A report from Lifescope's "How2Win@Life" Series.

What is Social Security?
Social Security is a social insurance program that provides old-age benefits for retirees and their survivors, disability insurance for workers and survivor benefits for dependents. It is called an entitlement because Congress has set eligibility criteria and if you meet the criteria, you are entitled to the benefits.

As social insurance, the system does more than provide a base of income for the retired worker; it consciously redistributes wealth to adjust for other inequities in society and also provides financial relief to many who might otherwise have to provide full support to aging or disable relatives.

How is Social Security financed?
Social Security is financed by matching contributions from employers and employees. Employees currently pay 6.2 percent of their earnings, up to a maximum of $57,600 into two separate trust funds -- 5.6 percent goes into the Old Age and Survivors Insurance (OASI) fund and 0.6 percent is funneled into the Disability Insurance Fund. Employers match this amount.

Social Security does many things. For the poorest and most vulnerable elderly, it is their primary source of income. For many families facing hardship following a death, disability or unanticipated retirement, the program lightens their burden. Social Security also protects nine out of ten workers and their families and provides benefits each month to more than three million children.

How do I find out my estimated retirement benefits?
There are three ways to get your answer:

1. You can get a request form mailed to you, by calling the Social Security Administration (SSA) at 1-800-772-1213 anytime. The hard of hearing may call the SSA "TTY" number, 1-800-325-0778, between 7 a.m. and 7 p.m. on business days. They will send a "Request for Earnings and Benefit Estimate Statement" form within two weeks. Mail it back in and they send you a letter listing your pay-in history and your estimated benefits upon retirement.

2. If you're in a hurry to find out, the SSA has software which estimates retirement benefits, that runs on MS-DOS, Windows 3.1 or Windows 95. It can be downloaded over the web at http://199.173.224.3/OACT/ANYPIA/anypia.html, or you can order disks (cost $47) from the National Technical Information Service (NTIS) by calling (703) 605-6000.

3. If you don't want to spend the $47 and/or don't have a PC, the SSA has a web site you can print out, and the do the calculations manually, at http://199.173.224.3/pubs/10070.html.

Everyone should be aware of the fact that information on Social Security is readily available. Call the Social Security Administration at (800) 772-1213 to reach a representative who can answer most of your questions, or go to their home page, http://199.173.224.3/SSA_Home.html.

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