How This Social Security Calculator Works
Social Security does not pay a percentage of your last salary. It averages your 35 highest-earning years after indexing each year for national wage growth, producing your Average Indexed Monthly Earnings (AIME). The AIME then runs through a three-bracket formula to give your Primary Insurance Amount (PIA) — the monthly benefit at your full retirement age. For workers first eligible in 2026, the bend points are $1,286 and $7,749: 90% of the first $1,286 of AIME, 32% of AIME between $1,286 and $7,749, and 15% above $7,749, rounded down to the dime. Claiming early reduces the PIA by 5/9% per month for the first 36 months early and 5/12% per month beyond that; delaying past full retirement age adds 2/3% per month (8% a year) up to age 70.
PIA = 90% × first $1,286 + 32% × ($1,286–$7,749) + 15% × above $7,7492026 bend points, for workers first eligible in 2026. Bend points lock in the year you turn 62. Early reduction: 5/9% per month for 36 months, then 5/12%. Delayed credit: 2/3% per month to age 70.
Worked example: AIME $6,000, born 1960 or later (full retirement age 67). PIA = 90% × $1,286 ($1,157.40) + 32% × $4,714 ($1,508.48) = $2,665.80 a month at 67. Claiming at 62 cuts that by 30% to $1,866.06; waiting to 70 adds 24% to $3,305.59. The maximum monthly benefit at full retirement age in 2026 is $4,152, and the 2026 taxable wage base is $184,500.
| Birth year | Full retirement age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 + 2 months |
| 1956 | 66 + 4 months |
| 1957 | 66 + 6 months |
| 1958 | 66 + 8 months |
| 1959 | 66 + 10 months |
| 1960 and later | 67 |
Practical tips
It averages 35 years, indexed. A late-career raise moves it less than you might expect, and years with no earnings count as zeros unless you have 35 earning years.
In the example, claiming at 62 versus 70 is $1,866 versus $3,306 a month — for life, with cost-of-living adjustments on top. Health, other income and survivor needs matter more than any single breakeven age.
Even if you wait until 70 to claim, your PIA is computed with the bend points from the year you turned 62. This calculator uses the 2026 bend points, so it is exact for the 2026 cohort and an approximation for others.
It cannot see your actual earnings record, Windfall Elimination Provision or Government Pension Offset effects, or Medicare deductions. Your Social Security statement controls.