How much are benefits reduced for early claiming?

At 62, benefits are reduced about 30% from FRA. The reduction is 6.67% per year for the first 3 years before FRA, then 5% per year for additional years.

What are delayed retirement credits?

For each year you delay claiming past FRA until age 70, benefits increase 8% per year. This is one of the best guaranteed returns available and makes waiting attractive if you expect longevity.

Should I claim at 62, FRA, or 70?

Depends on health, finances, and life expectancy. If you need income, claim early. If healthy with other income, waiting increases lifetime benefits. Break-even is typically around age 80.

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Social Security Calculator

Estimate your Social Security retirement benefits based on earnings history and claiming age

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Plan Your Social Security Strategy

When should you claim Social Security? The answer could mean tens of thousands of dollars difference in lifetime benefits. Our calculator estimates your benefits at different claiming ages, helping you decide between taking reduced benefits early or waiting for maximum payments.

How Social Security Benefits Work

Social Security benefits are based on your 35 highest-earning years, adjusted for inflation. Your Primary Insurance Amount (PIA) is calculated at Full Retirement Age (66-67 depending on birth year). Claim early and receive reduced benefits. Wait until 70 and receive up to 32% more. The break-even point is typically around age 80.

PIA Bend Point Formula (2024)

PIA = 90% × first $1,174 + 32% × next $5,905 + 15% × rest

How to Use This Calculator

Social Security Planning

Retirement Timing

Compare monthly benefits at different claiming ages to plan retirement.

Break-Even Analysis

Calculate when waiting to claim pays off vs. taking early benefits.

Income Planning

Coordinate Social Security with other retirement income sources.

Frequently Asked Questions

FRA is when you receive 100% of your PIA—66 for those born 1943-1954, gradually increasing to 67 for those born 1960+. Claim before FRA = reduced benefits. Claim after = increased benefits.