Social Security Calculator
Estimate your Social Security retirement benefits based on your earnings history and planned claiming age. See how timing affects your benefits.
Your Information
Enter your details to estimate your Social Security benefits
Your average earnings over your highest 35 years
Understanding Social Security
Social Security provides retirement income based on your lifetime earnings. The amount you receive depends on your work history, when you claim benefits, and your Full Retirement Age (FRA), which varies based on your birth year.
Key Insight: For every month you delay claiming past age 62, your benefit increases - up to 8% per year past your FRA until age 70. This can mean a 77% difference between claiming at 62 versus 70.
Full Retirement Age by Birth Year
| Birth Year | Full Retirement Age | Reduction at 62 |
|---|---|---|
| 1943-1954 | 66 | 25% |
| 1955 | 66 and 2 months | 25.83% |
| 1956 | 66 and 4 months | 26.67% |
| 1957 | 66 and 6 months | 27.5% |
| 1958 | 66 and 8 months | 28.33% |
| 1959 | 66 and 10 months | 29.17% |
| 1960 or later | 67 | 30% |
2024 Key Numbers
- Max Taxable Earnings: $168,600
- Maximum Benefit at FRA: $3,822/month
- Maximum at Age 70: $4,873/month
- Average Benefit: $1,907/month
- COLA Increase: 3.2% for 2024
Family Benefits
- Spousal: Up to 50% of worker's PIA
- Survivor: 100% of deceased's benefit
- Ex-Spouse: If married 10+ years
- Child: Up to 50% if under 18
- Family Max: 150-180% of PIA
When to Claim: Considerations
Claim Early (62-64)
- + Need income now
- + Health concerns
- + No other savings
- - Permanently reduced
- - Lower lifetime total if long-lived
Claim at FRA (66-67)
- + Full benefit amount
- + No earnings limit
- + Balanced approach
- + Survivor benefits maximized
Delay (68-70)
- + 8% increase per year
- + Higher lifetime total if long-lived
- + Better inflation protection
- - Forgo benefits now
- - Need other income sources
Working While Receiving Benefits
Before Full Retirement Age
- !Earnings limit: $22,320 (2024)
- !$1 withheld for every $2 over limit
- !Year of FRA: $59,520 limit, $1 for every $3
At or After Full Retirement Age
- No earnings limit
- No benefit reduction
- Benefits may increase with more earnings
Note: Withheld benefits aren't lost forever - they're added back to your benefit calculation after you reach FRA.
Strategies to Maximize Benefits
- 1.Work 35 Years: Social Security uses your highest 35 years. Fewer years = zeros averaged in.
- 2.Maximize Earnings: Higher earnings (up to the cap) = higher benefits.
- 3.Delay If Possible: Each year you delay past FRA adds 8% until 70.
- 4.Coordinate with Spouse: Higher earner may want to delay while lower earner claims early.
- 5.Consider Survivor Benefits: Your decision affects what your spouse receives if you die first.
- 6.Check Your Statement: Review your Social Security statement annually at ssa.gov.