What is Social Security Calculator?

Social security calculator is a set of calculators that helps to calculate social security benefits according to your retirement age. It includes Retirement Age Calculator, Benefits Calculator, and Retirement Calculator.

For Every American worker, Social Security is part of the retirement plan, and It’s essential to know how the system works and how much you’ll receive from the United state government as social security benefits when you retire.

SSN Calculator helps you to calculate your benefits according to your retirement age, types of benefits you are eligible for, full retirement benefits etc.

What is the Retirement Age Calculator?

It calculates your retirement age, at which you become eligible for Social Security retirement benefits. Your retirement age depends on the year you were born.

Following are the retirement age when you are eligible for retirement benefits -

1. Full Retirement Age

If you were born in 1955 or earlier, your retirement age is 66, and you’re already eligible for your full Social Security benefit.

Suppose you were born between 1943 to 1954. The full retirement age increases gradually.

If you were born between 1955 to 1960 until your age reaches 67, you are not eligible for full social security benefits.

Table: Full Retirement Age and monthly reduction
Year of Birth Full (survivors) Retirement Age At age 62 a $1000 survivors benefit would be reduced to Months between age 60 and full retirement age Monthly % reduction
1939 or earlier 65 $829 60 .475
1940 65 and 2 months $825 62 .460
1941 65 and 4 months $822 64 .445
1942 65 and 6 months $819 66 .432
1943 65 and 8 months $816 68 .419
1944 65 and 10 months $813 70 .407
1945 - 1956 66 $810 72 .396
1957 66 and 2 months $807 74 .385
1958 66 and 4 months $805 76 .375
1959 66 and 6 months $803 78 .365
1960 66 and 8 months $801 80 .356
1961 66 and 10 months $798 82 .348
1962 and later 67 $796 84 .339

2. Early Retirement

It is possible to get Social Security retirement benefits as early as age 62, but it reduces your benefit if you retire before your full retirement age of 67.

For example, if your age is 62 in 2023, your benefit would be about 30% lower than the full retirement age of 67.

Note - Sometimes, Due to health problems, people retire early and can apply for Social Security disability benefits. When it comes to health issues, the disability benefit amount is the same as a full retirement benefit.

Table: Early Retirement Age and benefits
Year
of birth
Normal
Retirement
Age (NRA)
Credit for each year of delayed retirement after NRA (percent) Benefit, as a percentage of PIA, beginning at age--
62 63 64 65 66 67 70
1924 65 3 80 86 23 93 13 100 103 106 115
1925-26 65 3 12 80 86 23 93 13 100 103 12 107 117 12
1927-28 65 4 80 86 23 93 13 100 104 108 120
1929-30 65 4 12 80 86 23 93 13 100 104 12 109 122 12
1931-32 65 5 80 86 23 93 13 100 105 110 125
1933-34 65 5 12 80 86 23 93 13 100 105 12 111 127 12
1935-36 65 6 80 86 23 93 13 100 106 112 130
1937 65 6 12 80 86 23 93 13 100 106 12 113 132 12
1938 65, 2 mo. 6 12 79 16 85 59 92 29 98 89 105 512 111 1112 131 512
1939 65, 4 mo. 7 78 13 84 49 91 19 97 79 104 23 111 23 132 23
1940 65, 6 mo. 7 77 12 83 13 90 96 23 103 12 110 12 131 12
1941 65, 8 mo. 7 12 76 23 82 29 88 89 95 59 102 12 110 132 12
1942 65, 10 mo. 7 12 75 56 81 19 87 79 94 49 101 14 108 34 131 14
1943-54 66 8 75 80 86 23 93 13 100 108 132
1955 66, 2 mo. 8 74 16 79 16 85 59 92 29 98 89 106 23 130 23
1956 66, 4 mo. 8 73 13 78 13 84 49 91 19 97 79 105 13 129 13
1957 66, 6 mo. 8 72 12 77 12 83 13 90 96 23 104 128
1958 66, 8 mo. 8 71 23 76 23 82 29 88 89 95 59 102 23 126 23
1959 66, 10 mo. 8 70 56 75 56 81 19 87 79 94 49 101 13 125 13
1960 and later 67 8 70 75 80 86 23 93 13 100 124

3. Delayed Retirement

You can add more working years beyond your full retirement age of 67 to increase your future Social Security benefits. Such as, you can add an additional active year of earnings to your Social Security record. Higher lifetime earnings provide higher retirement benefits.

