Social Security Calculator
Benefit estimate by claiming age.
Reviewed by the Calculation Machine team · Updated 24 October 2026 · How we check our maths
Your values
ⓘ Live results
- Monthly benefit
- $1,470.00
- Change vs full retirement age
- -30%
- Annual benefit
- $17,640.00
- Lifetime total to life expectancy
- $405,720.00
- Benefit if you waited to 70
- $2,604.00
Quick answer
Your Social Security benefit is set by your primary insurance amount (PIA) — what you get at full retirement age — adjusted for when you claim. With a full retirement age of 67, claiming at 62 cuts the benefit by 30%, and waiting to 70 raises it by 24% (8% per year). A $2,100 PIA becomes $1,470 a month at 62 or $2,604 at 70.
What the Social Security calculator does
This calculator takes your benefit at full retirement age and shows the monthly and yearly amount at the age you plan to claim, how that compares with full retirement age, the total you would collect by a chosen life expectancy, and what waiting until 70 would pay.
Get your PIA from your Social Security statement at ssa.gov (my Social Security account): it lists estimated benefits at 62, full retirement age and 70. Your full retirement age is 67 if you were born in 1960 or later, and between 66 and 67 for people born 1955–1959.
Figures are in today's dollars. Benefits rise each year with cost-of-living adjustments, but those increases apply proportionally whenever you claim, so they do not change which age comes out ahead. The tool covers your own retirement benefit only — spousal and survivor benefits follow different rules. Pair it with a retirement savings calculator to see how savings fill the gap before or after claiming.
The formula
Before FRA: benefit = PIA × (1 − 5/9% × first 36 months early − 5/12% × additional months early) After FRA: benefit = PIA × (1 + 8% × years delayed, up to age 70) Lifetime total = monthly benefit × 12 × (life expectancy − claiming age)
| Symbol | Meaning | Unit |
|---|---|---|
| PIA | Primary insurance amount: your monthly benefit at full retirement age, from your SSA statement | $ per month |
| FRA | Full retirement age, set by birth year (67 for 1960 and later) | years |
| 5/9% and 5/12% | Monthly reduction rates for claiming early | % per month |
| 8% | Delayed retirement credit per year after FRA (2/3% per month) for people born 1943 or later | % per year |
Reduction and delayed-credit rates are set by the Social Security Act and published by the Social Security Administration. The calculator counts whole years and caps delayed credits at three years, which is correct for a full retirement age of 67; if your FRA is 66, the 'waited to 70' figure understates the true 32% increase. Comparing lifetime totals at different claiming ages answers the Social Security break-even question: the age at which the larger, later benefit catches up with the smaller, earlier one.
Worked examples
Claiming at 62
A worker born in 1964 (FRA 67) whose statement shows a $2,100 PIA, planning to claim at 62 and using a life expectancy of 85.
Inputs
- Benefit at full retirement age2100 $/mo
- Full retirement age67
- Planned claiming age62
- Life expectancy85
Result
- Monthly benefit$1,470.00
- Change vs full retirement age-30%
- Annual benefit$17,640.00
- Lifetime total to life expectancy$405,720.00
- Benefit if you waited to 70$2,604.00
The benefit is $1,470 a month, 30% below full rate, for about $405,700 by age 85. Claiming at 70 would pay $2,604 — 77% more each month for life.
Waiting to 70, living to 90
The same worker delays to 70 and plans for a life expectancy of 90, reflecting good health and family longevity.
Inputs
- Benefit at full retirement age2100 $/mo
- Full retirement age67
- Planned claiming age70
- Life expectancy90
Result
- Monthly benefit$2,604.00
- Change vs full retirement age24%
- Annual benefit$31,248.00
- Lifetime total to life expectancy$624,960.00
- Benefit if you waited to 70$2,604.00
The lifetime total reaches about $625,000, compared with about $494,000 if claimed at 62 and living to the same age. The longer you live, the more delaying pays.
Claiming at full retirement age
The same $2,100 PIA, claimed exactly at 67, with life expectancy 85.
