How the Social Security calculator works
Your Social Security retirement benefit depends on two things: how much you earned over your career, and the age you start claiming. Your earnings set your primary insurance amount (PIA), the monthly benefit you get if you claim at your full retirement age. The calculator takes your PIA and applies the Social Security Administration’s rules for claiming early or late.
- Claim early (from 62) and the benefit is cut for life.
- Claim at full retirement age (FRA) and you get 100% of your PIA.
- Claim late (up to 70) and delayed retirement credits raise it for life.
Cut = 5/9 of 1% × first 36 months + 5/12 of 1% × each month beyond 36
Delayed credit = 2/3 of 1% × each month after FRA, up to age 70
Monthly benefit = PIA × (1 − cut + credit), rounded down to the dollar
The break-even age is when the running total from the later claim catches up with the total from the earlier claim. Live past it, and waiting paid more in total.
Full retirement age by year of birth
| Year of birth | Full retirement age |
|---|---|
| 1943 – 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
If you were born on 1 January, SSA treats you as born the year before, so use that year.
Benefit at each claiming age (FRA 67)
This table applies to everyone born in 1960 or later.
| Claim at | Months from FRA | % of your PIA | With a $2,000 PIA |
|---|---|---|---|
| 62 | 60 early | 70% | $1,400 |
| 63 | 48 early | 75% | $1,500 |
| 64 | 36 early | 80% | $1,600 |
| 65 | 24 early | 86.67% | $1,733 |
| 66 | 12 early | 93.33% | $1,866 |
| 67 | 0 | 100% | $2,000 |
| 68 | 12 late | 108% | $2,160 |
| 69 | 24 late | 116% | $2,320 |
| 70 | 36 late | 124% | $2,480 |
Waiting past 70 adds nothing, so there is no reason to delay longer.
Worked example 1: 62 or 70?
Jordan was born in 1964, so the full retirement age is 67. The Social Security statement shows a PIA of $2,000.
- At 62: 60 months early. The cut is 36 × 5/9% + 24 × 5/12% = 20% + 10% = 30%. Jordan gets $1,400 a month.
- At 70: 36 months late. The credit is 36 × 2/3% = 24%. Jordan gets $2,480 a month.
Claiming at 62 gives Jordan eight years of payments first, $134,400 in all. After that, the extra $1,080 a month from waiting slowly closes the gap. The totals cross at age 80 and 5 months. By 85, the totals are $386,400 for claiming at 62, $432,000 for claiming at 67, and $446,400 for claiming at 70, all in today’s dollars.
Worked example 2: 67 or 70?
Same person, comparing full retirement age with 70. Waiting three more years means giving up 36 payments of $2,000, which is $72,000. In return, each later payment is $480 bigger. It takes 150 months of the bigger payment to recover the $72,000, so the break-even age is 82 and 6 months.
Worked example 3: a full retirement age with months
Casey was born in 1957, so the FRA is 66 and 6 months. Claiming at exactly 62 is 54 months early.
- Cut: 36 × 5/9% + 18 × 5/12% = 20% + 7.5% = 27.5%.
- With a PIA of $1,800, the benefit is $1,800 × 72.5% = $1,305 a month.
What the break-even age does not tell you
The break-even age is a useful guide, but it is not the whole story.
- Longevity insurance. A bigger check at 70 protects you most if you live into your 90s, which is when savings are most likely to run out.
- Spouses. If you are the higher earner, waiting also raises the survivor benefit your spouse would get after your death. This calculator does not include spousal or survivor benefits.
- Health. If your health is poor, or you need the income now, claiming earlier can be the better choice.
- Investment returns. Some people claim early and invest the payments. Unless your returns are high and steady, the guaranteed 8% a year from waiting is hard to beat.
- COLAs. Cost-of-living adjustments apply to everyone from 62, whether or not you have claimed. Add one under More options to see the totals in future dollars. SSA set 2.8% for 2026 and 3.6% for 2027.
Working before full retirement age
If you claim early and keep working, SSA’s earnings test may hold back part of your benefit. In 2026, SSA withholds $1 for every $2 you earn above $24,480. A higher limit applies in the year you reach full retirement age. The money is not lost: SSA raises your benefit at full retirement age to make up for withheld months. From full retirement age, you can earn any amount.
Tips
- Get your real PIA. Sign in at ssa.gov/myaccount to see your statement and check your earnings record for missing years.
- The earliest start is usually 62 and 1 month. You must be 62 for the whole month, so unless you were born on the 1st or 2nd, benefits can start the month after you turn 62.
- Coordinate with your savings. Some retirees spend from their IRA or 401(k) in their 60s and delay Social Security to 70. Model withdrawals with the retirement calculator and plan for required minimum distributions later.
- Plan for tax. Up to 85% of your benefits can be taxable, depending on your other income. Check your bracket with the income tax calculator.
- Compare with an annuity. Delaying Social Security is often called the cheapest inflation-protected annuity you can buy. Compare with a private annuity using the annuity calculator.
This calculator uses the SSA rules for your own retirement benefit. It is for education and planning, not financial advice. Your Social Security statement and SSA give your official benefit figures.