Many workers are putting money toward retirement, whether they realize it or not.
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.
Today, Social Security represents about 33% of all income for older Americans. The average retired worker receives nearly $1,500 a month in benefits.
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.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
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.