How much your Social Security benefits will be if you make $30,000, $35,000 or $40,000
Вставка
- Опубліковано 23 лис 2021
- The size of your Social Security check will depend on how much money you made throughout your career. Here's how much you can expect from your benefits based on three different salaries. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
The largest Social Security cost-of-living adjustment increase in decades is set to go into effect in 2022.
The 5.9% pay bump was meant to help seniors cover the cost of rising inflation.
If you want to see how future COLAs will affect your retirement, you’ll need to figure out how much Social Security you can expect every month.
The size of your payment will be based on your income from your working years, the year you were born and your age when you decide to start receiving benefits.
CNBC calculated a wide range of salaries to estimate future benefits for people who currently make $30,000, $35,000 or $40,000 per year but are planning to retire.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated based on multiple different salaries.
» Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: www.cnbc.com/2020/09/29/the-n...
Connect with CNBC News Online
Get the latest news: www.cnbc.com/
Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: cnb.cx/LikeCNBC
Follow CNBC News on Twitter: cnb.cx/FollowCNBC
Follow CNBC News on Instagram: cnb.cx/InstagramCNBC
www.cnbc.com/select/best-cred...
#CNBC
#CNBCTV
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
Go to Vegas and bet your entire savings on RED. Do it 3x times and you will have $200,000 x 2=$400,000 x2=$800,000x2=$1,600,000. EZ PZ. $1.6 million in less than 2 minutes if you bet it all 3 consecutive times and you win it all 3 times.
It’s sad as a 32yo male putting roughly 3k into SS a month sometimes more and I know I’ll never receive a retirement fund due to the fact that so many people are draining it and the government wants to abolish it all together.
Right now you have younger generations needing that money right now, same with federal income tax. We don’t want to pay for your experiments because it’s our hard earned $$$ yet in 30-50 years we won’t be living anymore due to the fact they are abolishing SS and not letting us have our money we worked for.
We don’t use money the government makes (besides the currency we are forced to use) so why use the civilians money for things we didn’t ask for?
$3,000 a month in SSI? That suggests you make around $25,000 a month if self employed or $50,000 per month working for someone else.
I think you will be fine.
Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it';
Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Earlier this year, I hesitated and failed to take any action until now. However, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.
No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Lewis James Godfrey to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.
Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the success you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.
I work with *LEWIS JAMES GODFREY,* who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently.
Glad to see this comment, Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with this same man, Lewis James Godfrey. He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment, thanks to Lewis. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.
At 67 it's a good chance that money will not really go to you but it will go to a rest home.
67? Do you know many people who are 67 LOL. Don't collect SS before your FRA. You will regret this later.
Social Security shouldn’t be more than $2,000.
Start saving early, invest wisely and early, time is the essence; self-reliance is best. COLA never catches up.
it is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. the fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income.
LUCY ROSE CARTER is the CFP responsible for my portfolio success, the lady has a private client base you can confirm her yourself on the internet, regulation an all.
Reading, research, patience and seeking guidance is the best way to approach or break into the market system. I have been inclined with LUCY ROSE CARTER.
Making investments especially for a mast number of people involves a whole lot of risk and she recognises that and best believe this is the main reason for her long term success
This video doesn't mention it, but to see those numbers you need to wait to take Social Security after reaching your full retirement age (currently age 67 for me). In another 10 years, these numbers will be completely wrong because I'm going assume that Congress will do absolutely NOTHING to prevent the Social Security Trust Fund from running dry. This means, you will see about 75% of these numbers, if not less. My calculated AIME is currently around $10,000 and I'm thinking the best I will ever see is about 2,500 per month (in today's dollars). That may cover supplemental health insurance, property tax, electricity and maybe some food. Honestly, I'd rather be given a lump sum of a portion of my adjusted gross salary over my top 35 years. Give me back my 6.2% and then increase it by 41.66%, which is just 1% interest over 35 years. I bet I could invest that lump sum far better than what I will ever see from the government in the form of Social Security.
So do you think at 62 we’re better off taking the lower monthly benefits and investing those?
Will the ROI from early investing be more than the extra few hundred dollars per month after waiting for the FRA?
The video is unclear. The beginning of the video states, "How much you'll get @ 62. Then it shows how it's figured and states the amount @ FULL retirement age. Not at 62!
Please explain
The best country to collect a pension is the Netherlands followed by Denmark and Israel. The U.S. ranks number 18
What about Nordic?
SS is not a pension. It is Federal welfare
@walterknox5953 not is not ,they collect from wirkers throughout their lives, money could be three times more and for them to retire when they want plus pass extra money to their kids, can't do that with SS , a welfare is a handout
Social security payments in USA are not pensions. Pensions come from employers and employees contributions. Social security is basically a welfare program because nobody will pay in more than they take out unless the die first. What makes the Netherlands best? You are not comparing the cost of living in any country or any other benefits . Also, social security is not meant to be an only source of income. It assumes people are responsible enough to purchase a home and will be saving for their retirement. That assumption is no longer valid for millions of Americans who have zero financial literacy.
This video helped a lot, thank you.
A big missing point that would make this video 10x better would be then to check back in at 67 and 70.
62 really gives a low number
The video said your average yearly income is $30,000. Is this before or after each of your income years is adjusted for inflation?
It's after. $30,000 in 2021 dollars.
So basically if you were making 60,000$ a year it would be double the 30,000$ a year? if I'm following this right.
Mean while ur rent will probably be over 3k by then
That's why more and more people are moving into their cars!
