Useful next calculations
When to use this calculator
- Before choosing between saving, investing or changing a contribution.
- When you want to compare cautious, base and optimistic return assumptions.
- When you need a projection before making a longer-term decision.
- When you want to see whether starting earlier or contributing more changes the outcome more.
A worked example
These are the example figures the calculator opens with.
| Input | Value |
|---|---|
| Current age | 62 |
| Claiming age (years; whole months) | 67 |
| Average annual wage-indexed covered earnings ($) in worked years | $60,000 |
| Covered years included (maximum 35) | 35 |
For those figures the calculator returns:
- Illustrative monthly benefit: $2,345.00
- Annual benefit: $28,140.00
- Full retirement age PIA: $2,345.80
- Eligibility: 40-credit condition met
- Assumption: 2026 eligibility illustration; FRA 67; no future COLAs
Method & assumptions
Illustration for the cohort reaching age 62 in 2026 (born in 1964), with full retirement age 67. Enter already wage-indexed covered earnings, capped for each historical earning year, not an unadjusted salary. SSA averages the highest 35 years; fewer covered years add zeros before applying the benefit formula. The 2026 eligibility bend points are $1,286 and $7,749, replacing 90%, 32% and 15% of the respective AIME slices. AIME is rounded down to dollars, PIA down to ten cents, and the payable benefit down to dollars.
Early reduction is 5/9 of 1% monthly for the first 36 months and 5/12 thereafter. Delayed credits are 2/3 of 1% monthly up to age 70. The own-record benefit requires 40 qualifying credits. This illustration holds 2026 eligibility rates constant; it does not forecast future bend points, COLAs, earnings-test withholding, spousal/survivor benefits or taxes. Use your SSA statement for a personal estimate.
Sources: Official reference 1, Official reference 2. Reviewed 1 October 2026.
Common mistakes
- Using an assumption that is not supported by a current local quote, bill, statement or official source.
- Treating a generic estimate as a lender, provider, payroll or tax authority decision.
- Mixing monthly and annual inputs without converting them consistently.
- Testing only one scenario instead of checking how a cautious assumption changes the result.
What to do next
- Run a second scenario with a cautious assumption so you can see the downside clearly.
- Compare the result with the related calculators below before making a decision.
- Check current local rules, eligibility and provider terms before applying or committing money.
- Keep a record of the assumptions so you can update the estimate when a quote, bill or pay figure changes.