Social Security Calculator
Estimate your Social Security benefits based on income and claiming age. Compare early vs delayed claiming strategies.
Estimate your monthly Social Security benefits and compare claiming strategies. This calculator provides rough estimates - for official figures, create an account at SSA.gov.
Based on your birth year (1970), your FRA is 67 years
At Age 67
$2,425/month
Claiming at 67 gives you 100% of your earned benefit. This is your Full Retirement Age.
Break-Even Analysis
If you live beyond the break-even age, waiting to claim will result in higher lifetime benefits.
When to Consider Each Strategy
How We Calculate Your Benefit
AIME: $5357.14 (Average Indexed Monthly Earnings)
PIA: $2425.37 (Primary Insurance Amount - your benefit at FRA)
Note: This is an estimate using 2026 bend points. Your actual benefit depends on your complete earnings history.
Social Security Tips
- • Create an account at SSA.gov to see your actual earnings record and benefit estimates
- • You can work while collecting SS, but may face earnings limits before FRA
- • Delaying past 70 provides no additional benefit increase
- • Spousal benefits can equal up to 50% of your spouse's PIA
- • Up to 85% of your benefits may be taxable depending on your total income
Related Calculators
About This Calculator
Social Security is the bedrock of retirement income for most Americans, with over 67 million people receiving benefits each month. Yet deciding when to claim these benefits is one of the most consequential financial decisions you will ever make - the difference between claiming at 62 versus 70 can mean hundreds of thousands of dollars over your lifetime. This Social Security Calculator helps you estimate your monthly benefits based on your earnings history and compare different claiming strategies.
Understanding your Social Security options is crucial because the program provides about 40% of retirement income for the average American retiree, and for nearly 40% of beneficiaries, it represents 90% or more of their income. The rules are complex: your benefit depends on your 35 highest-earning years, your Full Retirement Age varies by birth year, and claiming early permanently reduces your monthly benefit while delaying increases it by 8% per year until age 70.
Whether you are decades from retirement or approaching your claiming decision, this calculator provides personalized estimates to help you understand your options. For the most accurate projection, create a my Social Security account at SSA.gov to see estimates based on your actual earnings record. Use this calculator alongside our Retirement Calculator to build a complete picture of your retirement finances, and explore our Investment Calculator to project how your other savings will grow over time.
Trusted Sources
How to Use the Social Security Calculator
- 1Enter your birth year to determine your Full Retirement Age (FRA). For those born in 1960 or later, FRA is 67. For earlier birth years, FRA ranges from 65 to 66 depending on the year.
- 2Input your current age so the calculator can provide relevant projections for your situation.
- 3Enter your average annual earnings over your career. Social Security uses your highest 35 years of indexed earnings, so estimate your career average. Include only earnings up to the annual taxable maximum (currently $176,100 in 2026).
- 4Specify your total years of work history. You need 40 credits (roughly 10 years of work) to qualify for benefits. The calculation uses 35 years, so fewer years means zeros are averaged in.
- 5Select your planned claiming age using the dropdown menu. Options range from 62 (earliest possible) to 70 (maximum benefit). Compare different ages to see how your benefit changes.
- 6Review your estimated monthly benefit at your chosen claiming age, along with the percentage compared to your Full Retirement Age benefit.
- 7Examine the comparison cards showing benefits at age 62, your FRA, and age 70 to understand the full range of your options.
- 8Use the break-even analysis to understand when delaying benefits becomes advantageous based on cumulative lifetime benefits.
- 9Expand the Lifetime Benefits Comparison table to see projected total benefits through ages 80, 85, and 90 for each claiming age.
Formula
**Primary Insurance Amount (PIA) Formula:**
PIA = 0.90 × (first $1,226 of AIME) + 0.32 × (AIME from $1,226 to $7,391) + 0.15 × (AIME above $7,391)
**Early Retirement Reduction:**
- First 36 months early: 5/9 of 1% per month
- Additional months: 5/12 of 1% per month
**Delayed Retirement Credits:**
- 8% per year (2/3 of 1% per month) from FRA to age 70Social Security benefits are calculated using your Average Indexed Monthly Earnings (AIME) - the average of your highest 35 years of earnings, indexed for wage growth. The Primary Insurance Amount (PIA) formula applies declining percentages to earnings above "bend points," which are adjusted annually. Your PIA represents your benefit at Full Retirement Age. Actual benefits are adjusted based on claiming age: reduced for early claiming (up to 30% at 62) or increased for delayed claiming (up to 24% at 70 through delayed retirement credits).
How Social Security Benefits Are Calculated
Understanding the PIA Formula
Your Social Security benefit is calculated using a three-step process that determines your Primary Insurance Amount (PIA) - the monthly benefit you receive at your Full Retirement Age.
