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About Social Security
Social Security and Medicare benefits will likely be an important part of your retirement portfolio, but it is important to be aware that Social Security retirement benefits will not be sufficient for most retirees to achieve the degree of financial comfort that they desire.
Social Security is really a base-level retirement benefit intended to provide a floor of financial resources to retirees. You should plan to supplement your Social Security benefits with employer retirement plans, 401K plans, IRA plans, annuities, and investments in stocks, bonds, and real estate. It is wise to review your retirement finances with a financial advisor or with a retirement financial advisor.
Social Security is a comprehensive federal program providing benefits to workers and their dependents in the form of retirement income, disability income, and, potentially, other forms of payments. Social Security and the companion Medicare program provide important benefits to Americans in their sixties and beyond in terms of base-level of financial security and medical insurance.
Social Security benefits are funded by a tax known as the Federal Insurance Contributions Act (FICA) Tax (also called the Social Security Tax).
Social Security and Medicare
Medicare, a related but separate program, helps provide lower cost health care and prescription drugs to those who are 65 and older. Medicare is, in essence, government provided health care insurance program for those who qualify.
Medicare strives to make sure you can "get the health care and prescription coverage you need and the quality of care you deserve." Because there are multiple plan choices for both medical plans and prescription drug plans, it is important that you review your coverage every year. Plan costs and benefits change, and costs vary depending on your particular health situation.
You can get more information on Medicare (and even sign up) at: http://www.medicare.gov/.
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Future Years