Here’s How Much Money You’ll Get From Social Security
Planning to save for retirement might not be a priority. Luckily, you’ll have some help from Social Security. Different salaries can drastically raise or lower your Social Security benefits. Here’s how much you can expect, based on six different salaries.
The average Social Security check in 2020 is $1,503.
Figuring out how much you can expect every month when you retire depends on a few criteria.
The size of your payment will be based on income from your working years, the year you were born and the age when you decide to start receiving benefits.
Luckily, CNBC did the math for a wide range of salaries, and we can estimate your future benefits if you make between $30,000 and $100,000 per year.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated based on multiple different salaries.
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Here's How Much You'll Get From Social Security
How are you planning for retirement? Let us know in the comments below.
nah g i'm twelve
Option Calls on $GME and YOLOing into some random start up
Thank you. These Acorn videos are getting better. The case studies help a lot.
We need to get rid of SS, just give everyone their money back and end the program.
I had to retired early cause of sickness. They did me wrong I'm not getting what they said I would get. The government don't care if you live are die. That how this work
356 dollars month
I am 67 years i get175 a mont whick 22500 year
How much i get
If i get 2500 a year
If i get $175 month
IDK... They take 12% of your paycheck (you pay half, company pays half) and they are still running out of money... Better to let me keep that 6-12% and invest over my working life time...
I know it's likely someone won't respond, but I'm still curious how the age you retire affects your benefits, because the later you wait to receive benefits, the more you get. Does it affect your bends, or how does it work?
It doesn't affect the bends. Instead, you just get a surplus amount in terms of percentage based on how long you wait. For instance, you wait an extra year and you get an extra 8% of whatever you otherwise would've gotten. www.ssa.gov/OACT/quickcalc/early_late.html#:~:text=In%20the%20case%20of%20early,of%20one%20percent%20per%20month.
I need my government cheese please
If you don't own property by retirement, paid in full, forget about it. Living won't even be worth it.
Nice video.
How about they give me back all my paycheck deductions? I better have a social security waiting for me when I retire.
I have no hopes to get this. 😪
April Fools! Nobody is getting anything in 20 years!
Kets be real my generation will never see this money.
Nice work ✨🎇🎆
Is it gross income or net income?
Gross.
Just everyone the same amount
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i'm a millenial so none
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Social security is a scam nowadays. Born after 1980 and my pension will be a joke. I'm near 40s and I own nothing. A good chunk of my salary is going in taxes and social security. That money would do a lot for me right now, I could make a morgage for a house, save for my kids. Not some coins in 25 years.
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What a horrible retirement system! Imagine being able to take all the money you have so far invested into SS. Then turn around and invest that pile of cash into whatever retirement vehicle of your choosing.
Social Security is a Ponzi scheme. get rid of it
I wish I could opt out of Social Security and instead invest that money in index funds.
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What do you think about the "windfall" program? Do you think it will ever be repealed? Former civil service employees really get the short end of the stick on this policy!
i feel like iv'e already seen this video
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I’m retiring at the end of this week at 62. Taking my SS now. Too many friends and family members didn’t live long enough to retire and get SS. I have a pension and a 401k besides.
Make sure you have plenty
Congratulations🎉🍷!! Please enjoy it, relax, garden, wake up at 12pm. Eventhough it's a pandemic hopefully you can travel and enjoy life. I know so many who never got to enjoy retirement. You earned it and deserve it.
As a millennial, I don't even factor in Social Security into my retirement. I'll be lucky if they give me even $200 per month. Americas changing demographics no longer allow the current social security system to be sustainable into the long term
well the solution would be to just have more kids so they end up paying for it down the line you know but considering how expensive the current system makes it to raise a family we’re just digging a hole deeper and deeper
you can thank Reagan. has zero to do with demographics
Same here. 31 and just hit the 100k mark in salary. Trying to max out my TSP and Roth. SS will be an added luxury at this point.
same here, im 26 pretty sure the govt isnt gonna let social security go bankrupt but my plan is to build up my roth ira, simple ira, and my regular brokerage account to live off of in retirement what i get from SS its jus icing on the cake to do what ever i want
Is social security income taxed
Yes, it can be.
At this point, you’ll be getting $0 from Social Security.
what makes you think that? its 100% guaranteed by the government. only way youd get nothing is if you vote to have it removed. which is what the republicans are trying to do.
