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Do Americans pay social security? If not, what is the source of income after retirement?
Americans basically have a social security number for everyone. You have to pay social security if you have income. The calculation of future pension is based on the social security paid within ten years before retirement. Without social security, there may be no "social security". Basic medical insurance and pensions may still be available. Not much. Many people will also manage money, invest and arrange their own retirement expenses before retirement. -buying a house with income will get bigger and bigger. When you retire, sell the big house and get a smaller one (your children are married and independent, so you don't need a big house). The profit of the house (excluding tax) will be used as a pension.
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