Step 1: Calculate Your AIME (Average Indexed Monthly Earnings)
Social Security looks at your earnings history and:
- Indexes past earnings to account for wage inflation
- Selects your highest 35 years of indexed earnings
- Totals those earnings and divides by 420 (35 years x 12 months)
If you worked fewer than 35 years, zeros are averaged in, reducing your AIME.
Step 2: Apply the Bend Point Formula
Your PIA is calculated by applying percentages to portions of your AIME (2026 bend points):
| AIME Range | Replacement Rate |
|---|---|
| First $1,226 | 90% |
| $1,226 - $7,391 | 32% |
| Over $7,391 | 15% |
Example Calculation: AIME of $6,000/month:
- 90% of first $1,226 = $1,103
- 32% of ($6,000 - $1,226) = $1,528
- PIA = $2,631/month
Step 3: Adjust for Claiming Age
Your actual benefit depends on when you claim relative to your FRA:
- Before FRA: Benefit reduced (up to 30% at 62)
- At FRA: Full PIA (100%)
- After FRA: Delayed credits (up to 24% more at 70)
The bend points are adjusted annually for inflation, which is why benefits rise over time even before you claim.
Full Retirement Age by Birth Year
Your FRA Determines Your Benefit Calculation
Full Retirement Age (FRA) is when you can claim 100% of your earned Social Security benefit. It varies by birth year:
| Birth Year | Full Retirement Age |
|---|---|
| 1943-1954 | 66 years |
| 1955 | 66 years, 2 months |
| 1956 | 66 years, 4 months |
| 1957 | 66 years, 6 months |
| 1958 | 66 years, 8 months |
| 1959 | 66 years, 10 months |
| 1960 and later | 67 years |
Why FRA Matters:
Your FRA serves as the reference point for all benefit calculations:
- Claiming before FRA permanently reduces your benefit
- Claiming after FRA adds delayed retirement credits
- Spousal and survivor benefits also reference your FRA
- Earnings limits before FRA can temporarily reduce benefits
Key Changes Over Time:
The FRA was originally 65 when Social Security began in 1935. The 1983 amendments gradually increased it to 67 for those born in 1960 or later. This change was made to improve the long-term solvency of the program as life expectancy increased.
For someone born in 1960 claiming at 62, their benefit is reduced by 30% (5 additional months of reduction compared to someone born in 1954). This makes the claiming decision even more impactful for younger generations.
Early Claiming: The Age 62 Decision
Understanding the Permanent Reduction
Claiming Social Security at 62 - the earliest possible age - permanently reduces your monthly benefit. Here is how the reduction works:
Reduction Formula:
- First 36 months early: 5/9 of 1% per month (about 6.67% per year)
- Beyond 36 months: 5/12 of 1% per month (about 5% per year)
Reduction by Claiming Age (for FRA of 67):
| Claiming Age | Reduction | % of FRA Benefit |
|---|---|---|
| 62 | 30.0% | 70.0% |
| 63 | 25.0% | 75.0% |
| 64 | 20.0% | 80.0% |
| 65 | 13.3% | 86.7% |
| 66 | 6.7% | 93.3% |
| 67 (FRA) | 0% | 100% |
When Claiming Early Makes Sense:
- Health concerns: Shorter life expectancy changes the math in favor of early claiming
- Immediate financial need: If you need income to pay bills or avoid debt
- Job loss: If you cannot find work and have depleted savings
- Bridge strategy: Claim early to preserve retirement savings for later
- Spousal coordination: Lower earner claims early while higher earner delays
The Trade-Off:
A $2,000 FRA benefit becomes $1,400/month at 62 - a $600/month difference. Over 20 years of retirement, that is $144,000 less in benefits. However, claiming at 62 gives you 5 extra years of payments (60 months x $1,400 = $84,000 head start).
To learn how Social Security fits with your other retirement savings, explore our Retirement Calculator to project your complete retirement income picture.
Delayed Retirement Credits: Waiting Until 70
Maximizing Your Lifetime Benefits
For each month you delay claiming Social Security past your Full Retirement Age, you earn delayed retirement credits that permanently increase your benefit.
Credit Rate:
- 8% per year (2/3 of 1% per month)
- Maximum delay benefit: Age 70
- No credits earned after 70
Benefit Increase by Age (FRA of 67):
| Claiming Age | Increase | % of FRA Benefit |
|---|---|---|
| 67 (FRA) | 0% | 100% |
| 68 | 8% | 108% |
| 69 | 16% | 116% |
| 70 | 24% | 124% |
The Math in Action:
A $2,500 FRA benefit becomes:
- At 68: $2,700/month (+$200)
- At 69: $2,900/month (+$400)
- At 70: $3,100/month (+$600)
Over 20 years from age 70-90, that is $144,000 more than claiming at FRA.
