The average retired worker gets more than $1,500 a month from Social Security in 2020. With nearly 9 in 10 people age 65 and older receiving benefits, the system is an essential part of retiring.
The amount of you receive is based on your income, the year you were born and the age you decide to start taking money out.
Remember: Social Security was not designed to be your sole source of income for retirement, and the totals are always changing, so you still need to be serious about saving for retirement.
So how much should you expect to receive in Social Security benefits if you make $50,000 per year? Watch this video for a breakdown of how much you will get and how your monthly benefit amount will be calculated.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.