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How Social Security benefits are calculated on a $50,000 salary

CNBC Television 145 views

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Love that voice❤
Comment from : @karanveersingh6367

With finding all the SS corruption we should go back to retiring at age of 55 again with full benefits
Comment from : @Strat782

Why are people divulging personal financial information on social media though?
Comment from : @getreal4real169

💰It's not enough
Comment from : @Paradox-k5d

This was expertly done and made it very easy to understand while still remaining thoroughly detailed Thank you!
Comment from : @EepicPhail

Can anybody help me explain? The video calculates Monthly SS Check was $1,879 after combining bend 1 and bend 2 But the retiree was 62 years old (not old enough to the full retirement age) So the money they receive would have been lower than $1,879, right?brThank you!
Comment from : @baotrang6111

I believe the retirement crisis will get even worse Many struggle to save due to low wages, rising prices, and exorbitant rents With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement
Comment from : @MarcoWanner-h8j

If you haven’t paid off everything you own by that age, it’s on you for not being able to scrape by on social security alone What the hell have you been doing all these decades? What about savings? What about a minor job? Like how do you get in that situation? Definitely some bad habits that you have no one to blame for but yourself Now, if health or major crisis happened that significantly impacted your life/finances, I can understand, but how many just blow their money on hookers and cocaine? You know what I mean :/
Comment from : @sdbszz706

Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments Diversifying your investments helps grow wealth over time It’s never too early to start saving and investing for a secure future I'm 63 and my husband is 65 We’re both retired with over $3 million in net worth and no debt We live frugally and earn monthly passive income, which makes our early retirement possible
Comment from : @caseybills5517

CheCks
Comment from : @hilwaamanamankiyar-pp5bf

Ah, Social Security benefits on a $50k salary—so this is how the government tells you they’ve got your back, but only up to a point! 😆 With $332k sitting in your emergency fund, it’s like having a financial superhero cape just waiting to take flight Time to kickstart that investment journey! 🚀💰 Watch out world, here comes your portfolio!
Comment from : @NancyFranciss

$50K in 1989 is equivalent to $126K today so this is a high salary for those 35 years
Comment from : @IndigoStarrAz

2:20 -- Most important part of the video and immediately ignored by 98 of the population SMH!
Comment from : @slydogger

With around $120k invested in Palantir stocks, any suggestions for additional stocks to diversify across various markets? Looking for a well-rounded portfolio that balances risk aversion with returns meeting yearly inflation concerns
Comment from : @amolejoshua7452

What a scam
Comment from : @johnbarnes746

But is it additional pension or just social security?
Comment from : @skyhighnightlight

Thank you That is the easiest, simplest, quickest explanation of how SS is calculated Excellent The graphics really nailed it for me
Comment from : @michaeldangelo5656

I don't know why they think social security isn't the only form of income people expect to have after they retire All my life that's exactly what it was considered by people around me Back in the day they had pensions to cover the other part from employers, but greedy companies whined and invented 401ks to pretend like they do something about people in their old age As someone who lives in a household with three other people who will actually get real pensions, 401ks are garbage
Comment from : @RBickersjr

Background music should always be as loud as (or louder than) the person talking on a video - thanks :/
Comment from : @jg2611

I’m not sure if I will reach 65 years old in my life! Therefore I will never invest on retirement in USAbrbr😂😂😂
Comment from : @phish_1

Social Security benefits play a crucial role in retirement planning for many Americans The amount you receive is determined by various factors such as your income, birth year, and the age you choose to start taking benefits For example, if you had a lifetime average salary of $50,000 and started receiving benefits at age 62, you could expect around $1,900 per month It's important to note that these figures are subject to change and individual circumstances may vary While Social Security is an essential part of retirement income, it's crucial to save and invest for your future to ensure financial security So, how are you currently preparing for your retirement? Are you exploring additional investment options beyond Social Security?
Comment from : @StopBeingSoldMedia

