Timothy Sumer

Roth IRAs can be a powerful tool for young investors looking to save for retirement. Traditional IRAs offer upfront tax breaks as you contribute to retirement, but Roth IRAs can offer a higher reward in the long-term. Watch this video to find out more about Roth IRAs and why you could be missing out by not investing in one. For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:   Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Ins

The size of your Social Security check will depend on how much money you made throughout your career. Here's how much you can expect from your benefits based on three different salaries. For access to live and exclusive video from CNBC subscribe to CNBC PRO: 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 sour