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5 little-known facts about Social Security

5 little-known facts about Social Security
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Most Americans watch their money go into the Social Security trust fund in the form of payroll deductions as soon as they begin working, when retirement seems a long way off. As a result, many go through their working lives without giving it much thought.

Here are a few facts everyone should know about Social Security benefits before making any decisions about retirement.


5 little known facts about Social Security Who is entitled to retirement benefits How are payouts calculated What are spousal benefits and widow benefits How broke is Social Security Where do payroll deductions for Social Security go Retirement resources

Retirement resources
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For most people, Social Security is one component of retirement income -- one leg of the so-called three-legged stool.

Pensions are another component, but these days few workers get a pension. The last leg would be personal savings, whether in a 401(k) plan, IRA, an investment account or savings account.

Read Bankrate's Retirement Guide to learn basics about how to construct a retirement plan.


5 little known facts about Social Security Who is entitled to retirement benefits How are payouts calculated What are spousal benefits and widow benefits How broke is Social Security Where do payroll deductions for Social Security go Retirement resources

Copyright 2011, Bankrate Inc.

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