What is Full Retirement Age for Social Security?

Full Retirement Age (FRA) is the age at which you can receive 100% of your Social Security retirement benefit. It ranges from 65 to 67 depending on your birth year. If you were born in 1960 or later, your FRA is 67. Born between 1943-1954, your FRA is 66.

How much is Social Security reduced if I claim at 62?

If you claim Social Security at 62 with a Full Retirement Age of 67, your benefits are permanently reduced by 30%. The reduction is 5/9 of 1% per month for the first 36 months early, plus 5/12 of 1% per month for additional months.

What is the maximum Social Security benefit in 2024?

The maximum Social Security retirement benefit in 2024 is $4,873 per month at age 70. At Full Retirement Age, the maximum is $3,822, and at age 62, it's $2,710. These maximums require earning above the taxable maximum ($168,600 in 2024) for 35 years.

What is WEP and how does it affect my Social Security?

The Windfall Elimination Provision (WEP) reduces Social Security benefits for workers who also receive a pension from work not covered by Social Security. The maximum WEP reduction in 2024 is $558 per month. Having 30+ years of substantial earnings under Social Security eliminates WEP.

How are SSDI disability benefits calculated?

Social Security Disability Insurance (SSDI) benefits are calculated the same way as retirement benefits - based on your Average Indexed Monthly Earnings (AIME). Unlike retirement, there's no reduction for age. You receive your full Primary Insurance Amount (PIA) regardless of when you become disabled.

US Social Security Calculator

Comprehensive Social Security calculator with 7 tools: Quick Estimate, Retirement Age (FRA), Retirement Benefits, Disability (SSDI), Survivors Benefits, WEP, and GPO calculators.

Quick Benefits Estimator

Get a rough estimate of your Social Security retirement benefit based on your current earnings and planned retirement age.

Date of Birth

Current Annual Earnings ($)

Planned Retirement Age

How to Interpret Your Results

This is a rough estimate based on your current earnings continuing until retirement
Actual benefits depend on your complete 35-year earnings history
Benefits are adjusted annually for cost of living (COLA)
Create a my Social Security account at ssa.gov for a more accurate estimate

Understanding Social Security Benefits in 2024

Social Security is the foundation of retirement income for most Americans. In 2024, over 67 million people receive Social Security benefits, with the average retirement benefit being approximately $1,907 per month. Understanding how your benefits are calculated and when to claim them can significantly impact your lifetime income.

Our free Social Security calculator helps you estimate your benefits under various scenarios. Whether you're planning for retirement, considering early claiming at age 62, or want to maximize benefits by waiting until 70, this tool provides the insights you need to make informed decisions.

2024 Social Security Facts

Maximum benefit at 70: $4,873/month
Maximum benefit at FRA: $3,822/month
Maximum benefit at 62: $2,710/month
Average retirement benefit: $1,907/month
Maximum taxable earnings: $168,600
COLA increase for 2024: 3.2%
Full Retirement Age (born 1960+): 67

How Benefits Are Calculated

Social Security calculates your benefit using your highest 35 years of earnings, adjusted for inflation. This creates your Average Indexed Monthly Earnings (AIME).

Your Primary Insurance Amount (PIA) is then calculated using a progressive formula with "bend points" that favor lower earners:

90% of first $1,174 of AIME
32% of AIME between $1,174 and $7,078
15% of AIME over $7,078

When Should You Claim Social Security?

The decision of when to claim Social Security is one of the most important financial decisions you'll make. Here are key factors to consider:

Claim at 62

30% reduction from FRA benefit. Consider if you need income now, have health concerns, or have a shorter life expectancy.

Claim at FRA (66-67)

Receive 100% of your earned benefit. Good balance between getting benefits sooner and maximizing monthly amount.

Claim at 70

24-32% increase over FRA. Best if you're healthy, have longevity in your family, or don't need the income yet.

Types of Social Security Benefits

Retirement Benefits

Based on your earnings history. Available at 62 (reduced) to 70 (maximum).