When Delaying Makes Sense:
- Good health and family longevity: If parents/grandparents lived into their 90s
- Have other income sources: Can draw from savings or investments while waiting
- Still working: Continue earning and delay SS simultaneously
- Maximize survivor benefit: Your spouse receives your higher benefit after you pass
- Hedge against longevity risk: Larger guaranteed income if you live long
The 8% Guarantee:
Where else can you get a guaranteed 8% annual return? Delayed retirement credits are inflation-adjusted and guaranteed by the federal government - an exceptional "investment" for those who can afford to wait.
Spousal Benefits Explained
Understanding Benefits Based on Your Spouse`s Record
Even if you never worked or had low lifetime earnings, you may be eligible for Social Security spousal benefits based on your spouse`s work record.
Spousal Benefit Basics:
- Maximum spousal benefit: 50% of spouse`s PIA
- Must be married for at least 1 year
- Spouse must be receiving benefits (or eligible and you are at least 62)
- Reduced if claimed before your FRA
Spousal Benefit by Claiming Age (assuming FRA of 67):
| Your Age | % of Spouse`s PIA |
|---|---|
| 62 | 32.5% |
| 63 | 35.0% |
| 64 | 37.5% |
| 65 | 41.7% |
| 66 | 45.8% |
| 67 (FRA) | 50.0% |
Important Rules:
- No delayed credits: Spousal benefits do not increase past FRA - claim at FRA for maximum
- Higher of two benefits: You receive the higher of your own benefit or spousal benefit, not both
- Ex-spouse benefits: If married 10+ years and divorced 2+ years, may claim on ex-spouse`s record
- Working spouse`s choice: Your spouse must file for their benefit before you can claim spousal (with limited exceptions)
Coordinated Claiming Strategies:
Strategy 1: Lower earner claims early, higher earner delays
- Lower earner gets early income
- Higher earner maximizes their benefit
- Survivor ultimately gets the larger benefit
Strategy 2: Both delay to maximize
- If both healthy and have other income
- Maximizes combined lifetime benefits
- Provides largest possible survivor benefit
Use our Retirement Calculator to project how these strategies affect your total retirement income.
Survivor Benefits: Protecting Your Spouse
Benefits for Widows and Widowers
When a Social Security recipient passes away, their surviving spouse may be eligible for survivor benefits - potentially receiving the deceased spouse`s full benefit amount.
Survivor Benefit Basics:
- Survivor can receive up to 100% of deceased spouse`s benefit
- Can claim as early as age 60 (50 if disabled)
- Reduced if claimed before survivor`s FRA
- One-time death benefit of $255 also available
Survivor Benefit by Age (assuming FRA of 67):
| Claiming Age | % of Deceased`s Benefit |
|---|---|
| 60 | 71.5% |
| 62 | 81.0% |
| 64 | 90.5% |
| 66 | 98.6% |
| 67 (FRA) | 100% |
Key Survivor Strategies:
Strategy 1: Delayed Credits Transfer If the deceased delayed past FRA, those delayed retirement credits transfer to the survivor. A spouse who waited to 70 passes on that maximized benefit.
Strategy 2: Switching Benefits A widow(er) can:
- Claim reduced survivor benefit at 60, then switch to their own benefit at 70
- Claim their own reduced benefit early, then switch to full survivor benefit at FRA
- The optimal approach depends on relative benefit amounts
Why This Matters for Claiming Decisions:
The higher earners claiming decision affects the survivors lifetime income. Delaying to age 70 does not just increase your own benefit - it ensures your spouse receives that higher amount for potentially decades after you pass.
Example:
- Husband`s PIA: $2,800
- If he claims at 70: $3,472/month
- Wife survives him by 15 years
- Extra benefits to wife: $121,680 ($672/month x 12 x 15)
This is why financial planners often recommend the higher earner delay, especially when there is a significant age or health difference.
Working While Collecting Benefits
Understanding the Earnings Test
If you claim Social Security before your Full Retirement Age and continue working, your benefits may be temporarily reduced based on your earnings.
