It’s always nice to have a safety net when you are living on a fixed income.
For about 90% of American retirees, that help comes in the form of Social Security benefits.
But calculating exactly how much you will get when you start collecting can be tricky.
Your benefits are determined by “bend points” in an equation. It’s like a tax bracket, but designed to give you money instead. The less money you’ve earned, the higher a percentage of your salary you will get back. This is meant to help low-wage retirees.
How much should you expect from Social Security if you make $35,000 per 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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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
