Here’s How Much Money You’ll Get From Social Security
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- čas přidán 18. 01. 2021
- 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.
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nah g i'm twelve
Social security and 401K. Let's hope they both exist by then, otherwise retirement isn't an option.
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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.
Amen
Yes. Not much being contributed and the boomers living way too long lol
Not just the younger but the older too. It's not enough to survive off of.
There would be riots the likes of which this nation has never seen. It will be here.
It want be ...
Investors made stocks soar last Tuesday, cheering the October Consumer Price Index report that showed inflation slowed more than expected last month.What is the greatest strategy to take advantage of the current bull market while I'm still deciding whether to sell my $300k worth of stocks?
It's more tasking to create a strong financial portfolio, so I advise you to get help from a professional. You can then receive strategies that are specifically suited to your long-term objectives and financial aspirations.
Correct! You don't necessarily need to be a flawless investor; all you need to do is seek advice from an expert. I began investing in 2020 and pulled a profit of roughly $900k that same year despite having no prior investment knowledge.
Due to the significant dips, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this coach?
Sonya Lee Mitchell is the experienced fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
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TLDR: between $0 and “not enough”
Born after 1980? Use the Willy Wonka method to calculate your benefit: “You get nothing! You lose! Good day, Sir!”
😆
yass
Relying solely on social security isn't advisable. I've learned that the most efficient path to wealth, both in acquiring a million and sustaining billionaire status, is through wise investment strategies.
I couldn't agree more. Working with a financial advisor can provide invaluable guidance for navigating investment strategies effectively.
“Angela Lynn Schilling” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
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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 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.
@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 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 wow 😳 thanks for the infro
Bottom line, don't rely on Social Security for your retirement
Millennials and gen z: *Works hard for 45 years*
Government: *The best we can do is $0.*
Have more babies and you won't have to worry about it and can get your benefits.
@@Whooshta there is a finite number of people earth can support. we shouldnt support overpopulation just so we can continue the ponzi scheme
@@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.
How about $0 AND significantly higher taxes? Eh? Eh?
I bet the government will just increase the contribution from 6.2% to 12.4%
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.
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.
Congratulations three income streams.
Hold off on that 401k as long as you can! If you can live off your pension and SS always better to wait.
Must be nice
How do u get pension?
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.
I feel the same way
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
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They should do a video on how Social Security is projected to be insolvent by 2034.
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
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.
Multiple revenue sources are the present and future way of being well off in old age. One task isn't enough.
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.
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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
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
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.
you can thank Reagan. has zero to do with demographics
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
@@Randy-rs1cg what did Reagan do?
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
Im 21. I've always been told to plan as if social security won't exist by the time I retire.
This was a great explanation
Nice work ✨🎇🎆
Nice video.
401K, IRA, cash saved, savings bonds, part- time job and social security.
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...
They aren't going to run out. It will just be reduced. They way they reduce it is by delaying full retirement age. This way you get less when you take it early, and if you wait you might not be around long enough to get much of it.
@@TheFirstRealChewy you're missing the point.
For me, it's better to be self sufficient than invest 12% into their scheme and potentially never get a dime back (as you mentioned, they delay to reduce the draw).
You forgot to talk about on how Social Security probably won't exist when I retire. I'm 32 years old by the way, I got a long way to go.
As a 23 year old itll be long gone by the time im 65
None. Thank you for watching
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Nothing, I’m not counting on it for my retirement
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!
So I should seek low income job my entire life just to get better benefits or seek under the table jobs which one?
I wish I could opt out of Social Security and instead invest that money in index funds.
Your social security contributions pay for more than benefits in retirement. Also, what you are payingnow isn't for you, it's for the people who are retired now. When you retire your benefits will be paid by those still working.
@@TheFirstRealChewy this is gonna sound dumb but do I have to have a 401k still or would I forsure get money from this. Because on my pay stubs i see I’m paying it
@@TheFirstRealChewy YES BUT IF HE CAN INVEST HIS ONE MONEY HE CAN PAY FOR THAT TOO WITH OUT THE HEAD ACK OF LIING TO POLITISHINS ALL THE TIME.