2026 Earnings Limits:
| Situation | Annual Limit | Reduction |
|---|---|---|
| Under FRA all year | $23,400 | $1 withheld for every $2 over limit |
| Year you reach FRA | $62,160 | $1 withheld for every $3 over limit |
| Month you reach FRA | No limit | No reduction |
Important: It`s Not Really a "Penalty"
The earnings test reduction is not a permanent loss. Once you reach FRA:
- SSA recalculates your benefit
- Months of withheld benefits are restored
- Your new benefit is higher to account for the reduction period
Example:
- Claim at 62 with $1,500/month benefit
- Earn $35,000/year (about $12,000 over limit)
- Benefits reduced by $6,000/year ($500/month)
- At FRA, benefit recalculated to restore withheld months
Working After FRA:
Once you reach Full Retirement Age:
- No earnings limit applies
- Work as much as you want with no benefit reduction
- Additional earnings may increase your benefit if they replace a lower year in your top 35
Strategy Considerations:
- Continue working until FRA: Avoid the earnings test entirely
- Work part-time: Keep earnings below the limit
- Accept the reduction: If you need both work income and SS benefits
- Delay SS until you stop working: Avoid earnings test and earn delayed credits
For help projecting income from work plus investments, use our Investment Calculator to model different scenarios.
Break-Even Analysis: When Waiting Pays Off
The Math Behind Claiming Age Decisions
Break-even analysis compares the cumulative lifetime benefits from different claiming ages to determine when waiting to claim becomes advantageous.
How Break-Even Works:
If you claim early, you receive more payments but each is smaller. If you delay, payments are larger but you receive fewer of them. The break-even age is when cumulative benefits from the delayed strategy exceed cumulative benefits from the early strategy.
Typical Break-Even Ages:
| Comparison | Approximate Break-Even |
|---|---|
| 62 vs 67 | Age 80-82 |
| 67 vs 70 | Age 82-84 |
| 62 vs 70 | Age 80-83 |
Example Calculation (62 vs 67):
Assume PIA (benefit at FRA 67) = $2,000/month
- At 62: $1,400/month (70% of PIA)
- At 67: $2,000/month (100% of PIA)
From ages 62-67, early claimant receives: 60 months x $1,400 = $84,000 head start
Monthly difference after 67: $2,000 - $1,400 = $600
Months to catch up: $84,000 / $600 = 140 months = 11.7 years
Break-even: 67 + 11.7 = Age 78.7 (approximately)
Factors That Shift Break-Even:
Earlier break-even (favors waiting):
- Higher benefits (more dollars at stake)
- Inflation adjustments (COLA)
- Investment returns on withheld benefits
- Tax considerations
Later break-even (favors early claiming):
- Time value of money
- Need for income now
- Health considerations
- Opportunity to invest early benefits
Beyond Break-Even:
The longer you live past break-even, the more advantageous the delayed strategy becomes. Someone who lives to 95 will receive substantially more lifetime benefits by waiting to 70 than by claiming at 62.
Integrate your Social Security planning with overall retirement savings using our Savings Calculator to project your complete financial picture.
Pro Tips
- 💡Create a my Social Security account at SSA.gov to see benefit estimates based on your actual earnings record - this is far more accurate than any calculator estimate.
- 💡Review your Social Security Statement annually to check for earnings errors. Missing or incorrect earnings could permanently reduce your benefit.
- 💡Consider delaying Social Security if you are the higher earner in your household - this maximizes both your benefit and your spouse`s survivor benefit.
- 💡The 8% annual increase from delayed retirement credits is a guaranteed, inflation-adjusted return that is hard to match elsewhere.
- 💡If you claim early and continue working, understand the earnings test - benefits withheld are not lost but are restored when you reach Full Retirement Age.
- 💡Coordinate claiming strategies with your spouse. The lower earner claiming early while the higher earner delays can optimize total household benefits.
- 💡Do not forget about spousal benefits - even if you never worked, you may be entitled to up to 50% of your spouse`s benefit.
- 💡Factor in taxes when comparing claiming ages - up to 85% of benefits may be taxable depending on your total income.
- 💡Consider life expectancy honestly. If you have health issues or family history suggests shorter lifespan, claiming early may be optimal.
- 💡Remember that Social Security is inflation-protected through annual COLA adjustments - a valuable feature compared to fixed pensions or annuities.
- 💡Divorced? If you were married 10+ years, you may claim benefits on your ex-spouse`s record without affecting their benefits.
- 💡If you are still working at 62-66, consider whether the earnings test reduction is worth claiming early or if waiting makes more sense.
- 💡Use the break-even analysis to understand when delaying pays off, but remember that guaranteed income in later years has value beyond raw numbers.
Frequently Asked Questions
Your benefit at each age depends on your Full Retirement Age (FRA) and your Primary Insurance Amount (PIA). For someone with FRA of 67: At 62, you receive 70% of your PIA (30% permanent reduction). At 67 (FRA), you receive 100% of your PIA. At 70, you receive 124% of your PIA (24% increase from delayed retirement credits). For example, if your PIA is $2,000/month: At 62 you would get $1,400, at 67 you would get $2,000, and at 70 you would get $2,480. The difference between 62 and 70 is $1,080/month or $12,960/year - which adds up to over $259,000 if you live 20 years past age 70.