Inputs
- Benefit at full retirement age2100 $/mo
- Full retirement age67
- Planned claiming age67
- Life expectancy85
Result
- Monthly benefit$2,100.00
- Change vs full retirement age0%
- Annual benefit$25,200.00
- Lifetime total to life expectancy$453,600.00
- Benefit if you waited to 70$2,604.00
The full $2,100 a month gives about $453,600 by 85 — more than claiming at 62 ($405,700) but slightly less than waiting to 70 ($468,700) at that life expectancy.
Benefit at each claiming age (FRA 67)
Percentages apply to anyone with a full retirement age of 67. The dollar column uses a $2,100 PIA.
| Claiming age | Share of PIA | Monthly on $2,100 PIA |
|---|---|---|
| 62 | 70% | $1,470 |
| 63 | 75% | $1,575 |
| 64 | 80% | $1,680 |
| 65 | 86.7% | $1,820 |
| 66 | 93.3% | $1,960 |
| 67 | 100% | $2,100 |
| 68 | 108% | $2,268 |
| 69 | 116% | $2,436 |
| 70 | 124% | $2,604 |
Social Security break-even ages
Ignoring investment returns and taxes, total benefits collected cross over at these ages for an FRA of 67. The result does not depend on the size of your PIA:
- 62 vs 67: break-even at about 78 years 8 months.
- 67 vs 70: break-even at about 82 years 6 months.
- 62 vs 70: break-even at about 80 years 4 months.
If you expect to live beyond these ages, delaying produces more lifetime income. Since a 65-year-old today has a meaningful chance of living past 85, delaying also works as insurance against running out of money late in life.
Reasons to claim earlier or later
Claiming early can make sense if your health or family history points to a shorter life, you have no other income and need the money, or you are the lower earner in a couple and your spouse is delaying.
Delaying usually makes sense if you are healthy, still working, have savings to draw on first, or are the higher earner in a married couple — the higher benefit becomes the survivor benefit for whichever spouse lives longer.
If you claim before full retirement age while still working, the retirement earnings test can temporarily withhold benefits when earnings exceed an annual limit. Withheld amounts are credited back after full retirement age, but it can make early claiming pointless while you work.
How to use the Social Security Calculator
- 1Sign in to my Social Security at ssa.gov and note your estimated benefit at full retirement age — enter it as the PIA.
- 2Enter your full retirement age: 67 if born in 1960 or later. For 1955–1959 births, use the whole year (66) and expect small differences.
- 3Enter the age you plan to claim, in whole years from 62 to 70.
- 4Enter a realistic life expectancy, then change the claiming age to compare monthly benefits and lifetime totals.
Frequently asked questions
How much less do you get if you claim Social Security at 62?
With a full retirement age of 67, you get 70% of your full benefit — a 30% permanent reduction. With an FRA of 66, the cut is 25%.
How much more do you get by waiting until 70?
Benefits grow 8% for each full year you delay past full retirement age. With an FRA of 67, waiting to 70 gives 124% of your full benefit; there is no increase for waiting beyond 70.
What is the break-even age for Social Security?
For an FRA of 67, waiting from 62 to 67 breaks even at about age 78.7, and waiting from 67 to 70 at about 82.5. Live past those ages and delaying pays more in total.
Are Social Security benefits taxable?
Up to 85% of benefits can be subject to federal income tax, depending on your combined income. A handful of states also tax benefits.
Can I work and collect Social Security at the same time?
Yes. Before full retirement age, the earnings test may withhold some benefits if you earn above the annual limit, and those amounts are added back later. From full retirement age, there is no earnings limit.
References
- Retirement Benefits (Publication No. 05-10035) — Social Security Administration
- Benefit reduction for early retirement and delayed retirement credits — Social Security Administration, Office of the Chief Actuary
- Publication 915, Social Security and Equivalent Railroad Retirement Benefits — Internal Revenue Service
About this calculator
- Built and reviewed by the Calculation Machine team · How we build and test calculators
- Last reviewed: October 24, 2026
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