What does this mean when creating my retirement plan?
Knowing the approximate amount you will receive in Social Security benefits can help you determine how much other retirement income you'll need to reach your goals.
What about my taxes? Are they put on a savings account to ensure the safety of my retirement benefits?
The money you pay in taxes isn't held in a personal account for you to use when you get benefits. We use your taxes to pay people who are getting benefits right now.