What term refers to the government's retirement program that provides income for the elderly and disability benefits?

The term that refers to the government's retirement program providing income for the elderly, as well as disability benefits, is Social Security. This program was established to ensure a safety net for individuals who have reached retirement age, as well as to support those who are unable to work due to disabilities. Social Security provides monthly cash benefits, which are funded through payroll taxes collected from current workers' wages.

This program plays a crucial role in reducing poverty among elderly populations and offers financial support to people who are disabled and unable to sustain gainful employment. The broader implications of Social Security encompass not only income during retirement years but also significant financial aid during times of disability, hence its importance in the economic stability of many families.

Other terms like Medicare, pension funds, and public assistance refer to different types of support systems. Medicare specifically deals with healthcare coverage for individuals aged 65 and older and certain younger people with disabilities. Pension funds are typically employer-sponsored retirement plans that provide employees with retirement income based on their earnings and years of service. Public assistance refers to various welfare programs designed to support low-income individuals and families, which is distinct from the entitlement nature of Social Security benefits.