These payments are known as social security taxes and are then issued on a monthly basis after retirement or a qualifying disability.
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Social security benefits make up a large part of most people s retirement plans.
Social security and retirement planning eventually most individuals working today will leave their job and settle into a new life as a retiree.
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Whether retirement is a time to look forward to or a time to be feared depends largely on how well you plan and prepare during your working years.
Over the course of a person s employment they pay a portion or percentage of their regular income to the government.
Your benefits will be reduced by 1 for every 3 you earn over the limit but the limit is 45 360 in.
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There s a special rule for earning income the year of you reach full retirement age.
If you are collecting social security retirement benefits before full retirement age your benefits are reduced by 1 for every 2 you earn over the limit.