A pension is a type of retirement plan that promises workers a specific monthly benefit when they retire. Although you may still get a pension if you’re in the military or you work for the government, pensions are increasingly rare.

Social Security's maximum monthly benefit in 2023 is $4,555, which works out to $54,660 a year. But if you're hoping to collect the maximum Social Security benefit someday, we've got bad news for you: You probably won't qualify.

You've probably seen the claims that Social Security is going bankrupt. There's an element of truth to these claims, but the real picture isn't quite as scary as it seems.

Maxing out your 401(k) may seem like a no-brainer move. But it's also a tough goal for a typical worker to achieve. In 2023, you'd need to contribute $22,500 to max out your 401(k) if you're younger than 50.

You probably don’t need us to tell you that the earlier you start saving for retirement, the better. But let’s face it: A lot of people start saving late because their paychecks will only stretch so far.

Someone born in 2000 has about a 1 in 4 chance of becoming disabled before they reach their full retirement age of 67. For a worker who becomes disabled during their working years, Social Security Disability Insurance (SSDI) is a lifeline.

Most of us never see the first 6.2% of our paychecks. That money goes straight to Social Security taxes. But who gets all that money if you die tomorrow?