When you retire, do you keep getting paid the same amount yearly as you did while you were working? Do you only get paid a percentage of it? Or do you stop getting paid all together and just living off a retirement fund?

Most people earn less in retirements, Social Security pays a tiny amount almost no one can live off, these days you have to save into a retirement account, like a 401K that has some tax benefits over a regular savings account.

A union or government job is more likely to pay a pension.

One simple retirement plan suggests saving 8 years salary, which with wise investment can keep a retired person going for 20 years.

If you saved 20% of your pay, it takes 40 years to save up that 8 years salary.

Highly unlikely you would paid anything near what you made by working.

You receive some portion of your salary in retirement if you are lucky enough to have a defined benefit pension plan (very few still exist, though they were once common).

You will likely have to build a nest egg from a 401(k) and/or IRA and then live off of that for the rest of your life. This requires building a substantial nest egg (start young) and managing it well both while it's growing and after you retire. You will likely have some form of Social Security benefit, but the younger you are, the harder it is to predict what this system will look like.

I am not sure who you are referring to that would continue to pay you after you retire, but the way it works is you apply for social security benefits, and then tap into whatever retirement accounts you had previously put money into. Social Security is typically not enough to sustain life and expenses so you should have a retirement account that will supplement the difference.

If you are young I would consider starting early with your retirement account. The longer the money is in the account the more interest and compound interest will accrue and the quicker your account balance will grow.

The average American will need approximately $1,000,000 in a retirement account by the time they hit 65, or they may not have enough to retire comfortably.

If your lucky you will get a pension or nothing.

The 401k is now the pension of choice.

Social security will help in retirement.

If you were wise enough, you would have invested

in the stock market using the IRA.

So the 3 legged stool is

401k. IRA and Social Security.

After 20 years at your job or career, you can retire at most jobs, and receive a portion of your annual salary.

Depends on your job