How is my Social Security retirement benefit calculated?

The Social Security Administration averages your earnings over your 35 highest years, with earnings indexed to wage growth and missing years counted as zero. It applies a formula with three brackets, 90%, 32% and 15%, to that monthly average to get your primary insurance amount at full retirement age. Your claiming age then raises or lowers that amount.

What is my full retirement age?

It depends on the year you were born. It is 66 for people born from 1943 to 1954, rises by two months a year to 66 and 10 months for those born in 1959, and is 67 for anyone born in 1960 or later. It is the age at which you receive 100% of your primary insurance amount.

How much less do I get if I claim at 62?

Your benefit is reduced by 5/9 of 1% for each of the first 36 months before full retirement age and 5/12 of 1% for each month beyond that. For someone with a full retirement age of 67 who claims at 62, that is a 30% permanent reduction. For a full retirement age of 66 it is 25%.

How much more do I get if I wait until 70?

For each month you delay beyond full retirement age you earn delayed retirement credits of 2/3 of 1%, which is 8% a year. With a full retirement age of 67, waiting until 70 raises your benefit by 24%. The credits stop at 70, so there is no reason to delay beyond it.

How many years of work do I need to qualify?

You need 40 work credits, which most people earn in 10 years of covered work. Your benefit, however, is based on your 35 highest-earning years, so fewer than 35 years means some years count as zero and lower the average. Working more years can replace those zeros or a low-earning year with a higher one.

What does this calculator not include?

It estimates the worker's own retirement benefit only. It does not include spousal or survivor benefits, the earnings test if you work before full retirement age, future cost-of-living adjustments, income tax on benefits (up to 85% of benefits can be taxable) or the Medicare premiums deducted from many checks. For your exact figure, use the statement in your my Social Security account at ssa.gov.

🏖️ Investing & Retirement

Social Security Calculator · Estimate Your Retirement Benefit

For most American workers, Social Security is the foundation of retirement income, and the single most valuable decision you control is when to start claiming it. You can begin as early as 62, but the monthly check is permanently smaller than if you wait until your full retirement age, and it keeps growing for every month you delay until 70. This calculator estimates your benefit from your earnings and shows what each claiming age is worth.

The Social Security Administration calculates a retirement benefit in three steps. First it averages your earnings over your 35 highest-earning years, counting any missing years as zero, to get your average indexed monthly earnings. Second, it applies a formula to that average: 90% of the first $1,286, 32% of the amount up to $7,749 and 15% of anything above, using the 2026 figures. The result is your primary insurance amount, the benefit you would get at full retirement age, which is 67 for anyone born in 1960 or later and 66 to 66 and 10 months for people born from 1943 to 1959. Third, your claiming age adjusts that amount: claiming before full retirement age reduces it, and each month you wait after it adds two thirds of one percent, up to age 70.

Because the formula is progressive, lower earners get back a larger share of their pay than higher earners, and the claiming age matters for everyone. Enter your birth year, the average yearly earnings of the years you worked in today's dollars and the age you plan to claim. This is an estimate and does not replace the personal statement in your my Social Security account at ssa.gov, which uses your actual earnings record.

Detailed Breakdown

11 metrics

PRIMARY RESULT

$2,612.00

Monthly Benefit at Age 67

Yearly Benefit

$31,344.00

Monthly Benefit at Full Retirement Age

$2,612.00

Your Full Retirement Age

Change from Claiming Before or After Full Retirement Age

0.0%

Monthly Benefit if You Claim at 62

$1,828.00

Monthly Benefit if You Claim at 70

$3,239.00

Average Indexed Monthly Earnings (AIME)

$5,833.00

Primary Insurance Amount (PIA)

$2,612.40

Share of Your Earnings the Benefit Replaces

44.78%

Age Where Claiming at 70 Overtakes Claiming at 62

80 and 4 months

In-Depth Guide

Social Security at 62, 67 or 70: When Should You Claim in 2026?

Claiming at 62 cuts your check by 30% for life, while waiting until 70 raises it by 24%. See the real numbers for three earners, the break-even ages, and how to decide.

Read Guide

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exploreReal-World Scenarios

When to Use This Calculator

Everyday financial situations where this tool gives you fast, accurate clarity:

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Choose When to Claim

Compare your monthly benefit at 62, your full retirement age and 70 before you apply.

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Plan Your Retirement Income

See how much of your pay Social Security replaces and how much you must cover with savings.

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Find Your Break-Even Age

See at what age waiting until 70 has paid more in total than claiming at 62.

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Check the Effect of Missing Years

Test how fewer than 35 working years lower your benefit because the gaps count as zero.

Calculation Formula

Standard Method

AIME (Average Indexed Monthly Earnings) = Average Yearly Earnings × Years Worked (up to 35) ÷ (35 × 12), rounded down to the dollar PIA (Primary Insurance Amount) = 90% × AIME up to $1,286 + 32% × AIME between $1,286 and $7,749 + 15% × AIME above $7,749, rounded down to the dime Claiming before full retirement age: benefit = PIA × (1 − 5/9 of 1% × months early (first 36) − 5/12 of 1% × months early beyond 36) Claiming after full retirement age: benefit = PIA × (1 + 2/3 of 1% × months of delay), up to age 70 The monthly benefit is rounded down to the dollar. The estimate uses the 2026 bend points and the $184,500 taxable maximum, and it treats your earnings as already indexed to today's dollars, so the result is in today's dollars before future cost-of-living adjustments. Spousal, survivor and disability benefits, the earnings test, income tax on benefits and Medicare premiums are not included.

Benchmark Example:

A worker born in 1964 who earned an average of $70,000 a year over 35 years (full retirement age 67): • AIME: $70,000 × 35 ÷ 420 = $5,833 • PIA: 90% × $1,286 + 32% × ($5,833 − $1,286) = $1,157.40 + $1,455.04 = $2,612.44, which rounds down to $2,612.40 • Claiming at 67: $2,612 a month, $31,344 a year • Claiming at 62: 60 months early, a 30% reduction, so $1,828 a month • Claiming at 70: 36 months of delay, a 24% increase, so $3,239 a month • The benefit replaces about 44.8% of average earnings at 67 • Waiting until 70 instead of 62 overtakes in total money received at about age 80 and 4 months, before cost-of-living adjustments and without counting interest If the same worker had only 20 years of earnings, the AIME falls to $3,333 and the PIA to $1,812.40, because the 15 missing years count as zeros.

Frequently Asked Questions

6 answers

Applicable Laws & Regulatory Standards

Social Security Administration

Official Legal Reference

Social Security Act § 215 — 42 U.S.C. § 415 (Computation of Primary Insurance Amount)

Sets the formula that turns average indexed monthly earnings into the primary insurance amount, using 90%, 32% and 15% of three earnings brackets whose dollar limits (bend points) are updated every year.

Social Security Act § 202(q) — 42 U.S.C. § 402(q) (Reduction of Benefits for Age)

Reduces a retirement benefit that starts before full retirement age by 5/9 of 1% for each of the first 36 months and 5/12 of 1% for each additional month.

20 CFR § 404.409 (What is full retirement age?)

Defines full retirement age as 66 for people born in 1943 through 1954, rising by two months a year to 67 for people born in 1960 or later.

Legal citations and statutes are provided for consumer transparency, analytical validation, and educational reference under U.S. consumer financial regulations. This tool is not a substitute for formal legal, accounting, or tax counsel.

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