How is my benefit calculated?

The SSA averages your highest 35 years of indexed earnings into an AIME, then applies the PIA bend-point formula (90% / 32% / 15% of portions of AIME). This tool uses a simplified version of that formula for estimation.

What is full retirement age (FRA)?

FRA is 67 for anyone born in 1960 or later, 66 for those born 1943–1954, and graded in between. Claiming before FRA permanently reduces your benefit; delaying past FRA increases it.

How much does claiming early cost?

Claiming at 62 typically reduces your benefit by about 30% versus FRA. Each year you delay past FRA (up to 70) adds roughly 8%.

Is this an official estimate?

No. It is an educational estimate. Your official benefit estimate is on your Social Security statement at ssa.gov.

Should I always delay to 70?

Delaying maximizes the monthly amount but not always lifetime total — it depends on longevity, other income, and spousal benefits. Consider your full picture.

Social Security Calculator

Estimate your monthly Social Security benefit and compare claiming early at 62, at full retirement age, and delaying to 70.

Your earnings

Average annual career earnings

Rough average of your working-year earnings in today's dollars. Birth year Full retirement age: Claiming age:

6270

per month · / year

At 62

At FRA

At 70

Simplified estimate using the SSA PIA bend-point formula. Your official figures are on your Social Security statement at ssa.gov.

How to Use

1
Enter average earnings. Enter your approximate average annual career earnings (in today's dollars).
2
Enter birth year. This sets your full retirement age (FRA).
3
Pick a claiming age. Choose any age from 62 to 70 to see the effect on your monthly benefit.
4
Compare. See benefits side by side at 62, FRA, and 70.

Calculation Method

We approximate your Average Indexed Monthly Earnings (AIME), then apply the SSA Primary Insurance Amount (PIA) bend-point formula:

PIA = 90% × (AIME up to $1226)
+ 32% × (AIME from $1226 to $7391)
+ 15% × (AIME above $7391)

Claiming before full retirement age reduces the benefit by 5/9% per month for the first 36 months and 5/12% per month beyond. Delaying past FRA adds 2/3% per month (about 8% per year) up to age 70.

Examples

Example. Someone born in 1975 (FRA 67) with average earnings around $60,000 might see roughly a 30% lower monthly benefit claiming at 62 versus FRA, and roughly 24% higher claiming at 70 versus FRA.

Frequently Asked Questions

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Disclaimer: Calculations are projections based on the assumptions you provide and are for informational purposes only. They are not financial, tax, or investment advice. Investment returns are not guaranteed. Consult a Certified Financial Planner (CFP) before making retirement decisions.

Data source: SSA Primary Insurance Amount (PIA) bend-point formula. Estimates only — see your SSA statement for official figures.