retirement income

2 questions

What is Social Security and how does it work?

Social Security is a federal program that pays monthly retirement income to workers who have accumulated at least 40 credits (roughly 10 years of work). Your benefit amount is based on your highest 35 years of earnings — you can claim as early as 62 (reduced benefit) or as late as 70 (maximum benefit). The longer you wait, the larger your monthly check.
What is the 4% rule in retirement?

The 4% rule says you can withdraw 4% of your portfolio in the first year of retirement, then adjust for inflation each year, and statistically your money will last 30 years. It is a useful planning benchmark, not a guarantee — lower withdrawal rates (3–3.5%) are safer in today's low-return environment.