Where to find your full retirement age benefit
Sign in to my Social Security and look for your estimated benefit at full retirement age. That's your primary insurance amount (PIA). This calculator starts from that number. It doesn't estimate it from your earnings, because that needs your full earnings history. It uses the US Social Security Administration's rules for retirement benefits.
How the claiming age changes your benefit
Claim late: benefit = PIA × (1 + 2/3% × months after full retirement age, up to age 70)
| Born | Full retirement age | At 62 | At 70 |
|---|---|---|---|
| 1943–1954 | 66 | 75% | 132% |
| 1955 | 66 and 2 months | 74.17% | 130.67% |
| 1956 | 66 and 4 months | 73.33% | 129.33% |
| 1957 | 66 and 6 months | 72.5% | 128% |
| 1958 | 66 and 8 months | 71.67% | 126.67% |
| 1959 | 66 and 10 months | 70.83% | 125.33% |
| 1960 or later | 67 | 70% | 124% |
Born on January 1? Use the year before. Delayed credits stop at 70, so there's no gain from waiting longer.
Worked example
Born in 1962 with a $2,000 benefit at 67. Claiming at 62 is 60 months early: 36 × 5/9% + 24 × 5/12% = 20% + 10% = 30% less, so $1,400. Waiting to 70 adds 36 × 2/3% = 24%, so $2,480.
Break-even between 62 and 70: claiming at 62 gets 96 months of $1,400 ($134,400) before the larger checks start. The extra $1,080 a month covers that after 124.4 months, at about age 80 and 4 months. Live past that and waiting until 70 pays more in total.
What this doesn't include
- Cost-of-living increases. They raise every claiming age by the same percent, so the comparison holds, but totals are in today's dollars.
- Spousal and survivor benefits. Waiting also raises the survivor benefit for a widow or widower.
- The earnings test, which holds back benefits if you claim before full retirement age and keep working, and taxes on benefits.
- The time value of money. Money received earlier could be invested or used to delay drawing on savings.
- Exact birthdays. You're 62 for Social Security purposes for the whole month only if born on the 1st or 2nd. Otherwise your first month at 62 is the month after your birthday.
Sources
- SSA: normal retirement age by year of birth – full retirement age by year of birth
- SSA: benefit reduction for early retirement – 5/9 of 1% for the first 36 months, 5/12 of 1% after
- SSA: delayed retirement credits – 8% a year (2/3 of 1% a month) for people born 1943 or later, until 70
- my Social Security – your personal benefit estimate