I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for some money rehab. If you have a social security number and you probably have it memorized you probably

have it memorized you probably know that it has something to do with Social Security checks that you get in retirement.

But do you know how you'll get those checks or how much money those checks will be worth?

This is actually a topic that got Trump in hot water earlier this week, but before we get there, here's all the background you need to know on Social Security.

You've probably noticed on your paycheck that some of your income goes to OASDI.

We should all get in the habit of looking up anything we don't understand, especially on

our paycheck, but if you've never looked it up, it basically is the line item for Social Security contributions

it stands for Social Security Administration's old age survivors and

disability insurance program you might think that your Social Security works like

a 401k and that the money taken out of your paycheck goes into this OASi account with your name on it and just sits there beautifully and waits until you retire.

Unfortunately, it does not. Your Social Security contributions go to the people who are claiming Social Security benefits right now. In 2024, almost 68 million people will receive a Social Security benefit, which will provide an estimated $1.5 trillion in benefits.

And how much of that $1.5 trillion is from you, you might ask?

Well in 2024 the amount each American contributes to Social Security is 12.4% of their paycheck up to a certain limit.

However, if your employee by a company you only get 6.2 taken out of your paycheck and your employer pays the other 6.2%.

If you're self-employed, you pay, yep, the whole 12.4%.

This year, if you're not self-employed, the maximum that you'll contribute to Social Security

is about $,500 bucks.

Social security has become a bit of a political issue.

Some people think I have worked so hard for this money.

No one else should get this money but me.

And listen, I get it. But at the same time it's easy to say

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