Retirement: How Monthly ‘Social Security’ Benefits Are Calculated (Video)

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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