How much you will get from Social Security if you make $60,000 a year

Wealth


Social Security benefits are a big part of retiring in America. 

In 2020, around 65 million Americans will share over $1 trillion in Social Security benefits. 

The size of your check 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.

If you have a traditional job making $60,000 a year, you pay 6.2% of your salary or $3,720 annually in Social Security taxes. That number is then matched by your employer.

Those totals are straightforward. Figuring out how much you will get back when you are ready to retire is a different story.  

Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.

How much should you expect from Social Security if you make $60,000 a year? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.

More from Invest in You:
How Walmart and other big companies are trying to recruit more teenage employees

Americans are more in debt than ever and experts say ‘money disorders’ may be to blame
How much money do you need to retire? Start with $1.7 million

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.



Source link

Products You May Like

Articles You May Like

Slack (WORK) earnings Q1 2021
How infectious disease experts run errands, socialize safely
Protests spur black execs to weigh in on America’s racial wealth gap
Dick’s Sporting Goods (DKS) reports Q1 net loss, sales down 30%
Twitter users raise millions for bail funds for George Floyd protesters

Leave a Reply

Your email address will not be published. Required fields are marked *