How to use this calculator
- Date of birth: sets your full retirement age. SSA treats you as reaching an age the day before your birthday, so people born on January 1 use the rules for the previous year.
- Benefit at full retirement age: this is your primary insurance amount (PIA). The most reliable figure is on your Social Security statement at ssa.gov/myaccount. If you don’t have it, choose Estimate it and enter your average indexed earnings.
- Claiming age: any age from 62 to 70, in years and months.
- Plan to age: used for lifetime totals and the break-even chart.
- Open Earnings test if you’ll work while collecting before full retirement age, and Spouse to add a spousal benefit.
All amounts are in today’s dollars. Future cost-of-living adjustments raise every option by the same percentage, so they don’t change the comparison.
How your benefit is calculated
Your full benefit, the PIA, is the amount you get if you claim exactly at full retirement age. Claiming earlier or later multiplies it by a factor:
- Early: minus 5/9 of 1% for each of the first 36 months before full retirement age, then minus 5/12 of 1% for each extra month.
- Late: plus 2/3 of 1% for each month after full retirement age, up to age 70.
With a full retirement age of 67 and a $2,000 PIA:
| Claim at | Share of PIA | Monthly benefit | Per year |
|---|---|---|---|
| 62 | 70% | $1,400 | $16,800 |
| 63 | 75% | $1,500 | $18,000 |
| 64 | 80% | $1,600 | $19,200 |
| 65 | 86.7% | $1,733 | $20,796 |
| 66 | 93.3% | $1,866 | $22,392 |
| 67 | 100% | $2,000 | $24,000 |
| 68 | 108% | $2,160 | $25,920 |
| 69 | 116% | $2,320 | $27,840 |
| 70 | 124% | $2,480 | $29,760 |
Full retirement age by birth year
| Born | 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 |
Worked example: when does waiting pay off?
Take the $2,000 PIA above. Claiming at 62 gets you $1,400 a month starting 60 months sooner than claiming at 67. The $600 higher check at 67 has to make up that head start:
- 62 vs. 67: the totals cross at about age 78 and 8 months.
- 67 vs. 70: waiting to 70 wins after about age 82 and 6 months.
- 62 vs. 70: the 70 claim overtakes the 62 claim at about age 80 and 5 months.
By age 85, the totals are $386,400 if you claim at 62, $432,000 at 67 and $446,400 at 70. By 90 they are $470,400, $552,000 and $595,200.
If you expect to live past your early 80s, or you want the biggest possible check for a surviving spouse, waiting usually pays. If your health is poor or you need the income now, claiming earlier can make sense. The chart in the results shows where the lines cross for your numbers.
Estimating your PIA from your earnings
SSA indexes each year of your earnings to wage growth, keeps your highest 35 years, and divides the total by 420 months. That’s your average indexed monthly earnings (AIME). The PIA formula then replaces 90% of AIME up to the first bend point, 32% up to the second and 15% above it.
For people turning 62 in 2027, the bend points are $1,340 and $8,077. For 2026 they were $1,286 and $7,749. The calculator uses the bend points for the year you turn 62, or the 2027 values if that’s later, which keeps the estimate in today’s dollars.
Example: average indexed earnings of $65,000 a year give an AIME of $5,416. The PIA is 90% × $1,340 + 32% × ($5,416 − $1,340) = $2,510.30 a month. With the 2026 bend points it would be $2,479.00.
| Average indexed earnings | Estimated PIA (2027 formula) |
|---|---|
| $30,000 | $1,577 |
| $50,000 | $2,110 |
| $80,000 | $2,910 |
| $120,000 | $3,650 |
Treat this as a rough estimate. Years with no earnings count as zero, so a short career lowers the average, and your real PIA will reflect your actual record.
Working while you collect
Before full retirement age, the earnings test applies. In 2027, SSA withholds $1 of benefits for every $2 you earn above $25,560. In the calendar year you reach full retirement age, the limit rises to $67,920 and the withholding is $1 for every $3, counting only earnings before the month you reach it. The 2026 limits were $24,480 and $65,160.
Earning $40,000 a year at 63 would mean about $7,220 a year withheld, usually as whole monthly checks held back early in the year. The money isn’t lost: at full retirement age SSA recalculates your benefit to credit those months.
Spousal benefits
A spouse can receive up to 50% of your PIA at their own full retirement age, or 32.5% at 62. If they have their own work record, they get their own benefit plus any excess spousal amount. If your PIA is $2,510 and your spouse’s own PIA is $600, at full retirement age they would get $600 plus $655, for $1,255 a month. Spousal benefits can’t start until you file, and they don’t grow after full retirement age. For anyone born in 1954 or later, applying for one benefit counts as applying for both.
Assumptions and limitations
Benefits are rounded down to the dollar, as SSA does. The calculator doesn’t model survivor benefits, family maximums, the government pension offset for some public employees, taxation of benefits or Medicare premiums deducted from your check. To fit Social Security into a full plan, use the retirement calculator, and see the RMD calculator for required withdrawals from your savings.
Sources
- Federal Register: Cost-of-Living Increase and Other Determinations for 2027 (SSA, Oct. 26, 2026)
- Federal Register: Cost-of-Living Increase and Other Determinations for 2026 (SSA, Nov. 3, 2025)
- 20 CFR 404.409: Full retirement age
- 20 CFR 404.410: Reductions for early retirement and spousal benefits
- 20 CFR 404.313: Delayed retirement credits
- SSA: my Social Security account and statement
This calculator gives estimates for planning. Your actual benefit is set by SSA from your full earnings record.
Frequently asked questions
How much is Social Security reduced if I claim at 62?
If your full retirement age is 67, claiming at 62 pays 70% of your full benefit, a 30% cut that lasts for life. The reduction is 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.
How much more do I get by waiting until 70?
You earn delayed retirement credits of 2/3 of 1% a month, or 8% a year, from full retirement age until 70. With a full retirement age of 67, claiming at 70 pays 124% of your full benefit. There is no extra credit for waiting past 70.
What is the break-even age for Social Security?
It's the age at which the larger checks from waiting have made up for the checks you skipped. For a $2,000 full benefit and a full retirement age of 67, claiming at 70 overtakes claiming at 62 at about age 80 and a half, and overtakes claiming at 67 at about 82 and a half.
What is the Social Security earnings limit for 2027?
If you claim before full retirement age and keep working, SSA withholds $1 for every $2 you earn above $25,560 in 2027. In the year you reach full retirement age, it withholds $1 for every $3 above $67,920, counting only earnings before that month. Once you reach full retirement age, there is no limit, and your benefit is recalculated to credit the months that were withheld.
How much is the spousal benefit?
Up to 50% of your spouse's full benefit (their PIA) if you claim at your own full retirement age. Claiming at 62 cuts it to 32.5% of their PIA. If you also have your own record, you receive your own benefit plus any amount by which the spousal benefit is higher. Spousal benefits get no delayed retirement credits.
What was the 2027 Social Security COLA?
SSA announced a 3.6% cost-of-living adjustment, effective with December 2026 benefits paid in January 2027. The 2026 COLA was 2.8%. Every claiming age gets the same percentage increase, so COLAs don't change which age is best.
Updated November 2026. Results are estimates for educational purposes and depend on the inputs you provide.