Estimate your retirement benefits and discover the best claiming strategy for your situation
$0
Monthly benefit if claimed at age 62
$0
Monthly benefit at full retirement age (67)
$0
Monthly benefit if claimed at age 70
| Claiming Age | Monthly Benefit | Total by Age 75 | Total by Age 85 | Total by Age 95 |
|---|---|---|---|---|
| Early (62) | $0 | $0 | $0 | $0 |
| Full Retirement Age | $0 | $0 | $0 | $0 |
| Delayed (70) | $0 | $0 | $0 | $0 |
Based on your inputs and average life expectancy, we recommend reviewing your options carefully.
Social Security retirement benefits are based on your lifetime earnings. The Social Security Administration (SSA) adjusts or "indexes" your actual earnings to account for changes in average wages since the year the earnings were received.
The SSA then calculates your average indexed monthly earnings (AIME) during the 35 years in which you earned the most. A formula is applied to your AIME to determine your Primary Insurance Amount (PIA), which is the benefit you would receive at your full retirement age.
Your full retirement age depends on when you were born:
You can start receiving benefits as early as age 62, but your monthly benefit will be reduced permanently. If you delay collecting benefits beyond your full retirement age, your benefit amount increases until age 70.
For each year you delay claiming Social Security beyond your full retirement age, your benefits increase by about 8% per year until age 70. This is known as "delayed retirement credits".
Your optimal claiming strategy depends on various factors including your health, financial needs, marital status, and life expectancy.
Some common strategies include:
This calculator provides estimates based on the information you provide and current Social Security rules. For the most accurate calculation, we recommend checking your personalized statement on the official Social Security Administration website.
Yes, you can receive Social Security retirement benefits and work at the same time. However, if you claim benefits before reaching full retirement age and earn above certain thresholds, your benefits may be temporarily reduced.
Whether your Social Security benefits are taxable depends on your total income. If your combined income (adjusted gross income + nontaxable interest + half of your Social Security benefits) exceeds certain thresholds, up to 85% of your benefits may be subject to federal income tax.
Married individuals may be eligible for benefits based on their own work record or up to 50% of their spouse's benefit (whichever is higher). Divorced individuals who were married for at least 10 years may also be eligible for spousal benefits.
According to the Social Security Administration, with no changes to the current system, there will be enough funds to pay 100% of benefits until 2035. After that, the program could still pay about 75% of scheduled benefits. However, it's likely that legislative changes will be made to address the long-term funding of the program.
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