Frequently asked questions
How do I find my Primary Insurance Amount (PIA)?
Log in to your my Social Security account at ssa.gov and view your Statement. It shows your estimated monthly benefit at your full retirement age. That figure is your PIA. If you don't have enough work credits yet, estimate based on your current earnings trajectory.
Why does my full retirement age differ from 65?
Congress changed the FRA in 1983. For people born 1943-1954 it's 66; for those born 1955-1959 it rises by 2 months per year; for 1960 and later it's 67. The original age of 65 only applies to those born before 1938. This calculator automatically determines your FRA from your birth year.
How much do I lose by claiming at 62?
For someone with an FRA of 67, claiming at 62 reduces your benefit by 30% permanently. That's 60 months early: 5/9 of 1% reduction for the first 36 months, then 5/12 of 1% for each additional month. A $2,500 PIA becomes about $1,750/month at 62.
How much do I gain by waiting until 70?
Delayed retirement credits add 8% per year (2/3 of 1% per month) between your FRA and age 70. If your FRA is 67, waiting to 70 adds 24% to your benefit. A $2,500 PIA becomes $3,100/month at 70. Credits stop accumulating at 70, so there's no benefit to waiting past that age.
Is this calculator applicable outside the US?
No. This calculator uses US Social Security Administration rules. Other countries have their own government pension systems with different formulas: the UK State Pension, Canada's CPP/OAS, Australia's Age Pension, etc. The concept of early/late claiming adjustments exists elsewhere but with different percentages.
Should I claim early or delay?
It depends on health, other income sources, and life expectancy. Claiming early makes sense if you need the income or have health concerns. Delaying is better if you're healthy and expect to live past your mid-80s. The break-even age where delaying 'pays off' vs claiming early is typically around 80-82.