The size of your Social Security check will depend on how much money you made throughout your career. Here’s how much you can expect from your benefits based on three different salaries. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
The largest Social Security cost-of-living adjustment increase in decades is set to go into effect in 2022.
The 5.9% pay bump was meant to help seniors cover the cost of rising inflation.
If you want to see how future COLAs will affect your retirement, you’ll need to figure out how much Social Security you can expect every month.
The size of your payment will be based on your income from your working years, the year you were born and your age when you decide to start receiving benefits.
CNBC calculated a wide range of salaries to estimate future benefits for people who currently make $30,000, $35,000 or $40,000 per year but are planning to retire.
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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LEARN MORE ABOUT: Retirement Planning
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You can't live on ssi I would rather sell drugs like bidens son
This video helped a lot, thank you.
I learnt to manage my money through investments and it really works for me. They say money can't buy happiness but poverty can't buy anything
1940, $23. Whoa that much inflation increased? Why? Is this why people stay on their jobs over 35 years? To get their highest 35 years. Who really wants to wait until their full retirement age?
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Registered Social Security Analysts helped me with my Social Security Planning..best investment my wife and I ever made
The best country to collect a pension is the Netherlands followed by Denmark and Israel. The U.S. ranks number 18
36000 a year
The huge Federal welfare programs, Social Security and Medicare will cost over 2 trillion this year. Seniors are stealing from their children and grandchildren. Both programs should be eliminated. Seniors should pay their own way.
Social Security is Federal welfare. Seniors are greedy
I worked mostly for cash. How do I get a monthly Federal welfare, SS, check???
The video said your average yearly income is $30,000. Is this before or after each of your income years is adjusted for inflation?
I had a chat with a fiduciary whom I came across today. she’s a pro and we got talking about investment and money. I was in shock when she told me that investing $2000 monthly in ETF and STOCKS with an average of 12% compounding annually in 20 years will give me $1 million. It gets even more interesting. The total contributed is $480,000 whereas interest earned is around $4,224,000. Crazy right! I immediately got investing as I don’t want to miss out on the opportunity.
Ss a ponzi scheme. I could turn it into millions if the gov didn't steal it.