When you retire (after age 62), you could be eligible to start collecting Social Security retirement benefits. To plan for retirement, it’s helpful to estimate how much income you’ll receive each month from Social Security.
Social Security benefits—online quick calculator
The Social Security Administration has set up a Social Security Benefits Quick Calculator to help you quickly and easily get a rough estimate of your Social Security income.
You’ll need to enter
- your age,
- your estimated earnings in the current year (or your earnings in the last year that you had covered earnings), and
- the month and year of your estimated retirement date (if you leave this blank, the quick calculator will estimate your Social Security benefits for three different retirement ages: age 62 and 1 month, age 67, and age 70).
You can then choose to calculate your estimated monthly Social Security benefits in “today’s dollars” or “inflated (future) dollars.”
Example of a Social Security retirement benefits estimate using the quick calculator
| INFORMATION YOU SUBMITTED | |
|---|---|
| Date of birth | 8/1/1962 |
| Current earnings | $60,000.00 |
| RETIREMENT BENEFIT ESTIMATES | |
| Retirement Age | Monthly benefit amount1 |
| 62 and 1 month in 2024 | $1,170.00 |
| 67 in 2029 | $1,780.00 |
| 70 in 2032 | $2,289.00 |
1 Assumes no future increases in prices or earnings
Social Security benefits—online calculator
For a more accurate estimate, you can use the Social Security Benefits Calculator, but this calculator requires a bit more work. You’ll need to first get a copy of your Social Security earnings record, and you’ll then need to enter your covered earnings for each year that you’ve worked. To access your earnings record, you’ll need to create a personalized Social Security account and then log in to access the information.
How is Social Security calculated?
Social Security benefits are primarily calculated based on the variables listed below.
Earnings: To determine your eligibility to collect Social Security and the amount of your monthly benefit, the Social Security Administration uses your earnings. In order to determine your payments, it will go back and review up to 35 years of your earnings and apply a formula to the average of your earnings. You need at least 10 years of work (40 quarters) to qualify for Social Security retirement benefits.
Age you start taking benefits: Once you reach the age of 62, you can start taking Social Security retirement benefits. However, these benefits will be at a reduced monthly income—less than what you would receive if you had waited until your full retirement age (which is age 67 for anyone born in 1960 or later). The longer you delay taking your Social Security benefits (up to age 70), the more you’ll receive from Social Security, for the rest of your life.
Marital status: If you’re married, divorced, or widowed, you could be eligible for higher Social Security benefits based on your spouse’s record.
