When planning when to file for Social Security, it’s helpful to know how much your benefit will be increased, or decreased, based on the month you file.
This calculator will tell you two things:
- your full retirement age
- the percent of your benefit you can expect to receive based on your chosen filing age.
The math behind this calculator is based on the calculations used by the Social Security Administration.
If you file at your full retirement age, you’ll receive the full benefit.
If you file before your full retirement age your benefit will be reduced. You can file as early as age 62, but doing so could result in a benefit reduction of up to 30%. The monthly reduction percentage is 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
If you file after your full retirement age, you can receive delayed retirement credits up until age 69 & 11 months. These delayed retirement credits will increase your full retirement age benefit by 2/3 of 1% per month that you delay. (If you file for benefits before age 70, some of your delayed retirement credits will not be applied until the January after you start benefits.)
Thankfully, you don’t need to remember all this math. Just use the calculator below.