Contributions to a Traditional IRA may be tax$-$deductible depending on the taxpayer's income, tax $-$filing status, and other factors. Taxes on eamings are deferred until withdrawals begin, which is usually in retirement.

$3.$ Discuss the role of Social Security benefits in a retirement plan by addressing the following:

a$.$ Purpose: describe the difference between FiCA and Medicare. Next, indicate how each af these benefits are funded $($i$.$e$.$ emplayee, employer, or bath$).$

b$.$ Eligibility: summarize the eligibility requirements for collecting Social Security.

c$.$ Benefit Age: summarize the three ages that people usually collect Social Security. If you were close to the youngest age, would you start collecting as soon as possible, or would you delay? If you wouid delay, indicate the age you would select and provide your rationale.

d$.$ Retirement impact: describe the role that Social Security would play in your retirement plan. Based on the information provided in this module, what percentage of a retiree's income does $5$ocial Security account for? Finally, do you believe that you will be able to depend on Social Security being available when you retire? Explain why or why not.