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