That’s it? 😒😒. Guess I’ll go harder on my 401k and start learning how to invest.
Social security has a new plan where by if you delay taking it until your are 105 they will give you a check for 100 million dollars. I'd wait for the big pay out😂
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?
Yes, depending on your income for the highest 35 years of employment, which can be impacted by multiple things in 35 years.
That said, it's safer to assume that even if the benefits still exist, taxes could be higher.
Yea but good luck living off 16k a year. I pay more than that in rent for a 1 bedroom apartment in a bad neighborhood
I live in a complex full of old people. Everyone I speak with is getting a monthly Federal welfare check. I mostly worked for cash. How can I collect a monthly welfare, SS, check?
God bless Social Security forever ❤
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.
Assuming FRA is 67, you get 100% at 67, about 70% at 62, and about 130% at 70.
That difference may or may not be much, plus you depending on your line of work, and addition 8 years of work in your older years is going to feel much different than 8 years in your younger years.
Yeah, well the reality is that for a lot of Seniors Social Security will be their only source of income. It's not a benefit, it's their money that was taken out of their checks. Therefore, Congress had better get going and pass one those many bills to fix it.
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How much i get
I'd like to see the numbers also for ages 62 the full retirement age and age 70
I've been working since I was 13. Worked in a trade. No college. I worked overtime my whole life. I retired at 55. The day I turned 62 I started collecting S.S. $2100.00 per month. Looks like there will be a %10 increase in January. I do just fine on S.S. Another $200.00 per month in January. Maybe the same the following year? Live within your means. Save for retirement early. Work sucks. Get out early.
You worked all those years and paid into the system. Hopefully we've got your back the rest of the way.
Yes, the US government has borrowed money from the Social Security trust fund in the past.
The Social Security trust fund collects more in payroll taxes each year than it pays out in benefits. The excess funds are invested in US Treasury bonds, and the interest earned on those bonds is added to the trust fund.
However, the government has sometimes borrowed money from the trust fund to finance other government programs, such as infrastructure projects, defense spending, and other government expenses. This borrowing is accomplished through the sale of special-issue Treasury bonds to the Social Security trust fund.
The government is required to pay back the funds it has borrowed from the Social Security trust fund, with interest. As of now, the US government owes over $2.8 trillion to the Social Security trust fund. The government is required to repay this debt, and failure to do so could potentially jeopardize the stability of the Social Security program in the future.
How can cash be borrowed from the fund if the surplus cash is invested in bonds.
i feel like iv'e already seen this video
How many people realistically if they retire have anything else to fall back on besides social security? 25% maybe?
To all the young people out there who believe that SS will not be there for them. Get involved in your future demand that your representatives support a strong OASDI.
CAN I DEMAND THAT I CAN OPT OUT OF THIS SHHHHHH AND INVEST MY OWN 6.2% AND HAVE MY ONE ACCOUNT SO I DONT HAVE TO LISIN TO THE SAME DOOM STORM EVERY YEAR!
I have no hopes to get this. 😪
For immigrants who plan to leave the country before retirement, can they get all the benefits as a lump sum before leaving
No
IIRC illegals get no SS
i think you can but i’m not sure
NO YOU HAVE TO ERN CREDIT WHIICH YOU ERN 4 A YEAR YOU HAV TO HAVE 40 TO GET SOC!
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.
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I collect SSDI now and been collecting since 2015 when 55 years old ....now that I am 63 years old can I apply for social security retirement and would I be able to collect both SSDI benefits and social security retirement benefits
what is that ? is it legal ? how do I do it ?
@@colinhughes9224 NO YOU CAN ONY HAV SSDI OR SSC YOUR SSDI WILL TERN TO SOC AT A 30% REDUCKEN!
Unsure for the future of social security benefits 🤦🏿♂️
Is it gross income or net income?
Gross.
For some people
I raised 4 children no welfare then retired 10 years ago. There is no saving when you do thus. Was happy to have raised my children. However I cannot afford any place. Best years of my life is scraping by having to live with an adult daughter that's not fair. The burden is on our kuds because government dies not know how to help its own yet pays fir illegals??? Nuts.
