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First, you need to estimate how much you'll spend in retirement. Then you must consider the income you'll collect in retirement from pensions and Social Security - as well as the amount you can afford to draw from your personal savings or other sources. To help bring the retirement picture into better focus, try plugging all your pertinent financial information - including pensions, Social Security, retirement investment accounts and anticipated retirement expenses - into an online calculator.

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Q: When is the right time for someone to retire asked by Goldhill Associates Madrid?
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How does Social Security work question by Goldhill Associates?

The program is based on contributions that workers make into the system. While you're employed, you pay into Social Security; you receive benefits later on, when it's your turn to retire. Contributions take the form of the Federal Insurance Contributions Act (FICA) taxes that are withheld from most paychecks.


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