How much will your benefits be?

The biggest Social Security Cost of Living Adjustment in Decades is expected to come into effect in 2022.

The 5.9% pay increase was intended to help cover seniors the cost of rising inflation.

To see how future COLAs will affect your retirement, find out how much Social Security you can expect each month.

The amount of your benefit is based on your income from your years of employment, your year of birth and your age at which you decide to start receiving benefits.

CNBC has calculated a wide range of salaries to estimate future benefits for people who are currently earning $30,000, $35,000, or $40,000 per year, but plan to retire.

Remember: Social Security wasn’t meant to be your only source of retirement money, and the totals are always changing.

Watch this video for an overview of how much you get and how your monthly benefit is calculated based on several different salaries.

More from Invest in You:
How Walmart and Other Big Companies Are Trying to Recruit More Teen Workers

Americans are in more debt than ever and experts say ‘money troubles’ could be the cause
How much money do you need to retire? Start with $1.7 million

Disclosure: NBCUniversal and Comcast Ventures are investors in acorns.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *