The average retired worker gets about $18,000 per year from Social Security in 2020.
The benefits replace only around 40% of the average earner’s preretirement income, which means you will need to start planning ahead to fully fund your future.
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 taking money out.
Luckily, you may already be funding your benefits.
If you have a traditional job, you pay 6.2% of your salary in Social Security taxes. That number is then matched by your employer. And when you retire, you’ll be able to cash in and collect benefits based on all the years you paid those taxes.
How much should you expect from Social Security if you make $30,000 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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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
