Americans will receive more than $1 trillion in Social Security benefits in 2020.
The checks account for a third of the total income of the elderly, making the program an essential part of retiring in the U.S.
The average retiree collects more than $1,500 per month. The size of your check, however, 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 $60,000 a year? Watch this video for a breakdown of the amount you will get and how your monthly benefit will be calculated.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
