What determins how much money a month you get when you retire,?

Answer 1

How much money you paid into the retirement fund or into social security.

Answer 2

It is determined by the years you worked, the amount you are taxed in your social security earnings, and your taxed medicare earnings from your pay stubs.

If you make more, your retirement, disability, the amount paid to your family or survivors, and medicare earnings will be double or triple. The downfall is that taxes will be taken out more out of your paycheck.

This is all determined by your Social Security Statement as you reach your mid 30's. The full retirement age is 67 years and not 64 anymore.

If you have an retirement fund, you are well on your way to a good pension. The best age to start your retirement fund is as soon as you start working age at 18 years. My advice to you is to get your 401 K rolling.

Don't lose out on it!

Answer 3

Post-retirment income can come from many sources:

Pension plans, where the monthly amount is generally determined by pre-retirement income and years of service.

Social security.

Investments, such as 401(k) plans, real estate, stocks & bonds, etc.

Annuities, where the monthly amount depends primarily on the lump sum invested in the annuity.

Answer 4

Are you talking social security? Your income throughout your career.

But, you may have a company retirement plan (401K), then it depends on the the percentage taken out, the age you start, your investment strategy and how they perform.