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When you retire

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Updated: 4/13/2007 6:37 pm
If you've worked long enough under social security, you will likely qualify for retirement benefits at age 65, or reduced benefits as early as 62. In the next century, the age at which you may draw full benefits will slowly rise, from the current 65, to age 67 in the year 2027. Today, over 30 million retired workers and their families receive monthly benefits from social security. These payments are not intended to completely fund your retirement, but act as a supplement to your personal savings, and income from any company retirement plans you may have. In general, financial planners say when you retire, you need about 70 percent of your previous income, to live comfortably. Social security benefits alone replace about 42 percent of an average salary. To find out more about the benefits available when you retire, and how much you can expect to receive, contact the social security office. Ask how you can get a personal earnings and benefit estimate statement.
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