How to use the Social Security calculator
You can start Social Security retirement benefits at any age from 62 to 70. Claim early and every check is smaller; wait and every check is bigger, but you get fewer of them. The calculator has two tabs:
- Best age to apply: enter your birth year, your life expectancy, an investment return and a cost-of-living adjustment. It values the benefits of every claiming age from 62 to 70 and shows which age pays the most.
- Compare two ages: enter the monthly benefits from your Social Security statement for two claiming ages. It finds the break-even age: how long you need to live for waiting to pay off.
Your estimated benefits at 62, at full retirement age and at 70 are on your Social Security statement in your my Social Security account at ssa.gov.
Full retirement age by birth year
At your full retirement age you get 100% of your primary insurance amount (PIA), the benefit worked out from your 35 highest years of earnings.
| Year of birth | Full retirement age |
|---|---|
| 1943 to 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 |
How your claiming age changes the benefit
- Claiming early: the benefit falls by 5/9 of 1% for each of the first 36 months before full retirement age and by 5/12 of 1% for each month beyond that. The cut is permanent.
- Claiming late: delayed retirement credits add 2/3 of 1% for each month after full retirement age, 8% a year, until 70. There is no gain from waiting past 70.
With a full retirement age of 67 and a primary insurance amount of $2,000 a month, in today's dollars:
| Claim at | Share of the PIA | Monthly benefit |
|---|---|---|
| 62 | 70% | $1,400 |
| 63 | 75% | $1,500 |
| 64 | 80% | $1,600 |
| 65 | 86.67% | $1,733 |
| 66 | 93.33% | $1,867 |
| 67 | 100% | $2,000 |
| 68 | 108% | $2,160 |
| 69 | 116% | $2,320 |
| 70 | 124% | $2,480 |
Social Security calculator example
Born in 1970, your full retirement age is 67. If you expect to live to 83, with a 5% return and a 3% cost-of-living adjustment, the best age to apply is 68, when your benefit is 108% of your PIA. Claiming at 62 gets 70% of the PIA, and its benefits are worth 94.7% of the best option's. These are the default inputs of the Best age to apply tab.
The calculator adds up the monthly benefits you would receive from each claiming age through the end of the year you reach your life expectancy, raises them each year by the adjustment and values them at age 62 with your investment return. A longer life expectancy moves the best age later; a higher return moves it earlier.
Social Security break-even age
The break-even age is how long you need to live for the bigger, later benefit to catch up with the smaller, earlier one. With $1,600 a month at 62 or $2,810 a month at 70, a 5% return and a 3% adjustment, waiting pays off if you live to 82 or older. These are the default inputs of the Compare two ages tab.
Without a return or an adjustment, simply adding up the checks, the break-even age is (later benefit × later age − earlier benefit × earlier age) ÷ (later benefit − earlier benefit): 80.6 in the example. Counting what the early checks could earn moves the break-even age later, to 82.
Social Security calculations in Excel
- Benefit at 62:
=2000 * (1 - 36 * 5/900 - 24 * 5/1200)returns $1,400, 70% of a $2,000 PIA with a full retirement age of 67. - Simple break-even age:
=(2810 * 70 - 1600 * 62) / (2810 - 1600)returns 80.6.
Working while you collect benefits
If you claim before full retirement age and keep working, the earnings test holds back part of your benefit. In 2027, Social Security withholds $1 for every $2 you earn above $25,560; in the year you reach full retirement age, $1 for every $3 above $67,920, counting only the months before that age. Earning $35,000 under full retirement age holds back $4,720 of benefits. The money is not lost: at full retirement age your benefit is raised to credit the months that were withheld. From full retirement age on there is no limit.
Cost-of-living adjustments
Benefits rise each year with inflation, measured by the consumer price index for urban wage earners (CPI-W). The adjustment is 3.6% for 2027 and was 2.8% for 2026. It applies from age 62 even if you have not claimed yet, so waiting does not lose the raises.
Spousal and survivor benefits
A spouse can get up to 50% of your primary insurance amount at the spouse's own full retirement age, and a widow or widower up to 100% of what you were receiving. Delayed retirement credits do not raise a spousal benefit, but they do raise the survivor benefit, which is why the higher earner of a couple often waits. The calculator compares your own retirement benefit only.
Taxes on Social Security benefits
Up to 85% of your benefits can be taxable income. It depends on your combined income: your adjusted gross income, plus tax-exempt interest, plus half of your benefits. For a single filer, up to 50% is taxable above $25,000 and up to 85% above $34,000; for a married couple filing jointly, above $32,000 and $44,000. Some states tax benefits too.
Social Security in your retirement plan
Social Security is one part of your retirement income. Enter your benefit as other income in the retirement calculator to see how much your savings still need to cover. If you also have a pension, the pension calculator compares its payout options, and the annuity payout calculator shows how much a lump sum can pay to bridge the years before you claim.