Social Security claiming calculator
By Jude Wallis
Social Security's claiming age is a multiplier on primary insurance amount. Sixty months before full retirement age is a 0.70 factor. On a teaching PIA of $2,345.80 that pays $1,642.06 a month. Thirty-six delayed months pay $2,908.79.
Monthly benefit after claiming age
$1,642.06
Factor 0.7000 on a PIA of $2,345.80.
- PIA at full retirement age
- $2,345.80
- Claiming factor
- 0.7000
- Monthly benefit
- $1,642.06
The monthly benefit at full retirement age, before a claiming factor.
Negative is early. -60 is five years early. Positive is delayed-retirement months.
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On this page
Next on Retirement and tax
Tax bracketsThe formula
is 1 minus the early-reduction percents, or 1 plus delayed-retirement credits. The first 36 early months take 5/9 of 1 percent each. Further early months take 5/12 of 1 percent. Delayed months take 2/3 of 1 percent each.
PIA first, then months from full retirement age
Primary insurance amount is the benefit at full retirement age. How Social Security benefits work builds that from AIME and bend points. This page then scales it.
Sixty months early: 36 months at of 1 percent is 20 percent, plus 24 months at of 1 percent is 10 percent, for a 30 percent cut. Factor 0.70 on $2,345.80 is $1,642.06.
Delayed credits raise the same PIA
Thirty-six months after full retirement age at of 1 percent per month is a 24 percent increase. Factor 1.24 on the same $2,345.80 is $2,908.79.
How claiming age changes Social Security is the explainer. The Social Security PIA calculator is the unscaled benchmark.
A smaller cheque, more months of cheques
The 0.70 line starts earlier. The 1.24 line is larger and starts later. Which total is larger depends on how long the claimant lives, and on spousal and survivor rules this page does not price.
Tax-deferred accounts are a different income stream in retirement.
What this page is not doing
It does not look up full retirement age by birth year, price a spousal benefit, or name a break-even age. Full retirement age 67 against claiming at 62 is the usual sixty-month early case. Treat the output as PIA times the statutory factor for the months you typed. This is educational material, not financial advice.
Worked examples
Sixty months early, factor 0.70
PIA is $2,345.80. The claimant files 60 months before full retirement age. What is the monthly benefit?
- The first 36 early months take of 1 percent, which is 20 percent.
- The next 24 months take of 1 percent, which is 10 percent.
- The factor is . Benefit is , so $1,642.06.
The early-claiming benefit is $1,642.06 on a PIA of $2,345.80 at a factor of 0.70.
Thirty-six delayed months, factor 1.24
PIA is still $2,345.80. The claimant waits 36 months after full retirement age. What is the monthly benefit?
- Delayed-retirement credits are of 1 percent per month.
- Thirty-six months add of 1 percent, which is 24 percent.
- The factor is 1.24. Benefit is , which is $2,908.79 after ordinary rounding to the cent.
The delayed-claiming benefit is $2,908.79 on a PIA of $2,345.80 at a factor of 1.24.
Recomputing AIME when only the claiming month changed
Claiming earlier or later does not rebuild average indexed monthly earnings. It multiplies the already-computed PIA. Mixing a new AIME into this page answers a different question.
Common questions
Is 0.70 always the age-62 factor?
It is the factor for 60 months early, which matches claiming at 62 when full retirement age is 67. A different full retirement age changes the month count.
Does this price a spousal benefit?
No. A spousal benefit has its own percent of the other spouse's PIA.
Is the output financial advice?
No. Educational material. It scales the PIA you typed by the statutory month factor.
Keep reading
This page is educational material, not financial advice. The figures come from the formula shown and assume the inputs you enter hold for the whole term. Your own rate, fees, taxes and timing will differ, so treat the output as arithmetic to check a decision against, not as a recommendation.