Estimate your monthly Social Security benefit at any retirement age from 62 to 70. See delayed retirement credits and find your personal breakeven age.
The SSA takes your highest 35 years of indexed earnings, averages them into a monthly figure called the AIME (Average Indexed Monthly Earnings), then applies a progressive formula called the PIA (Primary Insurance Amount). For 2024: 90% of the first $1,174 of AIME, + 32% of AIME up to $7,078, + 15% above that. This PIA is your benefit at Full Retirement Age (FRA).
FRA is the age at which you receive 100% of your earned benefit. It varies by birth year: 66 for those born 1943–1954, gradually increasing to 67 for those born 1960 or later. Claiming before FRA reduces your benefit permanently; claiming after increases it.
Claiming at 62 (the earliest possible age) permanently reduces your benefit by up to 30% compared to your FRA amount. For those born 1960+, early claiming reduces the benefit by 5/9% for each of the first 36 months before FRA, and 5/12% for each additional month.
Delaying beyond FRA earns Delayed Retirement Credits of 8% per year (2/3% per month) up to age 70. For someone with an FRA of 67, waiting until 70 boosts the monthly benefit by 24%. This increase is permanent for life — and also raises spousal and survivor benefits.
The breakeven age is when the cumulative lifetime payments from a higher-delayed benefit surpass those from claiming early. It typically falls between ages 78–82. If you expect to live well past that age and are in good health, delaying is often the better financial strategy.
Up to 85% of your Social Security benefits may be taxable if your combined income (adjusted gross income + nontaxable interest + half of Social Security) exceeds $34,000 for single filers or $44,000 for joint filers. Up to 50% is taxable at lower combined-income thresholds.