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US State Retirement Program

Social Security affects every family and the lives of nearly all Americans, according to GOBankingRates.
US State Retirement Program

Social Security helps older Americans, disabled workers, and bereaved families.

In 2020, about 180 million people worked and paid Social Security taxes, and about 65 million people received monthly Social Security benefits.

Social Security was not designed to be your only source of income after retirement. Social Security replaces a portion of an employee's pre-retirement income based on lifetime earnings. The average earnings that Social Security retirement benefits replace, varies depending on earnings and when you start receiving payments.

Many believe that Social Security is just a retirement plan. Most benefit recipients are retirees, but benefits are also received by:

• People with disabilities;

• Spouses or children of beneficiaries;

• Divorced/divorced spouse of someone receiving or eligible for Social Security;

• Spouses or children of deceased workers;

• Divorced spouses of deceased workers;

• Dependent parents of deceased workers.

Depending on circumstances, you may be eligible for Social Security benefits at any age.

Social Security, in particular, pays out more child benefits than any other government program.

Source: https://www.goоbankingrates.com/retirement/planning/7-things-every-woman-needs-to-know-about-retirement/

Photos are from open sources.

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