Social Security Benefits Calculator
Estimate your future Social Security retirement benefits based on your earnings history.
Understanding Social Security Benefits
Social Security provides a foundation for retirement income, but benefits vary based on your earnings history and when you claim them. This calculator helps you estimate your future monthly payments.
How to Use This Calculator
- Birth Year: Determines your full retirement age (67 for those born 1960+)
- Current Age: Shows how many years until retirement
- Retirement Age: Benefits increase ~8% annually if you delay past full retirement age
- Annual Income: Only income up to $142,800 (2021 limit) counts toward benefits
- Click "Calculate Benefits" to see your estimated monthly payment
How Benefits Are Calculated
PIA = AIME × (90% of first $996 + 32% of $996–$6,002 + 15% above $6,002)Where:
- PIA = Primary Insurance Amount (benefit at full retirement age)
- AIME = Average Indexed Monthly Earnings (top 35 earning years)
- Bend points adjust annually for inflation
Example: $60K average income retiring at 67 → ~$1,800/month
Impact of Claiming Age
| Claiming Age | % of Full Benefit | Example Monthly* |
|---|---|---|
| 62 (earliest) | 70% | $1,260 |
| 65 | 86.7% | $1,560 |
| 67 (full) | 100% | $1,800 |
| 70 (maximum) | 124% | $2,232 |
*Example assumes $1,800 full retirement benefit
Key Strategies
- ✅ Delay benefits — Each year past full retirement age adds ~8% until 70
- ✅ Check earnings record — Errors reduce your benefit
- ✅ Coordinate with spouse — May qualify for up to 50% of spouse's benefit
- ✅ Consider taxes — Benefits may be taxable if income exceeds thresholds
- ✅ Plan for COLA — Benefits increase with inflation (average 1-3% annually)
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