Social Security Calculator
Social Security retirement benefits are based on your Primary Insurance Amount (PIA) — the monthly benefit you receive at Full Retirement Age (FRA). Claiming early reduces your benefit permanently; claiming late (up to age 70) increases it by 8% per year.
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Tip: If you are married, coordinate claiming strategies. Often, the higher earner should delay to 70 to maximize the survivor benefit — the surviving spouse keeps the larger of the two benefits.
- 1Full Retirement Age (FRA) is 67 for those born after 1959
- 2Claim at 62: benefit reduced by up to 30%
- 3Claim at 70: benefit increased by 24% above FRA amount
- 4Increase rate: +8% per year (0.667% per month) for each year delayed past FRA
- 5Break-even point between early and late claiming: typically age 77–82
PIA $2,000/month, claim at 62=$1,400/month (−30%)Lower but 5 more years of payments
PIA $2,000/month, claim at 70=$2,480/month (+24%)Maximum lifetime benefit if you live past ~82
| Claiming Age | Adjustment | Monthly benefit on $2,000 PIA |
|---|---|---|
| 62 | −30% | $1,400 |
| 63 | −25% | $1,500 |
| 64 | −20% | $1,600 |
| 65 | −13.3% | $1,733 |
| 66 | −6.7% | $1,867 |
| 67 (FRA) | 0% | $2,000 |
| 68 | +8% | $2,160 |
| 69 | +16% | $2,320 |
| 70 | +24% | $2,480 |
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Fun Fact
Social Security was signed into law by President Franklin Roosevelt on August 14, 1935. The first monthly check was issued on January 31, 1940 to Ida May Fuller for $22.54. She lived to 100 and collected $22,889 — on $24.75 in contributions.
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