Table: Delayed Retirement and monthly Increase
Year of Birth 12-Month Rate of Increase Monthly Rate of Increase
1933-1934 5.5% 11/24 of 1%
1935-1936 6.0% 1/2 of 1%
1937-1938 6.5% 13/24 of 1%
1939-1940 7.0% 7/12 of 1%
1941-1942 7.5% 5/8 of 1%
1943 or later 8.0% 2/3 of 1%

What is Benefits Calculator?

It calculates social security benefits using your online Social Security Statement earnings. It includes your benefits as a spouse, widow, or widower, disability, surviving child, total family, and retirement benefits.

1. Benefits for Widows and Widowers

Widows and widowers are able to get Social Security benefits at age 60. If they are qualifying for disability, then benefits may begin at age 50.

They can take reduced benefits on one record and then switch to full benefits on another record later in Social Security.

From age 60 to 62, a woman can take a reduced widow’s benefit and then switch to her own full retirement benefit at full retirement age.

2. Family Benefits

Members of your family are eligible for benefits. If you’re eligible for Social Security retirement benefits, including:

  • 62 years or older Spouses
  • If spouses younger than 62, They can take care of a child entitled on your record who is younger than age 16.
  • Former spouses
  • Children up to age 18 or up to 19
  • Children with disabilities

3. Spouse’s Benefits

Spouses having low earnings can get up to half of a retired worker’s full benefits.

US government pays your benefits first If you’re eligible for your retirement and spouse’s benefits.

If your date of birth is before January 2, 1954, or at least full retirement age, and qualify for your own retirement benefits and also your spouse’s (or divorced spouse’s) benefits, you can choose to:

  • Restrict your SSA application.
  • Apply for any one of the benefits.

4. Children’s Benefits

A child depends on you and can get benefits on your earnings record when you start your Social Security retirement benefits.

Your child may get up to half of your full benefit if -

  • Younger than age 18.
  • The child must be unmarried
  • Full-time student with age 18 or 19.

What is Retirement Calculator?

It calculates the reduction percentage or percentage increase in benefits for retirees by selecting early or delayed retirement.

Qualify for Retirement Benefits

You qualify for retirement benefits if you work in the United States and pay Social Security taxes, then you are assigned credits. Depending on your born year, you need a specific amount of credit to get retirement benefits.

For example - Your born year is 1929, or later, then you need 40 credits (10 years of work) to be eligible for social security retirement benefits.

Retirement Benefit depends on

Your Retirement Benefits Depend on -

  • How much did you earn during your working career?
  • Higher lifetime earnings result in higher benefits.
  • If there were some years you didn’t work or had low earnings, your benefit amount might be lower.
  • The age at which you decide to retire also affects your benefit.

Frequently Asked Questions

1. How many years does Social Security go back to calculate benefits?

It will take an average of 35 years of workers' earnings to calculate social security benefits.

2. How do I calculate my Social Security benefits reduced?

Check out the Early Retirement reduction table to calculate reduced social security benefits.

3. How to calculate net Social Security benefits?

Use our social security benefits calculator to calculate net social security benefits.

4. What is the main factor in calculating Social Security benefits?

Following are the four main factors for calculating social security benefits -

  • Work History
  • Earnings History
  • Birth Year
  • Claiming Age

5. When to start drawing the Social Security calculator?

At the age of 62, you can get social security benefits which is the minimum retirement age. To get full social security benefits, you can start at the age of 66.

6. When does Social Security send payments to banks?

Your social security benefits are deposited to the bank on Wednesday, be it varies as below -

  • If you were born between the 1st to 10th day of the month, then it is deposited on the second Wednesday of each month.
  • If you were born between the 11th to 20th day of the month, it is deposited on the third Wednesday of each month.
  • If you were born between the 21st to 31st day of the month, it is deposited on Wednesday of each month.

7. How long does it take Social Security to approve widow benefits?

It can take upto 30 to 60 days.

8. Where can I apply for social security benefits?

You can visit the nearby SSA office and get your social security benefits by providing your SSN and your date of birth.