About 88% of Americans over the age of 65 will receive Social Security benefits in 2020.
The average retiree collects more than $1,500 per month, making the program an essential part of retiring in the U.S.
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 collecting benefits.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
So how much should you expect from Social Security if you make $40,000 a year? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.
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Social Security cost-of-living adjustment could be 1.3% in 2021
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How much money do you need to retire? Start with $1.7 million
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
