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Social Security Estimator

Enter your income and see estimated monthly benefits at 62, 67, and 70 — with break-even ages, lifetime benefit totals at different life expectancies, and spousal benefit calculation.

401(k) Limit 2024$23,000
Roth IRA Limit$7,000
S&P 500 Avg Return~10%/yr
$

Used as a simplified stand-in for your 35-year average earnings (AIME ≈ $5,625.00/mo)

Primary Insurance Amount (PIA)$2,446.70/mo
Claim at 62
Early
$1,713/mo
Reduced — permanent 30% cut from FRA
Claim at 67Recommended
Full Retirement Age
$2,447/mo
100% of your Primary Insurance Amount
Claim at 70
Maximum
$3,034/mo
124% of PIA — 8%/yr delayed credits

Break-Even Analysis

Waiting to 67 beats claiming at 62 if you live pastage 78.7
Waiting to 70 beats claiming at 67 if you live pastage 82.5

Lifetime Benefits by Claiming Age

If you live to…Claim 62Claim 67Claim 70
Age 75$267,180$234,883$182,034
Age 80$369,941$381,685$364,069
Age 85$472,702$528,487$546,103
Age 90$575,464$675,289$728,138
1

Average Indexed Monthly Earnings (AIME)

AIME ≈ annualIncome × 0.9 / 12

$75,000 × 0.9 / 12

= $5,625.00/mo

Simplified proxy for 35-year earnings average

2

PIA — first bend point (90% bracket)

PIA₁ = min(AIME, $1,115) × 90%

min($5,625, $1,115) × 90%

= $1,003.50/mo

3

PIA — second bend point (32% bracket)

PIA₂ = (min(AIME, $6,721) − $1,115) × 32%

($5,625 − $1,115) × 32%

= $1,443.20/mo

4

Primary Insurance Amount (PIA)

PIA = PIA₁ + PIA₂

$1,003.50 + $1,443.20

= $2,446.70/mo

Your full benefit at Full Retirement Age (67)

5

Benefit at age 62 (early — 30% reduction)

benefit62 = PIA × 70%

$2,446.70 × 70%

= $1,713/mo

6

Benefit at age 67 (full retirement age)

benefit67 = PIA × 100%

$2,446.70 × 100%

= $2,447/mo

7

Benefit at age 70 (delayed — 24% bonus)

benefit70 = PIA × 124%

$2,446.70 × 124%

= $3,034/mo

8%/yr delayed retirement credits for 3 years past FRA

Key insight

Waiting from 62 to 70 adds $1,321/mo permanently. The break-even vs claiming at 67 is age 83 — if you live past that, delaying to 70 pays off. Contractors with variable income should model claiming early as a hedge against sequence-of-returns risk.

#ShowYourWork

Important disclaimer

This is a simplified estimate using 2024 bend points and an approximated AIME. Your actual benefit depends on your full 35-year earnings history. Visit ssa.gov and create a my Social Security account to see your official projected benefit statement.

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