420? It just happens to be 35 years. Or was the person that came up with that, thinking about something else?
Can i get a thousand more dollars from social security if i spent all of it for games off of amazon because theres nothing wrong with this!
how can you save up for retirement if you can only keep $2,000 in the bank? (when you receive social security)
This is not for saving but for old citizens who can no longer work for wages….. they basically treat us like children, take our money for 40 years and give it back to us in increments
You have SSI, not SS
YOU CAN PUT IT IN A ROUTH OR A IRA OR A 401K OR in A 4013B THES THING ARE CONSITER RETERMENT AND ARE NOT COUNTED THE SAME WAY!
@@jeannettesilva4242 With SSI, anything that can be cashed in will count as a resource. This is welfare rules.
@0:48 ayy l(amie)ooo
Is social security income taxed
Yes, it can be.
How about they give me back all my paycheck deductions? I better have a social security waiting for me when I retire.
You can’t be too sure the rightful thing to do is to ensure you monitor and get a reassurance which will enable you confirm and plan your retirement properly i took that measures and my retirement is superb
Max out your Roth IRA
If i get $175 month
So basically, I should work for 10 years then stop and collect 20% of your money when I turn 62.
We all need to save social security now not later and we need to take thoses in office out of office in government that don't want to save social security.
If i get 2500 a year
Do they keep making the same video over and over again?
I’m not waiting until 67… sorry
100,000 a year for 35 years for 2,800 a month before taxes at 62 effing years old (I'm rounding up to be "nice") dont make no sense.
Kets be real my generation will never see this money.
I highly doubt the government will even give me a penny by the time I retire. Plus they've already stated social security will be gone by 2037
They said there would be shortages. It will be there.
Leave it to the government to manufacture such stupid equations
If you don't own property by retirement, paid in full, forget about it. Living won't even be worth it.
Very few make that kinda money
I'm more confused than ever. I bet I will be lucky to get 800 bucks a month in 4 years.
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 😕
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.
SS payouts should be cut during recessions. If SS tax receipts drop, as they will, during a recession, shouldn't benefits be cut?
So you want to cut the benefits for those who had to pay into it their entire working life?
@@TheFirstRealChewy They did not pay in for themselves, they paid in for those receiving benefits. SS is not a savings account. Seniors need to stop freeloading. We had our entire working lives to save. Our kids should not be supporting us. Stop being selfish.
@@karlkeating9960 What? Are you nuts?
@@jackiecouncil7809 Jackie please be more specific.
I am 67 years i get175 a mont whick 22500 year
2,790 here i come
Whats your salary?
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.
Get a second job.
For us millennials, probably nothing *sarcasm*. But forreal tho
.
Lol 420
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i'm a millenial so none
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Retirement is a scam. It's funny how everybody else makes money off your retirement
356 dollars month
I guess you never worked?
420 blaze it
How do we get the 3600 a month
Why do any of us deserve a Federal government handout? Young people are struggling to pay off student loans, educate their kids and pay off mortgages. Seniors had their whole working lives to save. They should not be collecting welfare now
Hey Tom, us older people paid in social security for years. Dont you think we are due something? Just asking your thoughts. Thankyou
@@jamescathcart4762 No. When you were paying in the money went out to other recipients. There was no money in an account for you. You had your entire working life to save for your retirement. Today you should not be supported by your children or anybody else's children.
So you want to pay into the system your entire working years and on the day that you retire they tell you that you don't deserve any of the money? That's like investing money into a 401K your entire working years only for the feds to say, you had your whole life to save, you should have saved extra in a brokerage account.
Those of us who are working today are paying for those who are retired today. When we retire those who are working will pay for our retirement. Essentially you are getting back some of the money they took from you over the years. Also, let's be honest. Even if everyone in retirement refused the social security payments, do you seriously think the feds are going to stop collecting it? They would just use the money for something else and you essentially get nothing for it.
@@TheFirstRealChewy Do not compare Federal welfare, SS, to a 401-K.
You know people pay their entire lives into social security right?
April Fools! Nobody is getting anything in 20 years!
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