Social Security Calculator
Inputs
Results Summary
Calculation Breakdown
View Detailed Calculation Steps
Charts
Monthly Benefit by Claiming Age
Lifetime Benefits Projection
Yearly Benefit Projection
| Age | Year | Annual Benefit | Cumulative Benefit |
|---|
Frequently Asked Questions
How is my Social Security benefit calculated?
Your benefit is calculated in three main steps. First, your earnings over your career are adjusted for inflation (indexed). Second, the Social Security Administration (SSA) takes your highest 35 years of indexed earnings and calculates your Average Indexed Monthly Earnings (AIME). Third, a progressive formula is applied to your AIME using 'bend points' to determine your Primary Insurance Amount (PIA), which is your benefit amount at your Full Retirement Age (FRA).
What is Full Retirement Age (FRA)?
Full Retirement Age (FRA) is the age at which you are entitled to receive 100% of your Social Security benefits. Your FRA depends on your birth year. For those born in 1960 or later, the FRA is 67. For those born earlier, it's between 66 and 67.
How does claiming early affect my benefit?
You can start receiving Social Security benefits as early as age 62, but your monthly payment will be permanently reduced. The reduction is about 6.67% per year for the first three years before your FRA, and 5% per year for any additional years. Claiming at 62 could result in a benefit that is up to 30% lower than your full benefit at FRA.
What are delayed retirement credits?
If you wait to claim your benefits after your Full Retirement Age (FRA), you will earn delayed retirement credits. These credits increase your monthly benefit by a certain percentage for each month you delay, up until age 70. For those born in 1943 or later, the credit is 8% per year. Delaying until age 70 can result in a benefit that is significantly higher than your benefit at FRA.
How do spousal benefits work?
A spouse may be eligible to receive a benefit of up to 50% of the higher-earning spouse's Primary Insurance Amount (PIA). This is available if the spousal benefit is greater than their own retirement benefit. The amount is reduced if the spouse claims before their own Full Retirement Age. The primary worker must have already filed for their own benefits for the spouse to claim.
What is the Windfall Elimination Provision (WEP)?
The Windfall Elimination Provision (WEP) is a formula that can reduce your Social Security retirement or disability benefit if you also receive a pension from a job where you did not pay Social Security taxes (e.g., some government jobs). WEP primarily affects the first 'bend point' in the PIA calculation, reducing the 90% factor. It does not eliminate your benefit entirely, but it can significantly lower it. This calculator does not currently model WEP.
