Social Security Benefits Calculator
Estimate your monthly Social Security retirement benefit and see how your claiming age affects your check for life.
Benefit Comparison
Estimated Monthly Benefit
At Age 67
$2,577
Annual Benefit
$30,924
Full Retirement Age
67
Benefit at FRA
$2,577
Benefit at 70
$3,195
Estimate based on 2025 SSA bend points, using current earnings as a lifetime average proxy. Visit ssa.gov/myaccount for your actual benefit statement.
How Social Security Retirement Benefits Are Calculated
The Social Security Administration calculates your benefit using your Average Indexed Monthly Earnings (AIME) — your 35 highest-earning years, each adjusted for wage inflation and averaged monthly. Your AIME is then run through a progressive bend point formula to produce your Primary Insurance Amount (PIA), which is the monthly benefit you would receive at your Full Retirement Age (FRA).
The PIA formula replaces a higher percentage of income for lower earners. Using 2025 bend points, Social Security pays 90% of the first $1,226 of AIME, plus 32% of AIME between $1,226 and $7,391, plus 15% of any AIME above $7,391. This makes Social Security a progressive system — lower lifetime earners receive a higher replacement rate of their pre-retirement income than higher earners do.
Your Full Retirement Age depends on your birth year. Workers born in 1960 or later have a FRA of 67. Those born between 1955 and 1959 have a FRA of 66 plus 2 to 10 months. You can begin collecting as early as age 62, but your benefit is permanently reduced — by up to 30% if your FRA is 67. Conversely, delaying past FRA earns you an 8% increase per year (delayed retirement credits), capped at age 70, which can boost your benefit by up to 24–32% above your PIA.
This calculator uses your current annual earnings as a simplified proxy for your lifetime average indexed earnings. If you have a long and varied earnings history, your actual benefit may differ significantly. For the most accurate estimate, create a free account at ssa.gov/myaccount to view your official earnings record and benefit projection. Use this calculator alongside the retirement savings calculator to build a complete picture of your retirement income.
Frequently Asked Questions
When should I claim Social Security — at 62, FRA, or 70?
The right age depends on your health, other income sources, and whether you are married. Claiming at 62 locks in a permanently reduced benefit (up to 30% less if your FRA is 67), but you collect for more years. Waiting until 70 maximizes your monthly check — ideal if you expect a long life or want to maximize survivor benefits for a spouse. A common break-even analysis shows that delaying from 62 to 70 pays off financially if you live past roughly age 80–82.
What is Full Retirement Age (FRA)?
Full Retirement Age is the age at which you receive your full Primary Insurance Amount (PIA) — the benefit computed directly from your earnings history without reduction or increase. For workers born in 1960 or later, FRA is 67. For those born between 1955 and 1959, FRA ranges from 66 years and 2 months to 66 years and 10 months. Workers born in 1943–1954 had an FRA of 66.
How much does claiming Social Security early reduce my benefit?
If you claim before your FRA, your benefit is permanently reduced by 5/9 of 1% for each of the first 36 months before FRA, and 5/12 of 1% for each additional month before FRA. For a worker with a FRA of 67 who claims at 62, that is a 30% permanent reduction. For a FRA of 66, claiming at 62 results in a 25% reduction. The reduction applies for life — it does not go away when you reach FRA.
Can I work and still collect Social Security?
Yes, but if you are younger than your FRA and collect benefits, Social Security will withhold $1 for every $2 you earn above an annual limit ($22,320 in 2025). In the year you reach FRA, it withholds $1 for every $3 above a higher limit. Once you pass your FRA, there is no earnings limit — you can earn any amount without affecting your benefit. Withheld benefits are recredited to you later through a recalculation at FRA.