Social Security Calculator
Free Social Security Calculator. Free online tool with accurate results using verified formulas. Includes worked examples, FAQ, and instant calculations.
Reviewed by Sahil, Senior Finance & Tax Editor · Editorial policy
Social Security Calculator Formula
Early: Benefit x (1 - 5/9% x months early for first 36mo, then 5/12%) | Late: Benefit x (1 + 8%/yr past FRA)
Social Security adjusts your FRA benefit based on when you claim. Claiming early permanently reduces benefits. Delaying past FRA permanently increases them by 8% per year until age 70. These adjustments are designed to be actuarially neutral for average life expectancy.
Social Security Calculator — Worked Examples
Example 1: Born 1970, $2,500/month at FRA
Problem:Compare benefits at ages 62, 67 (FRA), and 70 with a $2,500 monthly benefit at full retirement age.
Solution:At 62: $2,500 x 70% = $1,750/month ($21,000/year)\nAt 67 (FRA): $2,500/month ($30,000/year)\nAt 70: $2,500 x 124% = $3,100/month ($37,200/year)\nBreak-even 62 vs 67: ~age 78\nBreak-even 67 vs 70: ~age 82
Result:Age 62: $1,750/mo | Age 67: $2,500/mo | Age 70: $3,100/mo
Social Security Calculator — Frequently Asked Questions
What is full retirement age for Social Security?
Full retirement age (FRA) depends on your birth year. For those born 1943-1954, FRA is 66. It gradually increases: 1955 = 66+2mo, 1956 = 66+4mo, 1957 = 66+6mo, 1958 = 66+8mo, 1959 = 66+10mo. For 1960 and later, FRA is 67. Claiming before FRA reduces benefits permanently; delaying past FRA increases them by 8% per year until age 70.
When should I claim Social Security?
It depends on health, finances, and longevity expectations. Claim early (62-64) if: you have health issues, need the income, or have shorter life expectancy. Claim at FRA (66-67) for the 'standard' amount. Delay to 70 if: you're healthy, have other income, and expect to live past 80-82 (the typical break-even age). Married couples should coordinate — one might claim early while the other delays to maximize survivor benefits. The break-even age is typically 78-82.