The first monthly Social Security check was cashed in 1940 for a grand total of about $23.
Fast forward to 2019 and the average retired worker gets almost $1,500 a month from Social Security. Nearly nine out of 10 people aged 65 and older receive benefits, making it an essential part of retiring in the U.S.
Benefits are 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 a 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.
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