age. Your full retirement age depends on the year you were born.