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reople planning aneaa tor their retirement should be aware that social security was never intended to offer a complete retirement income.
Bruce A. Hundley, social security manager in Culpeper, points out that social security benefits provide a partial replacement of earned income lost or reduced because of the retirement, disability, or death of a worker.
Some pension experts estimate that retirement income should be 60 to 70 percent of pre-retirement earnings in order for a retiree to maintain a standard of living similar to that before retirement.
Social security benefits generally provide 25 to 60 percent of pre-retirement earnings, depending on the individual's earnings over the years. With an eligible husband or wife, benefits would be 37‘/2 to 90 percent of the worket’s previous earnings.
People can supplement social security retirement benefits with income from company pensions, insurance annuities, savings, stocks and bonds, individual retirement plans, or other investments.
The important thing for a worker to remember, Hundley said, is that social security is not the total answer. It is a base upon which each worker should build his or her retirement plans..
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