Social Security Calculator
Estimate your monthly Social Security benefit at different claiming ages.
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Frequently Asked Questions
When should I claim Social Security?
Claiming at 62 gives you more total years of payments but a permanently reduced benefit (up to 30% less than FRA). Waiting until 70 gives the maximum monthly benefit (32% more than FRA for those born after 1943). The break-even age is typically 78-82. If you are healthy and have other income sources, delaying usually pays off significantly.
How is Social Security calculated?
Social Security benefits are based on your highest 35 years of earnings, indexed for inflation, then converted to your Average Indexed Monthly Earnings (AIME). The Primary Insurance Amount (PIA) is calculated using a progressive bend-point formula that replaces a higher percentage of lower earners. Working more than 35 years replaces lower-earning years, boosting your benefit.
Can I work while receiving Social Security?
Before FRA: if under FRA for the full year, benefits are reduced $1 for every $2 earned above $24,480 (2026). In the year you reach FRA: reduced $1 for every $3 above $65,160. After FRA: no earnings limit — you can earn any amount with no benefit reduction. Withheld benefits are added back to your payment after you reach FRA.
Claiming at 62, 67 or 70: what the same record pays
Social Security pays a full benefit at the full retirement age, 67 for anyone born in 1960 or later. Claiming earlier reduces the monthly amount permanently; claiming later raises it by 8% for each year of delay up to 70. The table uses a $2,000 full retirement benefit, which is close to the 2026 average for a retired worker.
| Claiming age | Share of full benefit | Monthly benefit | Annual |
|---|---|---|---|
| 62 | 70% | $1,400 | $16,800 |
| 65 | 86.7% | $1,733 | $20,800 |
| 67 (full retirement age) | 100% | $2,000 | $24,000 |
| 70 | 124% | $2,480 | $29,760 |
The difference between 62 and 70 is 77% more per month, for life, with annual cost of living adjustments applied to the larger base.
Break-even ages
Claiming at 62 instead of 67 pays five extra years of $1,400 ($84,000) but $600 less a month after that. The total paid is equal at age 78 and 8 months; beyond it, waiting wins. Waiting from 67 to 70 breaks even at 82 and 6 months; from 62 to 70, at 80 and 4 months. A 65 year old in average health has a life expectancy of about 83 (men) to 86 (women), so delay pays for most people who reach 65 healthy. It does not pay for someone in poor health, or someone who would otherwise draw down a portfolio at a high rate to bridge the gap.
Worked example: the married couple
The higher earner's benefit becomes the survivor benefit when the first spouse dies, so delaying it to 70 protects the survivor for both lifetimes. A common plan: the lower earner claims at 62 to 65 to bring income in, the higher earner waits to 70. On a $2,000 and $1,200 record, that gives $840 at 62 plus $2,480 from 70, and a survivor benefit of $2,480 rather than $1,400. Spousal benefits (up to 50% of the higher earner's full benefit) are available once the higher earner has claimed.
Working while claiming early
Before full retirement age, benefits are reduced by $1 for every $2 earned above the annual earnings limit (about $24,500 in 2026), and $1 for $3 in the year you reach full retirement age above a higher limit. The withheld amount is not lost: the benefit is recalculated upward at full retirement age. After full retirement age there is no limit. Benefits are taxable: up to 85% of them count as income once combined income (adjusted gross income plus half of benefits plus tax-exempt interest) exceeds $34,000 single or $44,000 joint, thresholds that have never been indexed.
Where the number comes from
The full benefit is computed from the highest 35 years of indexed earnings. Fewer than 35 years of work means zeros in the average, so a few more years of work late in a career can raise the benefit by replacing zeros or low early years. The formula is progressive: it replaces about 90% of the first $1,200 or so of average monthly earnings, 32% of the next band and 15% above that, which is why the replacement rate falls from about 75% for a low earner to under 30% for a top earner. Your own figure is on your statement at ssa.gov; the calculator above estimates it from your earnings history and claiming age.