Social Security is the base of most Americans’ retirement income, and when you claim it matters almost as much as what you earned. This Social Security benefits estimator applies the Social Security Administration’s benefit formula with the 2026 bend points. It then shows how claiming at any age from 62 to 70 changes the monthly check, the yearly income and the lifetime total, along with the break-even ages that tie the choices together.
How to use the Social Security calculator
- Enter the year you were born. That sets your full retirement age (FRA).
- Choose how to estimate:
- My average earnings: enter your typical yearly earnings in today’s dollars and how many years you have worked, or expect to work, at that level.
- My statement’s FRA benefit: enter the full-retirement-age amount from your my Social Security statement. That figure is built from your actual earnings record, so it is the most accurate input.
- Pick a claiming age, in years plus months, and the age you plan to for lifetime totals.
All amounts are in today’s dollars. Benefits rise each year with cost-of-living adjustments; the 2026 COLA was 2.8%.
The benefit formula
Step 1: AIME. SSA takes your 35 highest years of wage-indexed earnings, capped each year at the taxable maximum ($184,500 in 2026), and divides the total by 420 months. Years you didn’t work count as zero.
Step 2: PIA. For workers who turn 62 in 2026, the formula is:
The result is rounded down to the dime. The formula is deliberately progressive. Low earners get back a larger share of their earnings than high earners do.
Step 3: claiming age. Before FRA, the benefit drops 5/9 of 1% per month for the first 36 months and 5/12 of 1% for each earlier month. After FRA it grows 2/3 of 1% per month until 70. SSA pays the result rounded down to the whole dollar.
Full retirement age by birth year
| Born | Full retirement age | At 62 you get |
|---|---|---|
| 1943–1954 | 66 | 75% |
| 1955 | 66 and 2 months | 74.17% |
| 1957 | 66 and 6 months | 72.5% |
| 1959 | 66 and 10 months | 70.83% |
| 1960 or later | 67 | 70% |
Worked example
Born in 1964, you turn 62 in 2026, so the 2026 bend points apply directly. You earned about $72,000 a year in today’s dollars for 35 years.
- AIME = $72,000 × 35 ÷ 35 ÷ 12 = $6,000
- PIA = 90% × $1,286 + 32% × $4,714 = $1,157.40 + $1,508.48 = $2,665.80
| Claim at | Monthly | Total to age 88 |
|---|---|---|
| 62 (−30%) | $1,866 | $582,192 |
| 67, your FRA | $2,665 | $671,580 |
| 70 (+24%) | $3,305 | $713,880 |
Claiming at 62 rather than 67 comes out ahead in total only if you die before about age 78.7. Waiting from 67 to 70 breaks even at about 82.5. A spouse with no work record of their own could receive up to $1,332 a month, half your PIA, at their own full retirement age.
Choosing when to claim
Break-even ages are a useful start, but they aren’t the whole decision. Delaying works like buying inflation-protected longevity insurance, and it raises the survivor benefit a widowed spouse would inherit. Claiming early can make sense with poor health, no other savings, or a lower-earning spouse who will rely on their own record. Many retirees spend from their savings while they wait. The retirement withdrawal calculator shows how long a portfolio lasts as a bridge. If you also have a pension, compare its lump-sum option with the pension calculator.
Estimates only, not financial advice. This simplified model skips year-by-year earnings indexing, the family maximum, survivor rules and taxes on benefits. Your official estimate is in your my Social Security account at ssa.gov.
Frequently asked questions
How is my Social Security benefit calculated?
SSA indexes your earnings for wage growth, averages your highest 35 years and divides by 12 to get your AIME. For workers first eligible in 2026, the primary insurance amount is 90% of the first $1,286 of AIME, 32% of AIME between $1,286 and $7,749, and 15% above $7,749. Claiming age then raises or lowers that amount.
How much less do I get if I claim at 62?
With a full retirement age of 67, claiming at 62 cuts the benefit by 30%. That is 5/9 of 1% for each of the first 36 months early plus 5/12 of 1% for each of the other 24 months. The reduction is permanent.
How much more do I get if I wait until 70?
Each month you delay past full retirement age adds 2/3 of 1%, or 8% a year, until 70. With a full retirement age of 67, waiting to 70 pays 124% of your PIA. Nothing more is earned by waiting past 70.
What is the break-even age?
It is the age at which the bigger checks from waiting make up for the payments you skipped. In this calculator's example, waiting from 62 to 67 breaks even at about 78.7. Waiting from 67 to 70 breaks even at about 82.5. If you expect to live past those ages, waiting pays more in total.
Can I work and collect Social Security?
Yes. Before full retirement age, the 2026 earnings test withholds $1 of benefits for every $2 you earn above $24,480. In the year you reach full retirement age it withholds $1 for every $3 above $65,160. Benefits withheld this way are added back after you reach full retirement age.