Social Security 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." The bend points change each year and are specific to your eligibility year (the year you turn 62). The formula applies 90% to AIME up to the first bend point, 32% to AIME between the two bend points, and 15% to AIME above the second bend point.

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.

The SSA publishes new bend points each year based on changes in the national average wage index. Your PIA is calculated using the bend points for your eligibility year — the year you turn 62. For example, someone born in 1964 uses 2026 bend points ($1,286 / $7,749), while someone born in 1960 uses 2022 bend points ($1,024 / $6,172). This calculator automatically selects the correct bend points based on your birth year, using published SSA data from 1979 through 2026.

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. Note: The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) were repealed by the Social Security Fairness Act (signed December 21, 2024), so these provisions no longer reduce benefits. However, this calculator still does not model earnings tests, divorced spouse benefits, or other special provisions. For accurate estimates, create an account at ssa.gov/myaccount.

The Social Security Fairness Act (H.R. 82) was signed into law on December 21, 2024. It repealed the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), two provisions that had reduced Social Security benefits for workers who also received pensions from jobs not covered by Social Security (such as certain state, local, and federal employees). The repeal is effective retroactively for benefits payable after December 2023. If you previously had your benefits reduced by WEP or GPO, the SSA will recalculate your benefit amount. Visit ssa.gov/fairnessact for details on implementation and retroactive payments.