Final answer:
U.S. Social Security and Canadian Pension taxes are collected by the U.S. and Canadian federal governments, respectively, to provide retirement and healthcare benefits to the elderly.
Step-by-step explanation:
The money collected for U.S. Social Security and Canadian Pension taxes, which are forms of planned savings/retirement funds, is collected by the U.S. and Canadian governments. These pension plans play a vital role in ensuring financial security for individuals in their retirement years. The funds for these programs are not managed at the city, state, or county levels but are federal responsibilities. As such, they provide income and healthcare benefits to the elderly through programs like Social Security and Medicare in the United States and the Canadian Pension Plan (CPP) in Canada. It's crucial to acknowledge that while some retirement plans in the private and public sectors may be facing elimination, federal programs like Social Security and CPP are statutory and are funded through payroll taxes collected by the government.