Social Security Calculator

About the Social Security Calculator

Social Security is a cornerstone of retirement planning for many. This calculator helps you understand how your monthly benefit amount can change based on the age you decide to start collecting.

How it Works

The calculator uses two key pieces of information to provide estimates for different retirement scenarios:

• Your Date of Birth: This determines your Full Retirement Age (FRA), which is the age at which you are entitled to 100% of your earned Social Security benefits. Your FRA is set by the Social Security Administration and depends on the year you were born.
• Estimated Monthly Benefit at FRA: This is the benefit amount you would receive if you start collecting at your specific FRA. You can find your personalized estimate by creating an account on the official Social Security Administration website at ssa.gov.

Your Retirement Scenarios

The calculator will show you three key numbers:

1. Early Retirement (Age 62): You can start collecting benefits as early as age 62, but your monthly payment will be permanently reduced. The amount of the reduction depends on how many months you are from your FRA.
2. Full Retirement Age: If you wait until your FRA, you will receive your full, unreduced benefit.
3. Delayed Retirement (Age 70): For every year you delay collecting benefits past your FRA, up to age 70, your monthly benefit will permanently increase. This is known as "delayed retirement credits."

Use this tool to see the trade-offs between starting benefits early versus waiting, and how that decision can impact your monthly income throughout retirement.