Yes, the US government has borrowed money from the Social Security trust fund in the past br brThe Social Security trust fund collects more in payroll taxes each year than it pays out in benefits The excess funds are invested in US Treasury bonds, and the interest earned on those bonds is added to the trust fund br brHowever, the government has sometimes borrowed money from the trust fund to finance other government programs, such as infrastructure projects, defense spending, and other government expenses This borrowing is accomplished through the sale of special-issue Treasury bonds to the Social Security trust fund br brThe government is required to pay back the funds it has borrowed from the Social Security trust fund, with interest As of now, the US government owes over $28 trillion to the Social Security trust fund The government is required to repay this debt, and failure to do so could potentially jeopardize the stability of the Social Security program in the future
Comment from : @skitzdaniel3314

Seniors don't need a COLA This money should be used to support the great people of the Ukraine
Comment from : @haroldcarson5677

I invested in stocks!!! I am retiring next yr at 55 with 3 houses paid off worth 45 million One is my place of residence the other 2 properties will give me $80,000per/yr rent I will have an income stream of $20,000 per yr through my super which gives me total $100,000 a yr to live comfortably I have no debts Stay Motivated!!
Comment from : @wedsonolivia4103

Seniors had their entire working lives to save They shouldn't be dependent on the SS taxes their children pay to support themselves SS is Federal welfare and should be abolished
Comment from : @tomblevins5020

Okay how about the Medicare part that comes out of our paycheck? Is there a retirement benefit for that with some kind of calculation? Or is it only Social Security that we receive money for?
Comment from : @jaysant6958

Federer
Comment from : @blickyy

Why do I get only $58900 s monthly I’m straggling I can’t afore Housing is unfair the system or laws is sucks
Comment from : @henryrodriguez7189

Do I get extra income check if I’m diagnostic with mental illness
Comment from : @henryrodriguez7189

Is SSN considered income? And we pay tax on it?
Comment from : @IC-kf4mz

Nothing but a ponzi scheme!
Comment from : @davidbroadhurst6919

If you are fat, take it at 62
Comment from : @walterknox5953

I finally got my parents into the US They have never worked in America How can I get them a Federal welfare check, SS,brlike all of their neighbors receive?
Comment from : @juangarcia8828

I came to America at 45 and worked for cash I'm 66 and would like to know how I can collect a Federal welfare check like other American seniors who are over 62 Thank you!
Comment from : @richardargst157

I made approximately this much and at 62 ssgov says i’ll get almost 1800 at 62
Comment from : @PatriotSteve

how about ave 12000 for us navy more house ajc temp service ace hareware
Comment from : @nathanielhart744

I live in a complex full of old people Everyone I speak with is getting a monthly Federal welfare check I mostly worked for cash How can I collect a monthly welfare, SS, check?
Comment from : @edrodgers4581

Not much to explain, SS is Federal welfare for those mostly over 62 Socialism at it's best!
Comment from : @websterhays8352

Social Security is Federal welfare for seniors A totally undeserved benefit
Comment from : @juangarcia8828

The money you paid into SS is not and never was yoursbrYou paid SS taxes for the benefit of others who were collecting, not yourselfbrYou never had an accountbrYou cannot take out a lump sum at any time brWhen you die there is no lump sum for any beneficiarybrIt is structured the same as all welfare programs It is welfare
Comment from : @richardargst157

The video said your average yearly income is $50,000 Is this before or after each of your income years is adjusted for inflation?
Comment from : @shim6057

This video is a sham It is foolish to begin collecting Federal welfare before you are 70 Why not get the maximum benefit???
Comment from : @richardargst157

Age 62? Are you nuts? Wait until 70 to collect your Federal welfare check Your benefit will be much larger
Comment from : @edrodgers4581

So only a fool would work
Comment from : @mahfugga

Life payment all in
Comment from : @spearwinin192

If you made minimum-wage all your life you going to be starving to death on Social Security
Comment from : @xman577

What if you took that 6200 and got it invested for 40 years in S&P You'd have almost 45 million dollars I hate Social Security
Comment from : @purpleliver12

Lol 420
Comment from : @professorjack2099

Is this calculations correct?
Comment from : @maxlewis2011

This is wrong Doesn't CNBC fact check their videos?
Comment from : @HammeringTruth

Small Correction: In this example what they shown $1879 will get at age 67 not at the age of 62 If you start getting benefits your amount will reduce
Comment from : @kalyanimikkilineni5936