The Social Security Retirement Benefit is a government-administered financial program that offers a recurring monthly payment to eligible individuals who have either reduced their working hours or retired fully from the workforce. This benefit, designed as a supplemental income source, helps to ensure financial stability during retirement.

The amount received depends on factors such as the individual's work history, contributions to the Social Security system, and age at the time of claiming benefits. The program aims to alleviate poverty and maintain a decent standard of living for retirees, while also offering support for dependents and survivors in certain cases.