President Joe Biden and Democrats in Congress are pushing for a national $15 per hour minimum wage.
While lawmakers from both sides of the aisle argue about the effects an increase would have on small businesses, the change would no doubt impact Social Security checks down the road.
Benefit amounts are based on income from recipients’ working years, the year they were born and the age when they decide to start receiving Social Security.
Benefits are determined by “bend points,” in an equation. This is almost like a tax bracket, but it’s used to give you money instead of take it. The less money you’ve made, the higher a percentage of your salary you will get back in Social Security payments. This is designed to help low-wage retirees.
How much should you expect from Social Security if you make $15 per hour? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
