How Social Security benefits are calculated on a $50,000 salary

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Social Security is an essential part of retiring in the U.S. Nearly nine of ten people aged 65 and older receive benefits, which are based on your income, the year you were born and the age you decided to start taking money out. How it's calculated, however, is anything but simple. Here's how the math is broken down and how much you can expect to earn in Social Security benefits on a $50,000 salary.
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With around $120k invested in Palantir stocks, any suggestions for additional stocks to diversify across various markets? Looking for a well-rounded portfolio that balances risk aversion with returns meeting yearly inflation concerns.

amolejoshua
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Thank you. That is the easiest, simplest, quickest explanation of how SS is calculated. Excellent. The graphics really nailed it for me

michaeldangelo
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Small Correction: In this example what they shown $1879 will get at age 67 not at the age of 62. If you start getting benefits your amount will reduce.

kalyanimikkilineni
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$50K in 1989 is equivalent to $126K today so this is a high salary for those 35 years.

IndigoStarrAz
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u get $1879 at 67 not 62. $1879 x 72.5 = $1362 that's what u get at 62. u get 72.5%

dbail
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Social Security benefits play a crucial role in retirement planning for many Americans. The amount you receive is determined by various factors such as your income, birth year, and the age you choose to start taking benefits. For example, if you had a lifetime average salary of $50, 000 and started receiving benefits at age 62, you could expect around $1, 900 per month. It's important to note that these figures are subject to change and individual circumstances may vary. While Social Security is an essential part of retirement income, it's crucial to save and invest for your future to ensure financial security. So, how are you currently preparing for your retirement? Are you exploring additional investment options beyond Social Security?

StopBeingSoldMedia
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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.

skitzdaniel
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I invested in stocks!!! I am retiring next yr at 55 with 3 houses paid off worth 4.5 million . One is my place of residence the other 2 properties will give me $80, 000per/yr rent . I will have an income stream of $20, 000 per yr through my super which gives me total $100, 000 a yr to live comfortably . I have no debts ... Stay Motivated!!

wedsonolivia
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If you made minimum-wage all your life you going to be starving to death on Social Security

xman
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But is it additional pension or just social security?

skyhigh
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Background music should always be as loud as (or louder than) the person talking on a video - thanks :/

jg
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Social Security: the screwing you get from the screwing you got!

nala
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2:20 -- Most important part of the video and immediately ignored by 98% of the population. SMH!

slydogger
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Ima retire in Mexico or some place else

artrod
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how about ave 12000 for us navy more house ajc temp service ace hareware

nathanielhart
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What if you took that 6200 and got it invested for 40 years in S&P. You'd have almost 4.5 million dollars I hate Social Security

purpleliver
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I came to America at 45 and worked for cash. I'm 66 and would like to know how I can collect a Federal welfare check like other American seniors who are over 62. Thank you!

richardargst
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I’m not sure if I will reach 65 years old in my life! Therefore I will never invest on retirement in USA

😂😂😂

phish_
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Why do I get only $589.00 s monthly I’m straggling I can’t afore Housing is unfair the system or laws is sucks

henryrodriguez
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Okay how about the Medicare part that comes out of our paycheck? Is there a retirement benefit for that with some kind of calculation? Or is it only Social Security that we receive money for?

jaysant