Victoria Ujeniuc

Contnbutions wa Traditipeal IRA may be tax$-$deductible depending on the laxpayer's income, lax$-$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 follawing:

a$.$ Purpose describe the difference between FICA and Medicare. Next, indicate how each of these benefits are funded $($i$.$e$,$ emplayee, employer, or both$).$

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

c$.$ Henefit Age: sumarmarive the three ages that people usually callect Social Security. If you were close to the youngest age, would you start callecting as scon as possible, or would you delay? If you awould delay, indicate the age you would select and provide your rationale.

d$.$ Retirement Impact: describe the mole that Sncial Securty would play in your retirement plan. Based on the information provided in this module, what percentage of a retiree's income dors Social Security accoune for? Finally, do you believe that you will be abie to depend on Social Security being available when you retire? Explain why or why not.