Retirement logistics... help me understand on Yedda

Retirement logistics... help me understand

How does retirement work in America? Does a certain amount of money come out of people's paycheck every month and then at a certain age they get the money? If it's not like this, how do people support themselves when they get to 60 something and are ready to stop working?

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Aardvark

118 answers

78 thumbs up

Hi,

There are a few ways of doing this. Social security is paid out of your paycheck automatically and eventually when you retire you get a sum of money according to the amount of years you worked and what your salary was. It's not like a bank where you save the money but instead you get a larger sum than what you put in.

There are also other ways of arranging your retirement. You can put aside money in a private pension fund. With this system you basically are responsible for putting aside the money and eventually you collect the sum accumulated.

Hope this helped.

Posted 10 months ago ( permalink )

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