Social Security Benefits Calculator – When to Claim

How your Social Security benefit is calculated

The Social Security Administration (SSA) calculates your retirement benefit in three steps:

1. Average indexed monthly earnings (AIME): your earnings are adjusted for wage growth, and your highest 35 years are averaged and divided by 12. Years with no earnings count as zero, so working fewer than 35 years lowers your average. Only earnings up to the taxable maximum ($184,500 in 2026) count.
2. Primary insurance amount (PIA): the formula replaces 90% of the first $1,286 of AIME, 32% of AIME between $1,286 and $7,749, and 15% above $7,749 (the 2026 "bend points"). This progressive formula replaces a larger share of income for lower earners.
3. Claiming-age adjustment: the PIA is what you get at your full retirement age (FRA). Claiming earlier reduces it; waiting increases it.

Full retirement age and early or delayed claiming

Your FRA is 67 if you were born in 1960 or later, and between 66 and 67 for people born from 1955 to 1959. Claiming at 62 reduces your benefit by up to 30%: 5/9 of 1% for each of the first 36 months before FRA and 5/12 of 1% for each additional month. Delaying past FRA earns delayed retirement credits of 8% per year until age 70, so someone with an FRA of 67 gets 124% of their PIA by waiting until 70.

Should you claim early or wait?

Waiting means fewer checks but larger ones. If you live into your mid-80s or beyond, delaying usually pays more over your lifetime; the break-even point between claiming at 62 and 70 is typically around age 80–82. Claiming early can make sense if you need the income, have health concerns, or are the lower earner in a couple. For married couples, the higher earner delaying also increases the survivor benefit the other spouse may receive.

About this estimate

This calculator assumes your earnings stay level in today's dollars and uses the 2026 formula, so results are shown in today's dollars before cost-of-living adjustments. It does not include spousal or survivor benefits, the earnings test if you work while claiming before FRA, or taxation of benefits. For your official estimate based on your actual earnings record, create a my Social Security account at ssa.gov.

Working while receiving benefits

If you claim before your full retirement age and keep working, the earnings test may temporarily withhold part of your benefit when your earnings exceed an annual limit. Withheld benefits aren't lost: your monthly amount is recalculated upward once you reach full retirement age. After full retirement age, there is no earnings limit. Benefits are also adjusted each January for inflation through the cost-of-living adjustment (COLA), so the dollar amounts you see here will grow over time in nominal terms.

Frequently asked questions

Sources & methodology

This calculator was last reviewed on November 2, 2026. Figures are based on the following official and primary sources:

• Social Security Administration – Benefit formula bend points
• Social Security Administration – Retirement age and benefit reduction

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