Retirement

Nearing retirement and have questions? Or just completely clueless when it comes to social security? Well I'm here to help!

First off....what is social security?
Social Security is a US federal program of social insurance that benefits retirement and disability income, Medicare/ Medicaid, and death through collection of Social Security taxes.
The amount of retirement income someone will receive is based on their average wages earned over their working career.

So how can you prepare for retirement?
You can start an....
IRA (Individual retirement account): an investment tool that allows people to earn funds for retirement. The account is only your OWN money.
 OR
401(K) Plan: an investment plan that is through your work of which YOU and YOUR EMPLOYER can contribute to the plan.

Still confused about 401(K) Plan?
Watch this video http://www.investopedia.com/video/play/understanding-your-401k

You may have heard that Social Security is struggling and that our young generation may not have the same benefits when we retire. This is because social security requires a lot of money and there's not enough workers exist to provide adequate benefits to the rapidly aging population. (More money going out, and less money coming into the program)

So its important to invest in retirement funds ASAP rather than later, because who knows what social security will be like when we all are old and we should prepare ourselves to have money.$$$$$$$



 For more Social Security Help....check out this news article for some more great advice!
http://blogs.smartmoney.com/encore/2011/05/16/3-best-resources-for-social-security-help/?zone=intromessage

Sources:
http://www.investopedia.com/
http://www.aarp.org/work/social-security/info-12-2010/top-25-social-security-questions.html