Social Security Insurance was established in 1935 as a financial safety net for older Americans. Eight decades later, all Americans pay into the system, with Social Security the largest source of income for citizens age 65 and older. During 2012, nearly 160 million workers will continue to have 4.2 percent of their pay deposited into the Social Security Trust Fund instead of the usual 6.2 percent, according to a statement from the IRS based on the Temporary Payroll Tax Cut Continuation Act of 2011. The program is based on contributions that workers make into the system. While you're employed, you pay into Social Security; when it's your turn to retire you receive benefits. You can start your Social Security retirement benefits as early as age 62 or as late as age 70 (if you were born in 1960 or later, your full retirement age is 67). Your monthly benefit amount will be different depending on the age you start receiving it. The amount of money you receive from Social S...