Disability Benefits (SSDI)

For workers who become disabled. Equal to your full PIA regardless of age.

Survivors Benefits

For spouses, children, and parents of deceased workers. Up to 100% of worker's benefit.

Spousal Benefits

Up to 50% of spouse's PIA at your FRA, even with no work history.

Common Social Security Strategies

File and Suspend (Limited)

Strategy for married couples to maximize combined lifetime benefits.

Delayed Claiming

Wait until 70 for maximum benefit - best for those with longevity and other income sources.

Break-Even Analysis

Calculate the age where total benefits from waiting exceed early claiming (typically 80-82).

Coordinated Spousal Claiming

Optimize timing between spouses for maximum household benefits.

Special Situations: WEP and GPO

If you worked for a government employer or in another country where you didn't pay Social Security taxes, your benefits may be affected by two provisions:

Windfall Elimination Provision (WEP)

Affects your own Social Security benefit if you receive a pension from non-covered work. Maximum reduction: $558/month in 2024. Eliminated with 30+ years of substantial SS earnings.

Government Pension Offset (GPO)

Affects spouse or survivor benefits if you receive a government pension from non-covered work. Reduces these benefits by 2/3 of your pension amount.

Important Disclaimer

These calculators provide estimates only and should not be used as the sole basis for financial planning decisions. Actual Social Security benefits depend on your complete earnings history and other factors. For official estimates, create a my Social Security account at ssa.gov/myaccount.

The formulas and bend points used are based on 2024 values. Social Security adjusts these annually for inflation and wage growth. The 2024 maximum taxable earnings is $168,600.

How to Use This Calculator

Select the calculator type that matches your needs using the tabs above
Quick Estimate: Enter your birth date, current annual earnings, and desired retirement age for a rough benefit estimate
Retirement Age: Enter your birth year to find your Full Retirement Age and see how early or late claiming affects benefits
Retirement Benefits: Compare your estimated benefits at ages 62, Full Retirement Age, and 70
Disability: Estimate SSDI benefits if you become disabled before retirement age
Survivors: Calculate benefits available to surviving family members of a deceased worker
WEP: See how a pension from non-covered work affects your Social Security benefit
GPO: Calculate how a government pension offsets spouse/survivor benefits

Formula

PIA = 90% of first $1,174 AIME + 32% of AIME $1,174-$7,078 + 15% of AIME over $7,078 (2024 bend points)

Frequently Asked Questions

What is Full Retirement Age (FRA)?▼

Full Retirement Age is the age at which you can receive your full Social Security retirement benefit without any reduction. It ranges from 65 to 67 depending on your birth year. If you were born in 1960 or later, your FRA is 67.

How much is my benefit reduced if I claim early?▼

If you claim before your FRA, your benefit is permanently reduced. For the first 36 months early, the reduction is 5/9 of 1% per month (about 6.7% per year). For months beyond 36, it's 5/12 of 1% per month (5% per year). Claiming at 62 with an FRA of 67 results in a 30% reduction.

What are delayed retirement credits?▼

If you delay claiming past your FRA (up to age 70), you earn delayed retirement credits of 8% per year for those born 1943 or later. This increases your benefit permanently. For example, if your FRA is 67, waiting until 70 increases your benefit by 24%.

What is the Windfall Elimination Provision (WEP)?▼

WEP reduces Social Security benefits for workers who also receive a pension from work not covered by Social Security (like some government jobs). The reduction is based on years of 'substantial earnings' under Social Security. With 30+ years of substantial earnings, WEP doesn't apply.

What is the Government Pension Offset (GPO)?▼

GPO affects spouse or survivor benefits for those who receive a pension from government work not covered by Social Security. The spouse/survivor benefit is reduced by 2/3 of the government pension amount.

How are disability benefits calculated?▼

Social Security Disability Insurance (SSDI) benefits are calculated the same way as retirement benefits - based on your average indexed monthly earnings. There's no reduction for age since you receive your full PIA regardless of when you become disabled.