Social Security: Your Retirement Lifeline
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- 1.1. Social Security: Your Retirement Lifeline
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Social Security: Your Retirement Lifeline
Social Security is a vital program that provides financial support to millions of Americans during their retirement years. It is a safety net that helps ensure that people have a basic level of income when they are no longer able to work.
Social Security is funded by payroll taxes that are paid by both employees and employers. These taxes are collected by the government and placed in a trust fund. The money in the trust fund is used to pay benefits to current retirees and disabled workers.
The amount of Social Security benefits that you receive is based on your lifetime earnings. The more you earn, the higher your benefits will be. However, there is a maximum amount of benefits that you can receive.
Social Security is an important part of the retirement planning process. It is a reliable source of income that can help you maintain your standard of living in retirement.
If you are planning for retirement, it is important to understand how Social Security works. You can get more information from the Social Security Administration website or by calling 1-800-772-1213.
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