Social Security Estimate Calculator

Written & fact-checked by the CoverFormula editorial team · Last reviewed 2026-07-29

How Social Security Benefits Are Actually Calculated

Your benefit starts with your Average Indexed Monthly Earnings (AIME) — the average of your highest 35 years of wage-indexed earnings. The SSA applies a progressive formula to your AIME using two "bend points" to produce your Primary Insurance Amount (PIA): the benefit you receive if you claim at your exact Full Retirement Age (FRA).

Claiming Before or After Your FRA

Claim earlier than FRA (as early as 62) and your benefit is permanently reduced. Delay past FRA (up to age 70) and you earn delayed retirement credits that permanently increase it. FRA itself depends on your birth year: 66 for anyone born 1943-1954, rising two months per year to 67 for anyone born 1960 or later.

Estimate only, not a benefit determination. The SSA uses your actual full earnings history, not a single AIME estimate — for your official benefit estimate, create a free account at ssa.gov/myaccount.

2026 PIA Formula (for workers first eligible in 2026)

PIA = 90% × min(AIME, $1,286) + 32% × max(0, min(AIME,$7,749) − $1,286) + 15% × max(0, AIME − $7,749)
Early claiming: −5/9 of 1% per month up to 36 months early, −5/12 of 1% per month beyond that
Delayed claiming: +2/3 of 1% per month past FRA, up to age 70

How to Use This Calculator

Enter your AIME (find it on your ssa.gov/myaccount statement).
Enter your birth year to determine your Full Retirement Age.
Enter the age you plan to claim, from 62 to 70.
Click Calculate to see your PIA and adjusted monthly benefit.

Frequently Asked Questions

What is AIME and where do I find mine?

Average Indexed Monthly Earnings (AIME) is the average of your highest 35 years of wage-indexed earnings, divided by 420 months. The most accurate way to find yours is to create a free account at ssa.gov/myaccount, which shows your actual earnings record and an official benefit estimate.

What is Full Retirement Age (FRA)?

FRA is the age at which you receive 100% of your Primary Insurance Amount (PIA) with no early-claiming reduction or delayed-retirement credit. It is 66 for people born 1943-1954, gradually rising to 67 for anyone born in 1960 or later.

How much do I lose by claiming at 62 instead of my FRA?

Claiming at 62 (the earliest age) typically reduces your benefit by roughly 25-30% compared to your FRA amount, depending on exactly how many months early you claim relative to your specific FRA.