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Many people plan on retiring on their social security benefits, but not everybody realizes how little that income is. In 2002, the average monthly social security benefit check was $895. During your retirement, you will need savings and investments that can cover any income shortfalls. There are many professionals who can help you create a well-designed retirement plan.
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Social Security Disability - Links
Social security is a government administered program that covers most of the nation's workforce. It provides a retirement plan that includes retirement income and health benefits. The amount of the retirement income is based on the average of your highest 35 years of earnings. There is no long-term guarantee that social security benefits will remain the same and there has been much political discussion about possible changes to the program.
The normal retirement age is between 65 and 67 depending on your year of birth. If you retire early, you can start receiving benefits at age 62, but the benefits will be reduced by 25%. If you retire later than the normal retirement age, you can build up credit which increases your monthly payment.
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