Here’s How Much Money You’ll Get From Social Security

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

[CNBCMakeIt]

How are you planning for retirement? Let us know in the comments below.

[KarenDuncan-os]

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[MillionaireMindsetClub]

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.

[drewconway]

Born after 1980? Use the Willy Wonka method to calculate your benefit: “You get nothing! You lose! Good day, Sir!”

[tahirisaid]

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.

[barttfisher]

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?

[jesbensommichael]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking the bold steps we need in other to reach our goals.

[phalanxsd]

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.

[APennyPinchersGuide]

Bottom line, don't rely on Social Security for your retirement

[webuser]

Millennials and gen z: *Works hard for 45 years*
Government: *The best we can do is $0.*

[OhMaryJo]

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.

[goldja]

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.

[jaemane]

They should do a video on how Social Security is projected to be insolvent by 2034.

[LeeWalton]

📌.I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.

[CaseyBurnsInvesting]

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.

[realestate]

Multiple revenue sources are the present and future way of being well off in old age. One task isn't enough.

[thewealthwarren]

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

[Chaoes]

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

[HighwayLand]

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.

[chicnoir]

401K, IRA, cash saved, savings bonds, part- time job and social security.