Formulas and 2026 figures checked & updated: July 2026
From your SSA.gov Social Security Statement
Your FRA is 67 years, 0 months
Used only for the lifetime-total comparison below
Lifetime Total by Claiming Age
| Claim Age | Monthly | % of FRA | Lifetime Total |
|---|---|---|---|
| 62 | $1,540 | 70% | $425,040 |
| 63 | $1,650 | 75% | $435,600 |
| 64 | $1,760 | 80% | $443,520 |
| 65 | $1,907 | 87% | $457,600 |
| 66 | $2,053 | 93% | $468,160 |
| 67 (your pick) | $2,200 | 100% | $475,200 |
| 68 | $2,376 | 108% | $484,704 |
| 69 | $2,552 | 116% | $489,984 |
| 70 | $2,728 | 124% | $491,040 |
Assumes you live to age 85. Highlighted row has the highest lifetime total at that life expectancy.
How to Use the Social Security Calculator
- Enter your estimated monthly benefit at Full Retirement Age (FRA) — find this on your SSA.gov Social Security Statement.
- Enter your birth year so the calculator can determine your exact FRA.
- Slide the claiming age to see your adjusted monthly benefit at that age.
- Set a life expectancy to compare lifetime totals across every claiming age from 62 to 70.
- Check the comparison table to see which claiming age wins on total lifetime benefits at your chosen life expectancy.
What This Calculator Does
This calculator shows how claiming Social Security earlier or later than your Full Retirement Age changes your monthly benefit, using the same reduction and delayed-credit rules the Social Security Administration applies. Claim before FRA and your benefit is permanently reduced; claim after FRA (up to age 70) and it's permanently increased.
Because the 'right' claiming age depends heavily on how long you expect to collect, the calculator also runs a lifetime-total comparison across every claiming age from 62 to 70 at a life expectancy you choose, so you can see the age at which claiming later starts to outperform claiming earlier — often called the break-even age.
Formula
Adjusted Benefit = FRA Benefit × (1 − Early Reduction) or × (1 + Delayed Credit)- FRAFull Retirement Age — 66 to 67 depending on birth year
- Early5/9%/mo for 36 months, then 5/12%/mo beyond
- Delayed2/3%/mo (8%/yr) up to age 70
Examples
Example: FRA benefit of $2,200, born 1990 (FRA 67)
Claiming at 62 instead of 67.
Reduced to about $1,540/month (70% of FRA) — a permanent 30% cut.
Same example, claiming at 70
Waiting 3 years past FRA.
Increased to about $2,728/month (124% of FRA) — a permanent 24% boost.
Continue Your Financial Planning
Methodology
Reduction for early claiming: 5/9 of 1% per month for the first 36 months before FRA, then 5/12 of 1% per month beyond that. Delayed retirement credit: 2/3 of 1% per month (8%/year) for every month claimed after FRA, up to age 70. FRA is determined by birth year per the SSA table. Lifetime totals are a simple undiscounted sum of monthly benefits from claiming age to the life expectancy you enter — they don't account for cost-of-living adjustments, taxes, or the time value of money.
Frequently Asked Questions
What is Full Retirement Age (FRA)?+
FRA is the age at which you receive 100% of your calculated Social Security benefit — no reduction for claiming early, no bonus for claiming late. It's 66 for those born 1943–1954, rising in two-month steps for anyone born 1955–1959, and 67 for anyone born in 1960 or later.
How much less do I get if I claim at 62?+
If your FRA is 67, claiming at 62 (60 months early) reduces your benefit by about 30%. The reduction is 5/9 of 1% per month for the first 36 months early, then 5/12 of 1% per month for any additional early months.
How much more do I get if I delay to 70?+
Delaying past FRA earns a delayed retirement credit of 8% per year (2/3 of 1% per month), up to age 70 — there's no benefit to waiting past 70. If your FRA is 67, waiting until 70 increases your benefit by 24% over your FRA amount.
Where do I find my actual FRA benefit estimate?+
Create a free account at ssa.gov/myaccount to see your personalized Social Security Statement, which includes your estimated benefit at 62, FRA, and 70 based on your actual earnings record. This calculator uses your FRA estimate as the input and applies the same reduction/credit rules SSA uses.
Is there a single 'best' age to claim?+
No — it depends on your health, other income, and whether you're still working. The lifetime-total comparison below shows the age at which claiming later starts to win out (typically your late 70s to early 80s), but a shorter life expectancy, an urgent need for income, or a spouse's benefit strategy can all make claiming earlier the right call.
Are Social Security benefits taxed?+
Up to 85% of your benefit can be federally taxable depending on your combined income (adjusted gross income + nontaxable interest + half your Social Security benefit). Below certain thresholds, none of it is taxed — above them, up to 85% is. Several states also tax Social Security income, though most don't.
Can I save my results?+
Yes. Use “Save results” to store a snapshot. Without an account it remains in this browser. If you log in, saved scenarios sync securely to your SmartRates account so they are available on your other devices.
How do I share my calculation?+
Click “Share” in the toolbar to copy a link (or open your device’s share sheet). The link encodes your exact inputs, so whoever opens it sees the calculator pre-filled with the same numbers and the same result.
Can I email my calculator results?+
Yes. Click “Email results” to open your default email application with the current inputs, results, and calculator link already included. Review the message and choose the recipient before sending.
Can I export or print my results as a PDF?+
Yes. Click “Export PDF” to open a clean, printable summary of your inputs and results that you can save as a PDF or print. It includes a timestamp and a link back to the calculator.
How accurate are the calculator results?+
The arithmetic follows the formula and assumptions documented on this page. The result is still an estimate because actual rates, fees, taxes, timing conventions, eligibility rules, and provider calculations can differ. Use figures from your official quote, statement, contract, or tax form before making a financial decision.
Which inputs have the biggest effect on the result?+
Rate, time, starting balance, recurring payments or contributions, and fees usually have the largest effects. Change one input at a time to create a conservative, expected, and optimistic scenario instead of relying on a single forecast.
Are taxes, fees, and inflation included?+
Only when they appear as an input or are explicitly described in the methodology. Do not assume an omitted cost is zero. Review the formula and methodology sections to see exactly what is included before comparing the result with an outside quote.
Can this calculator predict future rates or returns?+
No. A calculator projects the assumptions entered; it cannot predict market returns, inflation, variable interest rates, tax-law changes, or provider decisions. Rerun the calculation with several assumptions to understand the range of possible outcomes.
Why might my lender, bank, broker, or tax software show a different result?+
Professional systems may use daily timing, transaction dates, compounding conventions, rounding rules, account-specific fees, credits, eligibility details, or regulations that a general-purpose calculator cannot know. A small difference can be rounding; a large difference usually means an assumption or included cost is different.
Disclaimer: Calculations are for informational purposes only and do not constitute professional financial advice. Please consult with a certified professional before making financial decisions.