Social Security offers a retirement benefit to
workers and their spouses. You can start receiving benefits as early as age 62
(considered early retirement), or you can wait until you reach the full retirement
age of 65 to 67 (depending upon your year of birth). The benefits you
receive are based on the income you have earned over the course of your life,
subject to a maximum amount. To find out how much you can expect to receive,
contact the Social Security Administration (SSA) or visit their website at www.ssa.gov.
For most people, Social Security provides only a base level
of income. The maximum monthly benefit in 2014 is $2,642, which adds up to
$31,704 per year. Because Social Security will most likely not meet all
of your retirement needs, it is important to develop a well-rounded retirement
plan that includes additional sources of income.
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