Social Security Calculator
Estimate your Social Security retirement benefits based on your income history and planned retirement age.
Input Parameters
Results
Social Security Claiming Strategy
You can claim as early as age 62 (reduced benefit) or delay until 70 (increased benefit). Full Retirement Age (FRA) is 67 for those born after 1960. Delaying past FRA adds 8% per year to your benefit.
What is the Social Security Calculator?
The Social Security Calculator estimates your future federal retirement benefits. It helps you decide the optimal age to begin claiming your benefits, as claiming early permanently reduces your monthly check.
How It Works (Algorithm)
Your baseline benefit is called the Primary Insurance Amount (PIA), which is calculated based on your 35 highest-earning years. If you claim at age 62, the government permanently cuts your PIA by up to 30%. If you delay claiming until age 70, they increase your PIA by 8% per year.
$$ \text{Delayed Benefit} = \text{PIA} \times (1 + (0.08 \times \text{Years Delayed})) $$
The incentive structure for delaying federal retirement claims.
How to Use It
Enter your current age and your current average annual salary. The calculator will estimate your baseline PIA and generate a chart showing exactly how much money you will receive per month if you claim at age 62, 67, or 70.