Social Security Retirement Calculator
Determine the ideal age to claim your benefits
Determine Ideal Application Age
Calculate the optimal age to claim Social Security benefits based on your life expectancy and financial situation.
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5%
2.5%
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Compare Two Application Ages
Compare the financial outcomes of claiming at two different ages to see which works better for you.
Social Security Claim Option 1
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Social Security Claim Option 2
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2.5%
Understanding Social Security Retirement Benefits
Social Security retirement benefits are a crucial part of retirement planning for most Americans. The age at which you choose to claim these benefits can significantly impact your lifetime income.
Key Factors to Consider
- Full Retirement Age (FRA): This is the age at which you’re entitled to 100% of your Social Security benefit. For people born in 1960 or later, FRA is 67.
- Early Claiming (Age 62): You can claim benefits as early as 62, but your monthly benefit will be permanently reduced by up to 30%.
- Delayed Retirement Credits: For each year you delay claiming past your FRA (up to age 70), your benefit increases by about 8% per year.
- Life Expectancy: The longer you expect to live, the more beneficial it may be to delay claiming to get higher monthly payments.
- Other Income: If you plan to work while receiving benefits before your FRA, your benefits may be temporarily reduced.
How This Calculator Works
This calculator helps you determine the optimal age to claim Social Security benefits by considering:
- Your estimated monthly benefit at Full Retirement Age
- Your life expectancy
- Potential investment returns if you delay claiming
- Annual cost-of-living adjustments (COLA)
The calculator compares your projected lifetime benefits at different claim ages to recommend the most financially advantageous option based on your specific situation.