Saving for retirement and spending it
Social Security Calculator: Benefits at 62, 67 or 70
Estimate your monthly Social Security benefit and compare claiming at 62, 67 or 70. It is a rough estimate; your statement at ssa.gov has your real number.
Your Estimated Benefit by Claiming Age
Rough Estimate| When You Claim | % of Full Benefit | Monthly | Yearly | Lifetime Total |
|---|---|---|---|---|
| Claim at 62 | 70.0% | $2,275 | $27,305 | $655,323 |
| Claim at 67 (full retirement age) | 100.0% | $3,251 | $39,007 | $741,139 |
| Claim at 70 (largest check) | 124.0% | $4,031 | $48,369 | $773,905 |
How This Calculator Works
This calculator uses the Social Security Administration (SSA) benefit formula. It turns your average monthly earnings into your PIA (primary insurance amount), the monthly benefit you get at full retirement age: 90% of the first $1,286, 32% of the next slice up to $7,749, and 15% of anything above that. Earnings count only up to the $184,500 annual wage cap. This is a rough estimate. The SSA bases your real benefit on your 35 highest-earning years, adjusted for wage growth, but here the earnings you enter stand in for all 35. Your own statement at ssa.gov is the number to trust.
If you were born in 1960 or later, your full retirement age is 67. Claiming at 62 permanently cuts your monthly check by 30%, to 70% of your full benefit. Waiting until 70 adds 8% for every year past 67, which brings it to 124%.
Frequently Asked Questions
When does waiting to claim Social Security pay off?
If your full retirement age is 67, waiting until 67 instead of claiming at 62 pays off at about age 78.7. Waiting until 70 instead of 67 pays off at about age 82.5. Those are the ages where your running total catches up with the earlier start. The math ignores cost-of-living increases and anything you could earn by investing the early checks.
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