How Much Do You Pay In and How Much Will You Actually Get?
Workers pay 6.2 percent of their wages into Social Security, on up to $137,700 of their income. Employers contribute another 6.2 percent. Also, people who are self-employed have to pay both portions, meaning 12.4 percent.
Now…how much will you get? Well, as we already mentioned, your Social Security benefits are based on your earnings as a worker. Even if the formula is quite difficult to understand as we aren’t all math teachers, we can say that the formula averages the income from your 35 highest-earning years.
Also, if you already have 40 Social Security credits, you can use the Retirement Estimator at ssa.gov to have an idea of your future income.
