Social Security
Social Security is the national retirement system. Most of the beneficiaries receive Social Security retirement pensions and are insured by Medicare, the basic health insurance program for people over 65. Some people may be eligible for disability income or survivors benefits paid by Social Security.
To qualify for Social Security benefits, usually at age 66 and up, an individual needs 40 credits ( 10 years of work ). The amount of the monthly benefits is based on the date of birth, the number of years worked and the $ earnings.
There may be a reduced benefit for earlier retirement or an increased benefit for late retirement.
In some income levels Social Security benefits may be taxable.