Social Security Calculator – Estimate Retirement Benefits
Estimate your monthly Social Security retirement benefit by claiming age.
About the Social Security Calculator
What is the Social Security Calculator?
A Social Security calculator estimates your monthly retirement benefit based on your career-average earnings and the age you start claiming.
Why use this calculator?
Claiming age can change your benefit by up to about 30% either way, so knowing the trade-off between claiming early and waiting helps you plan retirement income.
How to use it
- Enter your average indexed monthly earnings.
- Enter the age you plan to claim and your full retirement age.
- See the monthly and annual benefit.
Formula
PIA = 90% of first bend point + 32% of next + 15% above; adjusted for claiming age.
A simplified estimate using current bend points. Actual benefits use your full earnings history and annual cost-of-living adjustments.
Frequently Asked Questions
What is my full retirement age?
It depends on your birth year: 66 for those born 1943-1954, rising to 67 for those born 1960 or later.
Is it better to claim early or wait?
Claiming early gives smaller payments for longer; waiting gives larger payments. If you expect a long retirement, waiting usually pays off.
What is compound interest?
Compound interest is interest earned on both your original money and on previously earned interest. Over time it can make savings grow much faster than simple interest.
What is the difference between nominal and effective return?
The nominal return ignores compounding within the year, while the effective (annualised) return accounts for it. The effective figure is usually higher and better reflects real growth.
How does inflation affect my returns?
Inflation erodes purchasing power. The real return is the nominal return minus inflation, so an investment can grow in dollars yet still lose value in what it can buy.
What rate of return should I assume?
A common long-term assumption for a diversified stock portfolio is about 6% to 8% per year after inflation, but returns vary and are never guaranteed.
Does this account for taxes and fees?
Unless stated, the tool shows pre-tax, pre-fee growth. Subtract your fund expense ratio and expected tax rate to estimate what you keep.
What is the difference between marginal and effective tax rate?
Your marginal rate applies to your last dollar of income. Your effective rate is the average rate you pay across all income, which is always lower.
What is a tax deduction versus a credit?
A deduction reduces taxable income, so it saves you your marginal rate on that amount. A credit reduces your tax bill directly, dollar for dollar.
What is taxable income?
It is your gross income minus adjustments and deductions that the tax code allows, such as the standard deduction or retirement contributions.