Social Security Benefits Calculator

Claiming at 62 gives you benefits sooner but at a permanently reduced rate — about 30% less than your full retirement age (FRA) benefit. Waiting until 67 (or your FRA) gives you 100% of your benefit. The breakeven age is typically around 78-80: if you live past that age, waiting until FRA pays more in total lifetime benefits. Use this calculator to see your exact breakeven point and compare total benefits at each claiming age.

Your benefit is based on your Primary Insurance Amount (PIA), calculated from your Average Indexed Monthly Earnings (AIME). SSA takes your 35 highest-earning years, indexes them for wage growth, averages them, and applies a progressive formula with "bend points" that changes annually. For 2025, the formula applies 90% to the first $1,174, 32% to $1,174-$7,078, and 15% over $7,078.

FRA is when you can receive your full (unreduced) Social Security benefit. It's 66 for those born 1943-1954, gradually increases to 67 for those born 1955-1959, and is 67 for those born 1960 or later. Your PIA is your benefit at FRA.

Claiming at 62 permanently reduces your benefit. The reduction is 5/9 of 1% per month for up to 36 months early, plus 5/12 of 1% for each additional month. For someone with FRA of 67, claiming at 62 (60 months early) results in a 30% reduction.

Delaying benefits past FRA earns Delayed Retirement Credits of 8% per year. If your FRA is 67, delaying until 70 increases your benefit by 24%. Benefits don't increase after age 70.

The break-even age is when total lifetime benefits from delayed claiming equal total benefits from early claiming. This typically occurs in the late 70s to early 80s. If you live past the break-even age, delayed claiming provides more total lifetime income.

For 2025, the bend points are $1,174 and $7,078. Your PIA is calculated as 90% of the first $1,174 of AIME, plus 32% of AIME between $1,174 and $7,078, plus 15% of AIME over $7,078. Bend points are adjusted annually by the SSA based on changes in the national average wage index.

Up to 85% of benefits may be federally taxable depending on your "combined income" (AGI + nontaxable interest + 50% of SS benefits). For single filers: 0% taxable below $25,000, up to 50% taxable from $25,000-$34,000, up to 85% taxable above $34,000. For married filing jointly: thresholds are $32,000 and $44,000.

This calculator uses a simplified estimation method. Your actual benefit depends on your complete 35-year earnings history, which only SSA has. This calculator doesn't account for WEP (government pensions), GPO, or other special provisions. For accurate estimates, create an account at ssa.gov/myaccount.