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1107 Question

1. How Retirement Works

Age of retirement: As long as someone meet their financial goal and feel safe

Social security benefit: full retirement age is 66 to 67

401K: accessible without penalty after 59

  • Encourage long-term saving

Health care: Medicare, federal insurance for people 65 and older

1.1. Social Security

federal program that provides retirement, disability, and survivors benefits to eligible individuals

Federal Insurance Contributions Act (FICA) tax

  • Social Security
  • Medicare