Continue your plan
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 realistic US planning example
Use these sample inputs as a quick scenario test, then change one variable at a time to compare outcomes.
| Input | Value |
|---|---|
| Current Age | 35 |
| Planned Retirement Age | 35 |
| Average Annual Earnings ($) | 35 |
After entering these figures, review monthly benefit, annual benefit and full retirement age pia together rather than in isolation. Then rerun the tool with one input adjusted.
How to read your results
Monthly Benefit
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
Annual Benefit
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
Full Retirement Age PIA
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
Years to Retirement
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
Method & assumptionsAuthoritative sources
This estimator models the Social Security Administration's benefit formula using the 2024 bend-point values of $1,174 and $7,078. It converts your average annual earnings to an Average Indexed Monthly Earnings (AIME) figure and applies the three-tier PIA formula. The early retirement reduction is 5/9 of 1% per month for the first 36 months before FRA and 5/12 of 1% per month for months beyond 36 — equivalent to a maximum 30% reduction at age 62. Delayed retirement credits increase the benefit by 8% per year (2/3 of 1% per month) beyond FRA up to age 70, where credits stop accruing.
This calculator assumes you have 35 years of qualifying earnings at the stated average amount. Workers with fewer than 35 covered years will have zeros averaged into their AIME, which lowers their actual benefit relative to this estimate. The 2024 maximum benefit cap of $4,873 per month for age-70 claimants is applied. Cost-of-living adjustments (COLAs) after retirement are not projected here. For planning purposes, the SSA recommends checking your official earnings record at my Social Security regularly to catch any errors — discrepancies in reported earnings directly affect your ultimate benefit.
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.
Frequently asked
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