Social Security Calculator

The purpose of this calculator is to help you to decide when to start taking Social Security benefits. The size of the monthly benefit is determined by your work record (how much you paid into the system) and when, relative to your full retirement age, you start taking the benefit. If you start taking benefits before full retirement age, the size of the monthly benefit is reduced. If you start later, it is increased. This calculator is intended to help you get a feel for the relative advantages of an early or late start. It calculates the accumulated value of all benefits assuming they are invested at an assumed rate of return.

Many advisers advocate waiting as long as possible to start taking benefits. Others advocate starting early. What is best for you will depend on a number of factors. Two important factors that this calculator does not address are marital and employment status. For more information about the rules see Social Security Administration Publication No. 05-10147, When to Start Receiving Retirement Benefits.

Your Information

First Possible Benefit Payment
Full Retirement Date
Turn 70 (Maximum Monthly Payment)
Your full retirement age is based on your birth date. If you were born between 1943 and 1954, your full retirement age is 66. For those born after 1954, the full retirement age is adjusted upwards. The full retirement age is 67 for individuals born in 1960 or later.

Age at Chosen Benefit Start Date
When you would like to begin drawing Social Security benefits.

years
Your life expectancy is used to estimate the total accumulated value of your Social Security benefits. The Social Security Administration suggests an average life expectancy of 84.3 years for a man or 86.6 years for a woman approaching retirement age today.

$
Monthly Benefit at Proposed Retirement Age
Your monthly benefit at full retirement age is used to estimate the total value of your Social Security benefits.

%
Your estimated investment return beyond inflation during retirement.

Retirement Information

Full Retirement Age Your full retirement age for the purpose of Social Security benefit calculations.
Age at Retirement The age at which you will begin to draw benefits.
Delay of Benefits The time between reaching full retirement age and beginning to receive benefits.
Break Even Age

Benefit Value

The total future value of benefits at the assumed age at death, assuming investment.

Benefit Start Date Lifetime Benefit Value
Full Retirement Age
Chosen Start Date

Total Future Value of Benefits Received, Assuming Investment

Delay in Months vs. Years After Full Retirement Age