Social Security Calculator
Estimate your Social Security benefits and compare different claiming ages to determine the optimal time to start receiving benefits. This calculator helps you understand how your claiming age affects your monthly and lifetime benefits.
Optimal Claiming Age: 67
| Age | Monthly Benefit | Lifetime Benefit |
|---|---|---|
| 62 | $1,500 | $378,000 |
| 67 | $2,100 | $428,400 |
| 70 | $2,604 | $406,224 |
Comparison Results
| Option | Claiming Age | Monthly Benefit | Lifetime Benefit |
|---|---|---|---|
| Option 1 | 62 | $1,600 | $403,200 |
| Option 2 | 70 | $2,810 | $438,360 |
| Difference | +$35,160 | ||
About Social Security Benefits
Social Security benefits are a critical part of retirement planning for most Americans. The age at which you choose to start receiving benefits can significantly impact your monthly payment amount and the total benefits you receive over your lifetime.
How Social Security Benefits Work
Your Social Security benefits are based on your highest 35 years of earnings. You can start receiving benefits as early as age 62, but your monthly benefit amount will be reduced if you start before your full retirement age (which varies based on your birth year). If you delay benefits past your full retirement age, your benefit amount will increase up to age 70.
Key Factors to Consider
- Full Retirement Age: For people born in 1960 or later, the full retirement age is 67.
- Early Retirement: Starting at 62 results in a permanent reduction of about 30% of your full benefit.
- Delayed Retirement: Waiting until age 70 can increase your benefit by about 24% over your full retirement age amount.
- Life Expectancy: The longer you expect to live, the more beneficial it may be to delay claiming.
- Investment Returns: If you can invest your benefits at higher returns, taking them earlier might be advantageous.
* Cost of living adjustment (COLA) is an annual increase to Social Security benefits to account for inflation.