How much your Social Security benefits will be if you make $30,000, $35,000 or $40,000

The largest Social Security cost-of-living adjustment increase in decades is set to go into effect in 2022.

The 5.9% pay bump was meant to help seniors cover the cost of rising inflation.

If you want to see how future COLAs will affect your retirement, you’ll need to figure out how much Social Security you can expect every month.

The size of your payment will be based on your income from your working years, the year you were born and your age when you decide to start receiving benefits.

CNBC calculated a wide range of salaries to estimate future benefits for people who currently make $30,000, $35,000 or $40,000 per year but are planning to retire.

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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[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.

[DennisRusso]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

[SharrenDabs]

It’s sad as a 32yo male putting roughly 3k into SS a month sometimes more and I know I’ll never receive a retirement fund due to the fact that so many people are draining it and the government wants to abolish it all together.

Right now you have younger generations needing that money right now, same with federal income tax. We don’t want to pay for your experiments because it’s our hard earned $$$ yet in 30-50 years we won’t be living anymore due to the fact they are abolishing SS and not letting us have our money we worked for.

We don’t use money the government makes (besides the currency we are forced to use) so why use the civilians money for things we didn’t ask for?

[michaelholt]

At 67 it's a good chance that money will not really go to you but it will go to a rest home.

[MariaGarcia-gvhj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it';

[johncallahan]

The video is unclear. The beginning of the video states, "How much you'll get @ 62. Then it shows how it's figured and states the amount @ FULL retirement age. Not at 62!
Please explain

[martin]

Who lives much past their 60s? What a scam. People having to wait till mid 60s. What's the point? If you do live you'll be wandering around a retirement home talking to yourself by then. Now they are raising the minimum age to 72? Im 56 and exhausted from working since i was 17 years old.

[calvinmitchell]

$504.87 today is the equivalent of that $22.50 in 1940.

[Muriel-]

it is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. the fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income.

[heddystgeorge]

The best country to collect a pension is the Netherlands followed by Denmark and Israel. The U.S. ranks number 18

[shim]

The video said your average yearly income is $30, 000. Is this before or after each of your income years is adjusted for inflation?

[KayKay]

This video doesn't mention it, but to see those numbers you need to wait to take Social Security after reaching your full retirement age (currently age 67 for me). In another 10 years, these numbers will be completely wrong because I'm going assume that Congress will do absolutely NOTHING to prevent the Social Security Trust Fund from running dry. This means, you will see about 75% of these numbers, if not less. My calculated AIME is currently around $10, 000 and I'm thinking the best I will ever see is about 2, 500 per month (in today's dollars). That may cover supplemental health insurance, property tax, electricity and maybe some food. Honestly, I'd rather be given a lump sum of a portion of my adjusted gross salary over my top 35 years. Give me back my 6.2% and then increase it by 41.66%, which is just 1% interest over 35 years. I bet I could invest that lump sum far better than what I will ever see from the government in the form of Social Security.

[PeterParker-gtxl]

Start saving early, invest wisely and early, time is the essence; self-reliance is best. COLA never catches up.

[pitermichael]

what if you make 35-40k year for 15 years only and after you work until 67 for cash only

[michaelg]

So basically if you were making 60, 000$ a year it would be double the 30, 000$ a year? if I'm following this right.

[cnconrad]

A big missing point that would make this video 10x better would be then to check back in at 67 and 70.


62 really gives a low number

[RadicalforGod]

1940, $23. Whoa that much inflation increased? Why? Is this why people stay on their jobs over 35 years? To get their highest 35 years. Who really wants to wait until their full retirement age?

[KaseemWalker-owwo]

Mean while ur rent will probably be over 3k by then

[dr.raymond]

I learnt to manage my money through investments and it really works for me. They say money can't buy happiness but poverty can't buy anything

[Thegoalie]

Registered Social Security Analysts helped me with my Social Security Planning..best investment my wife and I ever made