Answer the following questions regarding Social Security. Define Social Security. (2 pts) ...
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- Answer the following questions regarding Social Security.
- Define Social Security. (2 pts)
- Define Social Security. (2 pts)
- How exactly does paying into Social Security affect your retirement savings? (2 pts)
- Suppose you are 40 years old and plan on retiring in 25 years, and then living for another 15 years after retirement. Your current income is $70,000 per year. If you pay $3,000 in Social Security taxes each year, how much do you need to save per year in order to have enough to replace 75% of your preretirement income at retirement when combined with Social Security (assuming no increase in wages and that your rate of interest will exceed inflation by 4%)? (4 pts)
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