Social Security does not have a set of core values that are explicitly defined in law. However, former Social Security Commissioner Robert M. Ball has recently listed 9 major principles that have traditionally formed the framework for Social Security's development:

1. The program is nearly universal in coverage - 96 out of 100 jobs are covered.

2. Benefits are paid as an earned right, with eligibility for benefits and the benefit rate based on an individual's past earnings.

3. Benefits are wage-related.

4. The system is contributory and self-financed, with contributions from wages specifically ear-marked for Social Security.

5. The benefit formula is redistributive, paying lower-income workers a higher percentage of their pre-retirement earnings than higher income workers.

6. Benefits are not means-tested.

7. Initial benefits are wage-indexed, reflecting improvements in productivity and thus in the general standard of living.

8. Once they begin, Social Security benefits are inflation protected, with annual cost of living adjustments tied to the Consumer Price Index.

9. Participation in Social Security is compulsory.