Today, on average, Social Security benefits may replace about 40% of a person’s pre-retirement income assuming they start collecting benefits at their full retirement age. To be in those categories your earnings are often at or near the annual maximum income subject to the Social Security payroll tax. If you had to replace $24,000 in Social Security benefits, you might need a $600,000 portfolio. If you have no idea what Social Security benefits are promised to you under current law, get an official estimate based on your average career earnings to date from the Social Security Administration. Or …17% in 2035: The cut could be reduced and delayed until 2035 if the Social Security retirement trust fund is merged with its trust fund for disability benefits.

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Persons: Mari Adam, Adam, you’ll, Shai Akabas, ” Akabas, ” Adam, you’re, don’t, “ You’re, ” Organizations: CNN, Social Security, Security, Social Security Administration, Center, Social, IRA