(Last updated December 2020)
Social Security is a key component of most people's retirement plan. Here's a quick estimate of the retirement benefits under the current rules.
Percent of Salary Replaced by Social Security Retirement Benefits
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Percent of Salary Replaced by Social Security (approx) |
The Percentage of Your Salary Replaced by Social Security is Determined by Your Salary Level
The chart above (click to expand) shows the approximate percent of your salary that Social Security will replace if you take full retirement at age 66. The actual calculation is complicated, and is based upon your lifetime earnings. For these estimates, I have assumed that you earn your current salary, adjusted for inflation, for the duration of your career (all previous and future years). The point here is to see the big picture; for an estimate specific to your situation see the links at the end of the post.