Social Security Benefits Estimator

Full Retirement Age by Birth Year

| Birth Year | Full Retirement Age | |------------|---------------------| | 1943–1954 | 66 | | 1955 | 66 years, 2 months | | 1956 | 66 years, 4 months | | 1957 | 66 years, 6 months | | 1958 | 66 years, 8 months | | 1959 | 66 years, 10 months | | 1960+ | 67 |

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Effect of Claiming Age on Monthly Benefit

Using an FRA benefit of $2,000/month as baseline:

| Claiming Age | Monthly Benefit | Change vs FRA | |-------------|----------------|--------------| | 62 | ~$1,400 | −30% | | 64 | ~$1,600 | −20% | | FRA (67) | $2,000 | — | | 68 | $2,160 | +8% | | 69 | $2,320 | +16% | | 70 | $2,480 | +24% |

Delayed credits of 8% per year (from FRA to 70) are guaranteed — no market risk. The equivalent guaranteed return is difficult to match in fixed income markets, making delay attractive for those with good health and sufficient assets to bridge the gap.

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Breakeven Analysis

Claiming at 62 vs FRA (67):** Cumulative income from early claiming pulls ahead initially, but the higher FRA benefit catches up around age **79–81.

Claiming at FRA vs 70:** The higher monthly benefit at 70 catches up around age **82–84.

If you expect to live past these breakeven ages — and the average 65-year-old American lives to 83–86 — delaying produces more total lifetime income.

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Spousal and Survivor Benefits

Spousal benefit: A non-working or lower-earning spouse can claim up to 50% of the higher earner's FRA benefit (not 50% of what the higher earner actually receives — 50% of their FRA amount). The spousal benefit does not increase by delaying past FRA.

Survivor benefit: A surviving spouse can receive up to 100% of the deceased spouse's benefit. Crucially, if the higher earner delays to 70, the survivor inherits the larger benefit for the rest of their life. For married couples, this is often the most important reason to delay.

Divorced spouse: If your marriage lasted 10+ years and you are currently unmarried, you may claim a spousal benefit based on your ex-spouse's record without affecting their benefits.

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Social Security and Taxes

Up to 85% of your Social Security benefit is taxable if your combined income (AGI + tax-exempt interest + 50% of SS benefits) exceeds:

• $34,000 for single filers
• $44,000 for married filing jointly

Strategy: Before claiming Social Security, consider doing Roth conversions to reduce future traditional IRA/401(k) balances. Lower RMDs in retirement mean lower combined income — potentially keeping more of your Social Security benefit tax-free.

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Working While Receiving Benefits Before FRA

If you claim before FRA and continue working, the SSA reduces your benefit by $1 for every $2 earned above $22,320 (2026). In the year you reach FRA, the reduction is $1 for every $3 above $59,520. After FRA, you can earn any amount without benefit reduction.

Withheld benefits are not permanently lost — the SSA recalculates your benefit at FRA to credit the months your benefits were withheld.