Other than seeing it come from every paycheck, Social Security is something we’re all promised when we retire. What does that actually mean, though? How much will we get? Will it be enough?
There are always questions about the future. That’s what we’re saving up for, after all.
Rumors also don’t help. In some cases, folks have shown that Social Security will not be there when we retire (cue: GASP). Others say we’ll get only a percentage of what we put in. In response to the rumors, the Social Security Administration put together a study to show how much they pay out, who it goes to, and how it’s more than simply retirement savings for the masses.
Allow me to break it down for you in more simplistic terms; here’s an infographic that simplifies the study and provides a snapshot of how much of a benefit was paid out in 2013. Check it out!