Social Security was never designed to be your only source of income in retirement. Instead, it serves as a foundation, replacing a portion of a worker’s pre-retirement earnings based on their lifetime contributions. The percentage of your average income that Social Security retirement benefits can replace varies depending on your earnings history and the age at which you decide to start receiving benefits. It's essential to view Social Security as just one part of a comprehensive retirement plan, ensuring a more secure and fulfilling life after your working years.

Your benefit payment is directly linked to the total earnings you accumulated throughout your career. Typically, higher lifetime earnings translate to greater benefits. If you experienced years of low earnings or periods of unemployment, your benefit amount may be less than it could have been had you maintained a steady work history. By maximizing your earnings, you can significantly enhance your future benefits.

To qualify as having a disability, you need to show that you are unable to engage in substantial gainful activity (SGA) because of a medically determinable physical or mental impairment. This definition highlights the significant effect that these conditions can have on your ability to participate in the workforce.

Medicare is an important federal health insurance program designed for individuals aged 65 and older. It also supports those under 65 who have specific disabilities, suffer from permanent kidney failure, or are diagnosed with amyotrophic lateral sclerosis (ALS), commonly known as Lou Gehrig’s disease. While Medicare plays a crucial role in helping manage healthcare costs, it’s essential to understand that it does not cover all medical expenses or the majority of long-term care costs.

A pension plan is a savings plan established by an employer that offers employees regular income payments during retirement.