More than 69 million Americans received Social Security benefits in 2019.
For the average worker, those benefits will work out to about $1,500 per month.
The size of your check, however, will be based on the income from your working years, the year you were born and your age when you decide to start receiving Social Security.
Your benefits are determined by “bend points,” in an equation. Almost like a tax bracket, but it’s used to give you money instead. The less money you’ve made, the higher a percentage of your salary you will get back. This is designed to help low-wage retirees.
How much should you expect from Social Security if you make $15 per hour? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