Millennials and gen z: *Works hard for 45 years* Government: *The best we can do is $0.*
Millennium get all the money from boomer wills
I bet the government will just increase the contribution from 6.2% to 12.4%
Best we can do is gazillion trillion dollars
How about $0 AND significantly higher taxes? Eh? Eh?
@mdstmouse7 also you have to support all those kids until they are old enough to work and support themselves. May as well save that money and invest it for your retirement.
I have 0 faith in the government’s ability to provide for me so I’m making my plan as if the amount they’ll pay is proportional to my expectations. $0.
Same. I look at as anything I get from them is extra. Just icing on the cake of all the money I put away on my own.
@0:48 ayy l(amie)ooo
Bottom line, don't rely on Social Security for your retirement
Social security is a fantastic gesture by the government, but always best to make you're investments in income bearing assets- and rely on these as your primary source of income in later life
For immigrants who plan to leave the country before retirement, can they get all the benefits as a lump sum before leaving
i think you can but i’m not sure
IIRC illegals get no SS
No
I don’t think so
Born after 1980? Use the Willy Wonka method to calculate your benefit: “You get nothing! You lose! Good day, Sir!”
😆
420? It just happens to be 35 years. Or was the person that came up with that, thinking about something else?
Soooo if we didn’t save for retirement and SSA still exists, we’ll either make between $16k to $33k a year at 65. 😳
Did you watch the video?
For us millennials, probably nothing *sarcasm*. But forreal tho
They should do a video on how Social Security is projected to be insolvent by 2034.
It's pay as you go people will still get 80% of what they were supposed to once the fund runs out. There will always be younger people working and paying in.
only if the government doesn't pay back the money they got loaned from SS. So really everyone's just fussing over nothing because the loans they took out are 100% back by the government. SS isnt "running out" the government just has to pay itself back. Republicans just want to shut it down so they dont have to pay it back
I like how this video says “give you money” at one point, about half way through. The money from social security was always mine to begin with.
@Luís Andrade wow 😳 thanks for the infro
@Luís Andrade So then you admit it’s a Ponzi Scheme. Thanks for proving my point for me. How about I just keep my money and you keep yours?
@Luís Andrade No free lunch. My money is taken away from me when young and when I retire I only get a portion back. Really seems fair.
@Luís Andrade I think Ronald’s frustration is he would be better off keeping the money he pays towards social security. Don’t hold your breath for the Gov. to take care of you.
Do they keep making the same video over and over again?
Retire in another country.
TLDR: between $0 and “not enough”
Don’t rely on social security! Get your finances in order so you don’t have to rely solely on it!
Are you building electrical circuits using relays? Or did you mean rely?
@Joel V good looking out! Thanks! 😊
Rely*
That’s why in my late 30’s, I’m investing like crazy and putting as much as possible towards my retirement(Roth IRA, 401K and etc) cause In the future social security alone won’t help, let’s hope it still exist when I retire lol but if it doesn’t it is what it is I guess.
@Leviathan88 Cool, Ill check that out better late then never.
@gold9ja yeah i already downloaded the Binance.US app and made my account but it’s not yet available to residents of NY tho :( it’s a really good app to buy and sell crypto
@Leviathan88 Yea I'm trying to get into cryptocurrency as well but I want to have a better understanding of it.
same here, im 26 and i already have my roth ira, i just enrolled in my company simple ira, and i have a regular brokerage account generating $400 a year in passive income, plus ive been making a bit of money trading options plus i wanna get started buying crypto soon
I feel the same way
Fffffff what happens when you’re a stay at home mom lol
You get a percentage of your husbands ss I think I know if he is deceased you get survivors disability benefits I think it is something like that you can check on the ss.gov website 😕
This was a great explanation
That’s it? 😒😒. Guess I’ll go harder on my 401k and start learning how to invest.
Multiple revenue sources are the present and future way of being well off in old age. One task isn't enough.
For the younger generation, dont rely entirely on social security. You don't know if it will be around in the next decade or so.
People have been saying this for decades. Stop. SS is a program like any other govt program: if we pay for it, it'll be there, and if we don't, it won't.
tbh that is likely to happen when the millennials are in power and most millennials are the boomers kids so if they get rid of social security most of their parents would end up moving with them... yes i’m not worried over social security but obviously tax hikes are likely to happen in the future
@R Cole but it’s better to be safe than sorry
It want be ...
There would be riots the likes of which this nation has never seen. It will be here.
OVER 90000
None. Thank you for watching
Ah yes, working ourselves to death because we can’t afford to retire...