The amount of pre-retirement earnings replaced by the government program will be less than many surveyed workers expect.

Baby boomers anticipate that 47% of pre-retirement earnings will be replaced by Social Security, according to results of an annual survey from the Nationwide Retirement Institute. But the reality for someone making what the Social Security Administration considers the average wage in recent years, about $60,000, is more like 37%, according to the Committee for a Responsible Federal Budget. And the percentage drops as household income rises.

Alternate: https://archive.ph/Hx1PM

  • AFK BRB ChocolateEnglish
    8•1 year ago

    Yeah, that’s the weird thing about the article: why make guesses about what you’ll get when the SSA will give you a breakdown/projection.

    • @[email protected]English
      5•1 year ago

      Yup. It takes about 30 seconds to get a pretty accurate estimate of SS benefits. However, you need to be careful to know whether it’s inflation adjusted. The first tool I linked is in today’s dollars, whereas mySSA is in future dollars.

      So maybe that’s where the confusion lies? Regardless, it’s really not hard to figure out, there are tools available.