Quick answer
This calculator estimates your Social Security retirement benefit from your annual earnings, years worked and claiming age. A worker earning $60,000 a year for 35 years has a full-retirement-age benefit of about $2,346 a month — cut to roughly $1,642 if claimed at 62, or raised to about $2,909 if delayed to 70.
How the Social Security Calculator works, step by step
Enter your average annual earnings and the number of years you worked. If you worked fewer than 35 years, the missing years count as $0, so your effective average is scaled down — 20 years at $60,000 counts as about $34,286 a year. Divide by 12 to get average indexed monthly earnings (AIME), which the benefit formula then turns into your primary insurance amount (PIA).
The formula replaces 90% of the first slice of AIME, 32% of the next slice and 15% above that — the bend points. For workers turning 62 in 2026 the bend points are $1,286 and $7,749, which give a $5,000 AIME a PIA of about $2,346. The bend points rise with average wages each year, so a worker turning 62 later will have slightly higher ones.
Claiming age then adjusts that amount permanently. Claiming at 62 with a full retirement age of 67 cuts the benefit by 30%. Each year of delay past full retirement age adds 8% in delayed retirement credits, up to age 70. There is no advantage to waiting beyond 70. The break-even ages tell the same story in years: 67 versus 62 breaks even at about 78.7, 70 versus 62 at about 80.4, and 70 versus 67 at about 82.5.
Lifetime totals to age 85 make the trade concrete. On a PIA of $2,346, claiming at 62 pays about $453,224 by 85, claiming at 67 pays about $506,710, and claiming at 70 pays about $523,600 — delaying trades fewer years of payments for a permanently higher, inflation-indexed income. The 2026 cost-of-living adjustment was 2.8%, and the SSA has announced 3.6% for 2027; the average retired worker received about $2,071 a month in January 2026.
This is a simplified estimate built on the inputs you give. It ignores wage-indexing detail, cost-of-living adjustments after claiming, spousal and survivor benefits, taxation of benefits and the earnings test. Your actual benefit depends on your full earnings record, which only the Social Security Administration holds. Get your real figures from your statement at ssa.gov before making a claiming decision — for most households it is the largest retirement decision they make.
The formula
PIA = 90% of AIME up to the first bend point + 32% of AIME between the bend points + 15% above the second bend point. 2026 bend points: $1,286 and $7,749. Claiming adjustment: −30% at 62 (FRA 67) to +24% at 70.
Worked example — try it on the calculator above
Worked example: $60,000 a year for 35 years, full retirement age 67
Thirty-five years at $60,000 gives an AIME of $5,000. PIA = 0.90 × $1,286 + 0.32 × ($5,000 − $1,286) = $1,157.40 + $1,188.48 = $2,345.88, so about $2,346 a month at 67. Claim at 62 and it falls by 30% to about $1,642. Delay to 70 and it rises by 24% to about $2,909. Check the current-year figures at ssa.gov before deciding, since the bend points are updated annually.
Frequently Asked Questions
What is full retirement age?
67 for anyone born in 1960 or later; between 66 and 67 for those born from 1943 to 1959. Benefits can start at 62 with a permanent reduction, or be delayed to 70 for the maximum. The reduction for claiming 60 months early, with a full retirement age of 67, is 30%.
How many years of work do I need to qualify?
You need 40 credits — roughly 10 years of covered work; in 2026 one credit is earned for every $1,890 of earnings, up to four a year. The benefit amount, though, is based on your highest 35 years of earnings. Fewer than 35 years means zeros are averaged in, which is why extra years of work late in a career can still raise the benefit.
Is Social Security taxed?
For most retirees with other income, yes: up to 85% of benefits can be included in taxable income, depending on combined income. Below $25,000 of combined income for single filers ($32,000 married), benefits are not taxed federally. Some states also tax benefits, though most do not.
Can I work while claiming Social Security?
Yes, but before full retirement age the earnings test temporarily withholds $1 of benefits for every $2 earned above an annual limit ($24,480 for 2026; $65,160 in the year you reach full retirement age, at $1 for every $3). Withheld amounts are not lost — your benefit is recalculated upward at full retirement age. From full retirement age on, you can earn any amount with no reduction.
Estimates, not advice. This calculator provides educational estimates based on the inputs you enter and the assumptions shown on this page. It is not financial, tax or investment advice, and it cannot see your full situation. Verify important figures against official sources, and consider a qualified professional for decisions about your own money. See our Disclaimer and Methodology.