Almost 68 million Americans rely on Social Security benefits for income, and virtually all working Americans are on track to receive a Social Security benefit after they retire. But far too many people don't know how their Social Security benefit is determined and how much they can expect to receive. In this video, Certified Financial Planner® Matt Frankel discusses how it works with an easy-to-follow example.
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Here's Exactly How Your Social Security Benefit Is Calculated in 2024
Are you curious about what determines your Social Security benefit? Here's an easy-to-understand explanation.
About the Author
Matt Frankel, CFP, is a contributing Motley Fool Personal Finance Expert and Stock Market Analyst covering financial and real estate sectors, plus personal finance. Prior to The Motley Fool, Matt was a high school and collegiate mathematics instructor. He holds a B.S. in Physics from University of South Carolina, an M.S. in Mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. Fun fact: Matt won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act.
The Motley Fool has a disclosure policy. Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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