The largest Social Security cost-of-living adjustment increase in decades is set to go into effect in 2022.
The 5.9% pay bump was meant to help seniors cover the cost of rising inflation.
If you want to see how future COLAs will affect your retirement, you’ll need to figure out how much Social Security you can expect every month.
The size of your payment will be based on your income from your working years, the year you were born and your age when you decide to start receiving benefits.
CNBC calculated a wide range of salaries to estimate future benefits for people who currently make $30,000, $35,000 or $40,000 per year but are planning to retire.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated based on multiple different salaries.
More from Invest in You:
How Walmart and other big companies are trying to recruit more teenage employees
Americans are more in debt than ever and experts say ‘money disorders’ may be to blame
How much money do you need to retire? Start with $1.7 million
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.