Personal Finance

How Much the Average American Will Get From Social Security When They Retire

Nearly 6 million beneficiaries were added to Social Security in 2019.

The size of their check will be based on their income, the year they were born and the age they decide to start benefits. 

Here's a case study.

The median weekly pay for U.S. workers was $957 at the start of 2020. 

That works out to an annual salary of $49,764. If the money came from a traditional job, 6.2% of your salary or about $3,085 would go toward Social Security taxes. That sum is then matched by employers.

Those numbers are straightforward. Figuring out how much you will get when you are ready to retire is a different story.   

How much should you expect from Social Security if you make the median U.S. salary? 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.

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