With inflation on the rise, retirees are expected to get a 6% cost-of-living increase in their 2022 checks.
A lot depends on how much you made during your working years which will affect both how much money is taken from each month and what percentage goes towards benefits like payment size or retirement living costs when they start receiving them at age 62 after claiming full-time status with no gaps between jobs.
But there’s good news for those earning less than $30K. Luckily CNBC did some math. Now everything’s clear. Now even if 100% goes into your monthly Social Security payments (which isn’t uncommon) it still amounts up to more than $1k per year!
Watch this video from CNBC for a breakdown of how much you will get and how your monthly benefit will be calculated based on multiple different salaries.