Who are qualify for the stimulus
Plain robbery 🤬
1940, $23. Whoa that much inflation increased? Why? Is this why people stay on their jobs over 35 years? To get their highest 35 years. Who really wants to wait until their full retirement age?
@R Voit if you’re lucky to live. You really don’t get more back because cost of living keeps increasing.
@@RadicalforGod
I’m thinking that if I start early at age 62, and invest that smaller amount, it will compensate for whatever I think I’m losing by starting early.
In other words, I think I can make more from investing my early benefits than the extra few hundred I’ll make if I wait until full retirement age.
@@barackthecomposer6642 that’s a good idea because tomorrow isn’t promised.
I learnt to manage my money through investments and it really works for me. They say money can't buy happiness but poverty can't buy anything
For beginners it is advisable you invest through an expert trader who would serve as a mentor and a guardian to ensure you make profits and increase your accuracy when you make trades, in that way you get to make money with low risk of losing your hard earned money.
Do you have anyone you can recommend?
@@mmartin685 yes
Facts
Registered Social Security Analysts helped me with my Social Security Planning..best investment my wife and I ever made
Carolyn Lois Ramsey
I like to apply for more money since mother passed away I got to much on me
$914.00 per month
I worked mostly for cash. How do I get a monthly Federal welfare, SS, check???
So , you didn't pay taxes and now you are expecting get money from the taxpayers? What a looser .
I'll notify the IRS you didn't pay taxes . 😂
@@jamesripton7120 what do you mean by " greedy seniors " ?
You should've not worked for cash than you would have SS .
@@karolinascott8421 Seniors are greedy. SS and medicare are huge Federal entitlement programs for old people. This money should be directed to our children and grandchildren. Old people are of no benefit to society.
You said mostly for cash. SS only comes to those who make a taxable income usually not found with under the table or cash only jobs. Those who have paid into SS are able to withdraw based on their best 35 year earnings. So if all the time you happened to work for a Taxable wage, is less than or at least 35 years they take all of that income, you were declaring to the government through taxes, and calculate your SS.
In short you will receive SS for any and all taxable income (not cash) otherwise yes yes you are looking for a handout or welfare and that is not what this is. This is a pay it forward system not a free money system. If you are allotted SS in value to your earnings.
If you make 30,000 a year for 35 years working, your social security will be about $1500. Ten me who can survive in that???
You are collecting a Federal welfare check. Stop complaining. BTW did you wait until you were 70 to collect??
That's why it's important to save & invest other monies if you can. It helps if you don't drink, smoke, or have pets. It blows my mind how much people spend on those things. When I quit smoking I was able to pay for a car with the money I saved. That was motivation to help me quit.
Most people in the 90's didn't even make $30,000 a year.
Where i live it's rare to find a job that pays more than $20hr.
Depending in which state, $47,000 was the average salary ten years ago.
If I got on Social Security age. Of 44 cause Heath illness now I be 70 years old in September 31953 went Soial Security on Sept 1,1997 will I still get a more money or not
It's hard to understand what you are saying. I would redo the sentence, so people can understand what you where saying.
From what I read on the SSA website, no your benefits stay the same especially if you went in SSD early they do not increase ever due ti the fact you have been collecting for so long. Benefit increases only for those who work til 70.
36000 a year
Most Americans make 25-40k a year. That’s barely 1500 every 2 weeks. After taxes that’s roughly 900$ every 2 weeks.
🧙♂️ ☕ 💰
This was quite informative. Unfortunately for me I only just started a job that will pay me that 30 plus grand and I am 10 years away from potential retirement but I most likely will have to work till I am 70 and still might not get enough from social security. Though I will get a pension so maybe I might have enough to survive.
Social Security is Federal welfare. Seniors are greedy
No. Every worker makes a wage but the government takes part of your money for social security. Then when you reach age 62 or older you can withdrawal your social security money. If you still don't get it than do some research but if you pay taxes and work and you live to be old enough you will want your SS that you paid for and earned
@@allglassbreaks It is not and never was your money. All the money you paid in went to fund others collecting Federal welfare. Today your benefit comes from those currently working. You did not have an account. It is nothing like a 401-K or an IRA.
@@walterknox5953 I know how it works, it makes sense to me. In the same way my guardians cared for me as I grew older and invested in me, I will in turn pay it forward and care for them as they grow older and invest into them. This is societies version of that. Society and government paid for a large part of our community and schools etc.etc. so society agreed that we should start a cycle for social security... The only people missing out on anything, in retrospect to inflation, are the ending generation who do away with SS benefits because they will have nothing if the younger generations doesn't continue the process. In reality, I don't think I really care that much, if others understand or agree. I paid into SS to help others and I will hopefully withdraw SS if needed. That being said I don't take advantage. I am a Veteran but I do not use my discount or collect benefits because I am able bodied and able to still earn my own way, leaving any assets available to those who otherwise aren't as able as I am. So if I am able to work till 90 I will but when I can no longer support myself I will withdrawal any SS I am awarded as compensation for my small contribution to a previous working class citizen.
@@allglassbreaks Unfortunately, most of the younger generation today don't think that way. They are all about "me". They continue to rely on their parents past adulthood, because they have no idea what hard work is. It's not how many followers you have on Facebook, or how many texts you can send in 8 hrs, or getting the high score on a video game, LOL. They should be taught early on and learn some survival skills in the "real" world today! They have devices to manage all aspects of life, leaving behind the fact that you need to use your brain, before it's completely gone.
And people on Welfare aren't greedy?