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What are the similarities and differences between Social Security retirement and pensions?
On May 15, 2024
Both address income for retired people. Both are tied to an individual's employment. Social Security is available to (almost) everyone who works because it is a public protection program. Pensions are available only to persons whose employers' offer them, as pensions are private protection programs. Employers are legally required to process social security contributions/deductions whereas there is no legal requirement to provide a pension.