Group Retirement Benefits: Mushfiq, Guillermo, Lucila
401K: 401K is one option of seeking for retirement benefits. This is only for private companies who are willing to contribute a certain percentage of what you want to share. Mostly companies contribute 3% of your salary. You have to withdraw your money at your retirement age because withdrawing it early, you will pay for a penalty of as much as 35% and federal will tax you 10% more.
Pensions: A pension is a retirement account that an employer maintains to give you a fixed payout when you retire. Usually tax exempt, and the employer's makes contributions toward a pool of funds set aside for an employees benefits in the future. Pensions are only given out to private companies or for the people that work in the government they tend to not be given out to the public. If the person dies the spouse can still keep receiving his pension. The average pension in California is $29,000. Due to the high cost of living in California, many of our senior citizens can't live their retirement how they are supposed to. The average retired senior lives month to month with his pension with the prices of medicine being high sometimes they can't afford to buy all their medication. Many of them rely on government help such as living assistance, affordable senior housing or the use of their SSI. Many opt for part time jobs to afloat.
Social Security: Social Security is a benefit that most people receive and it is one of the only benefits people actually get for sure. Social Security pays disability benefits to you and certain members of your family but you have to work long enough and most people do end up working the amount they need to. Most of the people that receive social security benefits are the retired workers and they make up 63.0% of it. An average monthly benefit for social security if you are 62 years old is $1070. A lot of people only just end up living of the social security benefits but that still isn't enough for them to survive every month.
