How Are Benefits Calculated?

Your monthly benefit is based on:

• How much you’ve earned over your 35 highest-paying years

• The age you start collecting your benefits

The more you earned and the longer you worked, the higher your benefit will likely be.

What’s My Full Retirement Age (FRA)?

This is the age you can receive your full benefit amount.

Why This Matters

• FRA determines when you can receive your full Social Security benefit.

• Claiming benefits before FRA (as early as age 62) leads to permanent reductions—typically up to 30% less.

• Waiting until after FRA increases monthly benefits through delayed retirement credits, up to 8% gain per year—maxing out at age 70.

• Knowing your FRA helps you decide the best time to claim benefits based on your goals and lifestyle.

Example Summary

If you're born in 1957, your full benefit becomes available at 66 years and 6 months. Claiming at age 62 means you'll receive about 73% of your full benefit. Waiting until age 70 could increase your benefit by 24%.

Should I Claim Early or Wait?

You can start collecting as early as age 62, but:

• Your monthly check will be smaller

• The reduction can be up to 30% less than if you waited

If you wait past your Full Retirement Age, your monthly check gets bigger—up to 8% more per year until age 70.

Spousal & Survivor Benefits

If you’re married or widowed:

• You might qualify for up to 50% of your spouse’s benefit

• Widows or widowers may get the higher of their own or their spouse’s benefit

Even if you didn’t work much—or at all—you may still be eligible.

If You’re on Disability

Already receiving disability benefits? Once you reach your Full Retirement Age, they automatically convert into retirement benefits—no need to reapply.

Why You Should Check Your Record

You can see your Social Security earnings history and estimated benefits by creating a My Social Security account at ssa.gov/myaccount.

Review it every year to:

• Catch errors in your income history

• See how your future benefit is growing

• Use helpful tools like the Retirement Estimator or Quick Calculator

Is Social Security Going Away?

No—but changes may happen in the future. If no action is taken by Congress, benefits may be reduced by around 20–25% in the 2030s. Planning now helps you stay ahead.

In a Nutshell:

• Work more years + earn more = bigger check

• Claiming early = smaller check

• Delaying = bigger check

• Spouses/widows may get extra help

• Check your earnings every year