Social Security Calculator
Estimate your monthly Social Security benefits.
Understanding Social Security Benefits
Social Security benefits are designed to replace a portion of your pre-retirement income based on your highest 35 years of earnings. The amount you receive depends heavily on the age you choose to start claiming benefits.
Full Retirement Age (FRA)
Your FRA depends on your birth year. For most people born after 1960, FRA is 67. Claiming at this age gives you 100% of your calculated benefit.
Early vs. Delayed Claiming
- Age 62 (Early): You can claim as early as 62, but your benefit will be permanently reduced by up to 30%. This might be a good option if you have health issues or need the income immediately.
- Age 70 (Delayed): If you wait until age 70, you earn "delayed retirement credits," increasing your benefit by 8% for each year past your FRA, up to a maximum increase of roughly 24-32%.
How is it Calculated?
The SSA calculates your Average Indexed Monthly Earnings (AIME) from your top 35 earning years. They then apply a formula to determine your Primary Insurance Amount (PIA). Cost-of-Living Adjustments (COLA) are applied annually to help benefits keep pace with inflation.
Spousal Benefits
Even if you haven't worked, you may be eligible for spousal benefits, which can be up to 50% of your spouse's benefit. You generally must be at least 62 years old to claim this.