Retirement and Other Benefits
Learning Objective 5
Describe the main retirement benefits.
Social Security
When it comes to retirement, people often think first of Social Security. Social Security actually provides three types of benefits. The retirement benefits provide an income if you retire at age 62 or thereafter and are insured under the Social Security Act. The survivor’s or death benefits provide monthly payments to your dependents regardless of your age at death, if insured under the act. Finally, there are disability payments. These provide monthly payments to employees who become disabled totally (and to their dependents) if they meet certain requirements. The Social Security system also administers the Medicare program, which ...
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