What is full retirement age for Social Security?

For anyone born in 1960 or later, full retirement age is 67. Earlier birth years have a slightly lower full retirement age, phased between 65 and 67.

How much do I lose by claiming early at 62?

Claiming at 62 instead of full retirement age (67) typically reduces your monthly benefit by roughly 30%, since the reduction is about 6.67% per year for the first three years early and 5% per year beyond that.

Does this replace my official Social Security statement?

No. This is a simplified estimate using average earnings and a standard formula. Your official estimate, based on your actual 35-year earnings record, is available for free at ssa.gov.

Social Security Calculator

Estimate your monthly Social Security retirement benefit based on your average earnings and the age you start claiming.

Average monthly earnings over your career

The SSA calls this your AIME — an average of your highest 35 years of earnings, wage-indexed. Rough estimate is fine here.

Age you plan to start claiming (full retirement age is 67)

Estimated monthly benefit$2,631

Estimated annual benefit$31,573

Benefit at full retirement age (unadjusted)$2,631

This is a simplified estimate using the published Social Security benefit formula and standard early/delayed claiming adjustments — it is not the official SSA calculation, which uses your actual full 35-year earnings record. For an official estimate, check your statement at ssa.gov.

The age you start claiming Social Security has a major, permanent effect on your monthly benefit — claiming as early as 62 can reduce it by up to 30% compared to your full retirement age benefit, while delaying until 70 can increase it by up to 24%. This calculator gives a simplified estimate of your benefit at different claiming ages based on your average career earnings, using the same benefit formula the SSA publishes.

Frequently asked questions

This calculator provides an estimate for general informational purposes only and is not tax or financial advice. Actual results may vary based on deductions, credits, benefits, and local tax rules. Consult a licensed tax professional or financial advisor for guidance specific to your situation.