Social Security Calculator

Estimate your Social Security retirement benefits based on claiming age. Compare early claiming at 62, Full Retirement Age, or delayed claiming at 70. Analyze break-even ages and lifetime benefits to make an informed decision.

Early claiming (before FRA): Reduction = 5/9 of 1% per month for first 36 months, then 5/12 of 1% per month. Delayed claiming (after FRA): Increase = 8% per year until age 70. Lifetime Benefits = Σ(Monthly Benefit * 12 * (1 + COLA)^year) from claiming age to life expectancy
Birth year 1960 (FRA=67), $2,500 FRA benefit, life expectancy 85: At 62 = $1,750/mo ($378k lifetime), At 67 = $2,500/mo ($540k lifetime), At 70 = $3,100/mo ($558k lifetime). Break-even 62 vs 70 = age 80.2

What is Full Retirement Age (FRA) for Social Security?

Full Retirement Age depends on birth year: Born 1943-1954: FRA is 66. Born 1955: FRA is 66 and 2 months. Born 1956: 66 and 4 months. Born 1957: 66 and 6 months. Born 1958: 66 and 8 months. Born 1959: 66 and 10 months. Born 1960 or later: FRA is 67. You can claim as early as 62 (reduced benefits) or delay until 70 (increased benefits).

How much will my benefit be reduced if I claim at 62?

Claiming at 62 reduces benefits by 25-30% depending on your FRA. For FRA 67: claiming at 62 = 70% of full benefit (30% reduction). For FRA 66: claiming at 62 = 75% of full benefit (25% reduction). The reduction is permanent. Early claiming may make sense if you need income, have shorter life expectancy, or want to invest the money.

How much more will I get if I delay until 70?

Delaying past Full Retirement Age earns delayed retirement credits of 8% per year. From FRA 67 to 70 = 24% increase (3 years * 8%). From FRA 66 to 70 = 32% increase (4 years * 8%). No additional credits after 70, so no benefit to waiting longer. Delaying makes sense if you have longevity in your family and other income sources.

What is the Social Security break-even age?

Break-even age is when total lifetime benefits from delaying equal total benefits from claiming early. Typically occurs around age 78-80. If you live past break-even, delaying pays off. Example: Claim at 62 vs 67 breaks even around age 78-79. Claim at 67 vs 70 breaks even around age 80-82. Consider health, family longevity, and other retirement income when deciding.

Can I work while collecting Social Security?

Yes, but there are earnings limits before FRA. Under FRA (2024): Earn over $22,320/year, lose $1 in benefits for every $2 earned. Year you reach FRA: Earn over $59,520, lose $1 for every $3 earned (only months before FRA count). After FRA: No earnings limit, work as much as you want. Benefits are recalculated at FRA to account for withheld amounts.

How is my Social Security benefit calculated?

Benefits are based on your highest 35 years of earnings, indexed for inflation (AIME - Average Indexed Monthly Earnings). The formula applies three brackets to AIME: 90% of first $1,115, 32% of amount between $1,115-$6,721, 15% of amount over $6,721 (2024 bend points). Result is your Primary Insurance Amount (PIA) at FRA. Years with zero earnings lower your benefit, so try to work 35+ years.