Social Security Calculator
Social Security replaces a bigger share of low earners’ lifetime wages than high earners’ — by design — and the formula that does that bending is public. This calculator takes your historical Social Security-covered earnings, computes the AIME (Average Indexed Monthly Earnings), applies the 2024 bend points (90% / 32% / 15%), and shows your PIA (Primary Insurance Amount) plus what you would receive claiming at 62, full retirement age and 70.
How the benefit is calculated
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1
Enter your earnings history
Your top 35 Social Security-covered earning years, with each year indexed for wage growth.
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2
AIME is computed
Sum of the 35 highest indexed years divided by 420 (35 years x 12 months).
-
3
Bend points are applied
For 2024: 90% of AIME up to $1,174, plus 32% of the portion up to $7,078, plus 15% of the rest.
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4
Claiming age adjusts the amount
Benefit at 62 is 70-75% of PIA; benefit at 70 is 124-132% of PIA. Full retirement age (FRA) gives you 100%.
2024 bend points at a glance
| AIME slice | Factor | Contribution to PIA |
|---|---|---|
| $0 - $1,174 | 90% | Up to $1,056.60 |
| $1,174 - $7,078 | 32% | Up to $1,889.28 |
| $7,078 and above | 15% | Up to wage-base cap |
A worker with AIME of $5,000 gets PIA = 0.9 x 1174 + 0.32 x (5000 - 1174) = 1056.60 + 1224.32 = $2,280.92/month.
Claiming age reduction and credits
| Claim age (FRA = 67) | Percent of PIA |
|---|---|
| 62 (earliest) | 70% |
| 65 | 86.67% |
| 67 (FRA) | 100% |
| 68 | 108% |
| 70 (maximum) | 124% |
Claiming at 62 vs 70 is a ~43% difference in monthly benefit. The break-even point (where total benefits claimed equal each other) is typically age 78-80, depending on interest-rate assumptions.
FRA by birth year
| Birth year | FRA |
|---|---|
| 1937-1942 | 65-65 + 10m |
| 1943-1954 | 66 |
| 1955-1959 | 66 + 2m/year |
| 1960+ | 67 |
Gotchas
- WEP and GPO. If you have a government pension from non-covered work (some state employees, federal CSRS), the Windfall Elimination Provision reduces your benefit. Not calculated here.
- Earnings test. If you claim before FRA and keep working, SSA withholds $1 of benefits for every $2 earned above $22,320 (2024). Withheld amounts are added back after FRA.
- Spousal and survivor benefits. A spouse gets up to 50% of your PIA; a survivor up to 100%. This calculator is for your own retirement benefit only.
- Future wage-base and bend-point indexing. Both rise annually with the national wage index. The 2024 numbers will drift upward.
Frequently Asked Questions
No. Only income subject to FICA (Social Security tax) counts toward AIME. Pension income, investment gains, rental income and most self-employment earnings above the wage base do not add to your record.
The missing years count as zero in the AIME calculation, which drags your average down. Every additional year of earnings above the minimum replaces a zero and lifts your PIA.
The OASI trust fund is projected to deplete around 2033-2035 under current law. After depletion, incoming payroll taxes still cover ~77-80% of scheduled benefits. Congress has historically patched the program before each shortfall.
Depends on longevity, cash needs and other retirement income. On average, waiting to 70 wins if you live past ~80. The official SSA calculator and a financial planner are better-suited to your specific situation.
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