How Social Security benefits are calculated on a $60,000 salary

Planning to save for retirement might not be a priority. Luckily, you'll have some help from Social Security. Here's how much you can expect to receive if you earn $60,000 a year.

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[NicholasBall]

I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early—might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.

[bigjm]

Ss needs to be changed for the better of the American taxpayers ! Politicians are crooks !

[emilioguerrero]

WHY IS THIS NOT TAUGHT IN Middle School and then again in high school.

[damnitdang]

All parties need to vote and get SS retirement down to age 60

[The_General_Zubas]

the easiest way to fix Socisl Security?

raise the cap to 250K a year.

[tisurmaster]

35 years average? com'n man!!! this is why inflation gonna ruin my earning!

[granbuck]

They did not subtract for Medicare. This is what should be called "bend over points" Medicare is calculated on the last 2 years of your salary. Which will deduct 20 percent approximately off your social security check

[amolejoshua]

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.

[carlosdanger]

So basically if you work hard and are productive you get fcked on your benefits

[PH-qrfx]

why doesn't anyone explain if these monthly benefits are in today's numbers or when you retire at a given year in the future??? The calculators always say you will make 2100 or whatever, but they NEVER EVER tell you if that's in todays or tomorrow's dollars!!! THERE IS A HUGE DIFFERENCE. MAKE THINGS CLEAR

[tasteyfisher]

Annnd that is not even close to enough money to pay rent let alone food, bills, etc etc

[nickbondgien]

I'd rather have every dime paid in returned to me and I'll take care of the rest.

[thishandleistaken]

This assumes you made (average) $60, 000 for 35 years?! How many Americans can say that? It also assumes waiting until age 67?! (avg life expectancy 77) -> work 40 years, enjoy it for 10, wow...Plus if you are self employed like me enjoy paying 12.4% into SS and I think the later you were born, the less you get. I wish it were either optional, or better invested in index funds (SPGI 15% returns), or since the "fed" just prints money anyway, just take it out of that "reserve". Oy vey.

[jerodoverfield]

Yep that's why I'm investing my retirement to make sure it balances out when I do retire and to make sure my mortgage is paid off

[Feinick]

I was making 60k a year and when approved ssdi is 2k for the first year the 2nd year is another story

[anyoneusa]

with no stocks, bonds, 401 k, you should to expect to live under a bridge, beg on corners and walk to liq store... great, , My wife will be thrilled to hear what comes from working all of our lives...

[ADAMSIXTIES]

What do you mean by adjusted for inflation? So you don't mean $60K per year for 35 years, i.e $2.1M? This is fuzzy math.

[dawnsara]

This doesn’t take WEP into consideration. Look it up!

[HHY-J]

So we are talking about $2150 in current $ value right? Will the amount be added COLA when years go by or it is a fixed monthly $2150 till the retiree die?

[forsupernovae]

Should let people opt out, its going insolvent they are saying