Social Security Calculator
Compare your monthly Social Security benefit when claiming early, at full retirement age or as late as 70.
About the Social Security Calculator
Your primary insurance amount (PIA) is the monthly benefit at full retirement age (67 for anyone born in 1960 or later). Claiming early cuts it by 5/9 of 1% for each of the first 36 months and 5/12 of 1% for each month beyond that, so claiming at 62 gives 70%. Delaying past full retirement age adds 8% a year until 70.
Your PIA comes from your earnings record; your official statement at ssa.gov shows it.
The formula
Early: −5/9% a month (first 36), −5/12% a month after; delayed: +2/3% a month to 70
Worked example
Example: Monthly benefit at 67 = $2,400
- Inputs: Benefit at full retirement age (PIA): $2,400; Year of birth: 1,965; Age you'll claim: 67 years.
- Formula: Early: −5/9% a month (first 36), −5/12% a month after; delayed: +2/3% a month to 70
- Result: Monthly benefit at 67 = $2,400
Things to keep in mind
- Doesn't include spousal or survivor benefits, the earnings test before full retirement age, or future cost-of-living adjustments.
Questions people ask
Is it better to wait until 70?
It pays 24% more than at 67 for life; it suits people in good health or with a younger spouse who'd get survivor benefits.
What's the break-even age?
Around 80–83 for waiting from 62 to 67 or 70.