How accurate is this Social Security estimate?

The calculator implements SSA’s Primary Insurance Amount formula using official bend points for the selected year and applies early/late claiming adjustments. It approximates AIME from your average earnings. Your actual benefit depends on your full earnings history and SSA records.

What is the Full Retirement Age (FRA)?

FRA is the age when you can receive 100% of your Primary Insurance Amount. It depends on your year of birth—ranging from 66 to 67 for most workers today.

How does early claiming reduce my benefit?

Claiming before FRA reduces benefits by 5/9 of 1% per month for the first 36 months and 5/12 of 1% for additional months.

Do delayed retirement credits increase my benefit?

Yes. Benefits increase by 2/3 of 1% per month after FRA up to age 70 (about 8% per year).

What is COLA and how is it used here?

COLA is the annual cost-of-living adjustment applied by SSA. This tool lets you apply an optional projected COLA from the bend-points year to your claiming year.

Can I include spousal or survivor benefits?

This version focuses on worker benefits. Spousal and survivor benefits have additional rules and are not included in this simplified calculator.

Social Security Calculator

This professional-grade tool estimates U.S. Social Security retirement benefits using SSA’s Primary Insurance Amount (PIA) formula and age-based adjustments. It’s designed for individuals planning their retirement timeline and seeking an accessible, mobile-first, and transparent estimate.

Author: Ugo Candido Reviewed by: Retirement Planning Editor Last updated: Category: Finance → Retirement

Interactive Calculator

Date of birth

Used to determine your Full Retirement Age (FRA).

Average lifetime earnings (annual, today’s dollars)

Bend-points year

Optional annual COLA projection (%)

Planned claiming age — years

Planned claiming age — months

Life expectancy (age)

Results

Enter your details to see your estimated Social Security benefits.

Data Source and Methodology

Authoritative Data Sources:

All calculations are strictly based on the formulas and data provided by these sources.

The Formulas Explained

AIME (approx.) = Average annual earnings ÷ 12

PIA = 0.90 × min(AIME, b₁) + 0.32 × min(max(AIME − b₁, 0), b₂ − b₁) + 0.15 × max(AIME − b₂, 0)

Early reduction = [min(m, 36) × 5⁄9%] + [max(m − 36, 0) × 5⁄12%]

Delayed credit = M × 2⁄3% (per month after FRA, up to age 70)

Benefit at claim age = PIA adjusted by early reduction or delayed credit depending on whether the claiming age is before, at, or after FRA.

COLA projection (optional): PIA_claim = PIA_y₀ × (1 + c)^{(y_claim − y₀)}

b₁ and b₂ are SSA bend points for the selected year; m is months before FRA; M is months after FRA; c is the annual COLA assumption.

Glossary of Variables

Date of birth: Used to compute your Full Retirement Age (FRA).
Average lifetime earnings: Your estimated average annual earnings across your working years in today’s dollars.
AIME: Average Indexed Monthly Earnings. Approximated here as annual earnings divided by 12.
PIA: Primary Insurance Amount. Computed from AIME using SSA bend points (b1, b2) and percentages (90%, 32%, 15%).
Claiming age: The age when you plan to start benefits (62–70). Benefits are reduced before FRA and increased after FRA.
COLA: Cost-of-Living Adjustment applied annually by SSA; optional projection in this tool.
Lifetime benefits: Sum of monthly benefits from claim age through your specified life expectancy (nominal, without discounting).

Worked Example

How It Works: A Step-by-Step Example

Assume: Date of birth = 1962-06-15; Average lifetime earnings = $60,000; Bend points year = 2024; Claiming age = 65y 0m; COLA = 0%.

Compute AIME (approx.): AIME = 60,000 / 12 = $5,000.
Get 2024 bend points: b1 = $1,174; b2 = $7,078.
PIA: 0.90×1,174 + 0.32×(5,000 − 1,174) + 0.15×max(5,000 − 7,078, 0) = $1,056.60 + $1,224.32 + $0 = $2,280.92 → rounded down to the next dime ≈ $2,280.90.
FRA for 1962 DOB: 66 years and 10 months.
Claiming at 65: Early claiming by 22 months → reduction ≈ 14.67% → estimated benefit ≈ $1,946/month.
Lifetime benefits: If you expect to live to age 88 (23 years × 12 months), lifetime total ≈ $1,946 × 276 ≈ $536,096 (nominal).

Disclaimer: This is an educational estimate. Consult the SSA or a fiduciary advisor for personalized planning.