What Is the Social Security Claiming Calculator?
A Social Security claiming calculator compares the monthly benefit you would receive at age 62, your full retirement age, or age 70. The age you claim is one of the biggest decisions affecting retirement income.
How to use this calculator
Type your numbers into the fields above. The results change the moment you edit any input, so you can try one scenario after another and see exactly what moves. Most calculators show a short summary of the key figures, a line-by-line breakdown underneath, and — where it applies — a year-by-year schedule you can export to a spreadsheet. Everything runs in your browser; nothing is stored or sent anywhere. Treat the output as a planning estimate, not as final word on a real decision.
The Formula
Benefits are reduced about 5/9% per month for the first 36 months claimed early and 5/12% per month beyond that, and increased by about 2/3% per month for each month claimed after full retirement age, up to age 70.
Worked Example
With a $2,000 primary insurance amount at full retirement age 67, claiming at 62 might pay about $1,400 a month, while waiting until 70 could pay roughly $2,480 — a substantial permanent increase.
Tips for the Most Accurate Estimate
- Delaying to 70 maximizes the monthly benefit for life.
- Claiming early locks in a permanently lower amount.
- Consider life expectancy and spouse benefits.
- If you need the income or have health concerns, earlier may fit.
- Spousal and survivor rules can change the best age.
Frequently Asked Questions
Q: Should I claim at 62 or wait?
Waiting increases the monthly benefit, but claiming early gives more checks if you have a shorter life expectancy. It depends on health, finances, and spouse benefits.
Q: Why does waiting pay more?
Each year past full retirement age adds about 8% to your benefit, compounded into every future payment.
Q: Is 70 the latest I should wait?
Benefits stop increasing at 70, so there is no further credit for delaying beyond it.