Calculate Your Social Security Benefits
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Your Estimated Benefits
Monthly Benefit by Claiming Age
| Claiming Age | Monthly | Annual | vs FRA | Lifetime (to 85) |
|---|
Lifetime Benefits Comparison
Assumes life expectancy of 85 and 2.5% annual COLA
Spousal & Survivor Benefits
Spousal benefits are up to 50% of the higher earner's PIA. A surviving spouse can receive up to 100% of the deceased worker's benefit at FRA. Reduced amounts are available as early as age 60.
Tax Impact on Your Benefits
| Filing Status | Combined Income | % Taxable |
|---|---|---|
| Single | Under $25,000 | 0% |
| Single | $25,000 - $34,000 | Up to 50% |
| Single | Over $34,000 | Up to 85% |
| Married Joint | Under $32,000 | 0% |
| Married Joint | $32,000 - $44,000 | Up to 50% |
| Married Joint | Over $44,000 | Up to 85% |
Your Optimal Strategy
Based on a life expectancy of 85, your best claiming age is - for -
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Open an IRA →How Social Security Benefits Are Calculated
Social Security retirement benefits are based on your lifetime earnings record. The Social Security Administration (SSA) uses a multi-step process to determine your benefit amount.
Step 1: Calculate Your AIME
The SSA looks at your earnings for every year you worked and adjusts (indexes) them for wage inflation. They then take your highest 35 years of indexed earnings and divide by 420 (35 years x 12 months) to get your Average Indexed Monthly Earnings (AIME). If you worked fewer than 35 years, zeros are used for the missing years, significantly lowering your AIME.
Step 2: Apply the PIA Formula
Your Primary Insurance Amount (PIA) is determined by applying a formula with two "bend points" to your AIME. For 2026, the bend points are $1,174 and $7,078. The formula replaces 90% of the first $1,174 of AIME, 32% of AIME between $1,174 and $7,078, and 15% of AIME above $7,078. This progressive formula gives lower earners a higher replacement rate.
Step 3: Adjust for Claiming Age
Your PIA is the benefit you receive at your Full Retirement Age (FRA). Claiming before FRA reduces your benefit permanently. Each month before FRA reduces the benefit by 5/9 of 1% for the first 36 months and 5/12 of 1% for additional months. Waiting past FRA earns delayed retirement credits of 8% per year until age 70.
When to Claim: Age 62 vs 67 vs 70
Claiming at 62 (Earliest)
You can begin collecting Social Security as early as 62, but your benefit will be permanently reduced by about 30% compared to your FRA amount. This makes sense if you need the income immediately, have health concerns that may limit your lifespan, or want to use the money to pay off high-interest debt.
Claiming at Full Retirement Age (66-67)
At FRA, you receive 100% of your calculated PIA with no reduction or bonus. This is the baseline benefit amount. For most people born 1960 or later, FRA is 67. This age represents a middle-ground approach that balances early access with benefit maximization.
Claiming at 70 (Maximum Benefit)
By waiting until 70, you earn an additional 24% above your FRA benefit (8% per year for 3 years). There is no advantage to waiting past 70. This strategy works best for healthy individuals who have other income sources to bridge the gap, those with a family history of longevity, and higher earners who want to maximize their lifetime benefit.
The Breakeven Analysis
The breakeven age is when total lifetime benefits from waiting equal the total from claiming early. For 62 vs 67, the breakeven is typically around age 78-80. For 62 vs 70, it's usually around 80-82. If you expect to live beyond the breakeven age, waiting pays off financially.
Spousal Benefits Explained
Social Security provides spousal benefits equal to up to 50% of the higher-earning spouse's PIA. This is designed to support spouses who may not have worked outside the home or who earned significantly less. You can receive spousal benefits if your own earned benefit would be lower than 50% of your spouse's PIA.
To claim spousal benefits, you must be at least 62 years old, and your spouse must have already filed for their own benefits (deemed filing rules apply). If you claim spousal benefits before your FRA, the amount is reduced. At FRA, you receive the full 50% of your spouse's PIA.
Spousal Strategy: Timing Matters
For married couples, coordinating when each spouse claims can add tens of thousands of dollars in lifetime benefits. Common strategies include having the higher earner delay to 70 to maximize the survivor benefit while the lower earner claims at 62 or FRA.
Survivor Benefits
When a Social Security recipient passes away, their surviving spouse can receive survivor benefits. At FRA or later, the survivor receives 100% of the deceased spouse's benefit (including any delayed retirement credits). Reduced survivor benefits are available as early as age 60 (or 50 if disabled).
This is why the higher earner's claiming age is so important for married couples: delaying to 70 not only maximizes their own benefit but also maximizes the eventual survivor benefit for the remaining spouse. Children under 18, disabled adult children, and dependent parents may also qualify for survivor benefits.
Working While Receiving Benefits
If you claim Social Security before FRA and continue working, the earnings test may reduce your benefits temporarily. In 2026, if you earn more than approximately $23,400, $1 in benefits is withheld for every $2 earned above the limit. In the year you reach FRA, the threshold is higher (about $62,160) and the reduction is $1 for every $3 above the limit.
After reaching FRA, there is no earnings test and you can earn unlimited income without any reduction in benefits. Any benefits withheld due to the earnings test are not lost permanently. When you reach FRA, the SSA recalculates your benefit to account for the months when benefits were withheld.
Taxation of Social Security Benefits
Social Security benefits may be subject to federal income tax depending on your "combined income" (adjusted gross income + nontaxable interest + half of your Social Security benefits).
For single filers, if your combined income is between $25,000 and $34,000, up to 50% of benefits are taxable. Above $34,000, up to 85% is taxable. For married couples filing jointly, the thresholds are $32,000 and $44,000 respectively. These thresholds have never been adjusted for inflation since they were established in 1983 and 1993, meaning more retirees are affected each year.
Strategies to Reduce Taxes on Benefits
- Use Roth conversions before claiming to move money from traditional to Roth IRAs
- Manage retirement account withdrawals to stay below tax thresholds
- Consider tax-free municipal bond income
- Time capital gains and other income strategically
COLA: Cost-of-Living Adjustments
Each year, Social Security benefits are adjusted for inflation through the Cost-of-Living Adjustment (COLA). The 2026 COLA was 2.5%, and the historical average is about 2.6% per year. COLA is based on the Consumer Price Index for Urban Wage Earners (CPI-W) and is applied automatically to all current beneficiaries.
Even before you start collecting benefits, COLA adjustments increase your PIA each year after age 62. This means that even if you delay claiming to 70, your benefit includes all the COLA increases from ages 62 through 70, plus the 8% per year delayed retirement credits.
Social Security Trust Fund Status
The Social Security trust fund reserves are projected to be depleted around 2033-2035 based on the latest Trustees Report. This does not mean Social Security will disappear. Ongoing payroll taxes would still cover approximately 79-83% of scheduled benefits even after trust fund depletion.
Congress has several options to shore up the program, including raising the payroll tax rate, increasing the taxable earnings cap, adjusting benefit formulas for higher earners, gradually raising the retirement age, or implementing means testing. Any changes would likely be phased in over many years to avoid disrupting current retirees.
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