Social Security Calculator
Estimate Social Security Benefit
Estimate monthly benefit based on earnings and retirement age
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Formula
PIA = 90% × first $1,174 + 32% × ($1,174-$7,078) + 15% × above $7,078. Early reduction: ~6.67%/yr first 3 years, 5%/yr after. Delayed credits: 8%/yr after FRA.
Frequently Asked Questions
How is Social Security calculated?
Social Security benefits are based on your Average Indexed Monthly Earnings (AIME) from your 35 highest-earning years. The Primary Insurance Amount (PIA) formula applies 90% to the first $1,174, 32% from $1,174 to $7,078, and 15% above $7,078 (2024 bend points).
Should I take Social Security at 62 or wait until 70?
Taking benefits at 62 gives you about 30% less than your full benefit at 67. Waiting until 70 gives you 24% more than age 67. If you live past about 80-82, waiting typically results in more total lifetime benefits. Health, finances, and other income sources should inform your decision.
What is the maximum Social Security benefit?
The maximum Social Security benefit at full retirement age (67) in 2024 is $3,822/month. At age 70, the maximum is $4,873/month. To qualify for the maximum, you need 35 years of earnings at or above the Social Security wage base ($168,600 in 2024).
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