Legal Definition of Social Security Act: A federal law providing for the establishment of universal federal and state insurance benefits, unemployment insurance, and other benefits for citizens who are in their later years | Discover the legal definition and importance of the Social Security Act, a federal law that provides crucial benefits and insurance coverage for citizens in their later years. From retirement benefits to Medicare health insurance coverage, learn how this legislation ensures financial security, supports individuals and their families, and promotes a dignified quality of life. Explore the impact of the Social Security Act and why understanding its significance is essential for business owners and individuals alike