You've worked hard your whole life and now you want to retire, but you need money to live on. Social Security Social Security is a government-run program that applies to almost all workers. If you have average earnings, your Social Security retirement benefits will replace only about 40 percent of those earnings. In addition to Social Security, employers can establish private pension or retirement plans for employees. This is voluntary, but once an employer establishes a plan, there are complex rules for how the plan can be administered.
Individuals can save additional money for retirement by opening IRAs.
You can contribute money to the IRA tax-free, and your earnings are not taxable until you start withdrawing your benefits. Taxes Reaching retirement doesn't mean you get to stop paying taxes. Work with an experienced lawyer in your state.