Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes. Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits.
For reference, the average Social Security retirement benefit
in May 2022 was $1,668 a month. The maximum benefit — the most an individual retiree can get — is $3,345 a month for someone who files for Social Security in 2022 at full retirement age (FRA), the age at which you qualify for 100 percent of
the benefit calculated from your earnings history. FRA is 66 and 4 months for people born in 1956 and is gradually rising to 67 for those born in 1960 or later.
You’ll only know your own amount for sure when you apply, but there are ways to get a sense of it in advance. The quickest and easiest is to use AARP’s Social Security Benefits Calculator or check your
online My Social Security account. The latter draws on your earnings record on file with the Social Security Administration; for the AARP calculator, you’ll need to provide your average annual income.
Both tools project what you could collect each month if you start Social Security at age 62, the earliest you can file for retirement benefits; at full
retirement age; and at age 70. Between 62 and FRA, Social Security reduces your benefit for filing early; between FRA and 70, it increases your payment as a reward for waiting.
For example, the AARP calculator estimates that a person born on Jan. 1, 1960, who has averaged a $50,000 annual income would get a monthly benefit of $1,338 if they file for Social
Security at 62, $1,911 at full retirement age (in this case, 67), or $2,370 at 70. The AARP tool can also give you figures for every age in between, gauge the effect on your benefits of continuing to work and help you budget for your retirement years.
You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213. But remember, no matter where you get the numbers, they are estimates, not promises. Your actual benefit will vary, perhaps
significantly, based on fluctuations in your earnings, cost-of-living adjustments, whether you continue to work after claiming benefits and
changes in the Social Security law.
Keep in mind
Social Security sets a cap on how much of your income it takes into account in figuring your benefit. In 2022 the cap is $147,000 (it’s adjusted annually to reflect historical wage trends). Any income above that is not counted in your benefit calculation (and is also not subject to Social Security taxes).
Benefit Calculators
Frequently Asked Questions
Benefit estimates depend on your date of birth and on your earnings history. For security, the "Quick Calculator" does not access your earnings record; instead, it will estimate your earnings based on information you provide. So benefit estimates made by the Quick Calculator are rough.
Although the "Quick Calculator" makes an initial assumption about your past earnings, you will have the opportunity to change the assumed earnings (click on "See the earnings we used" after you complete and submit the form below).
You must be at least age 22 to use the form at right.
Lack of a substantial earnings history will cause retirement benefit estimates to be unreliable.
If you have any questions or comments about the Quick Calculator, please visit our Contact Social Security page for ways to contact us. Remember to use "Quick Calculator" as the subject so we know which calculator your question or comment refers to.
We want you to know what Social Security can mean for you and your family’s financial future. In this section, you can learn how Social Security works, who’s eligible for retirement benefits, and what to consider before applying. Read on to understand how Social Security fits into your retirement plan.
Jump to a topic on this page:
How Retirement Benefits Work / Planning For Retirement / Deciding When To Start Retirement Benefits / What Else Affects Your Retirement Benefits
How Retirement Benefits Work
Social Security replaces a percentage of your pre-retirement income based on their lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.
When you work, you pay taxes into Social Security. We use the tax money to pay benefits to:
- People who have already retired.
- People who are disabled.
- Survivors of workers who have died.
- Dependents of beneficiaries.
The money you pay in taxes isn’t held in a personal account for you to use when you get benefits. We use your taxes to pay people who are getting benefits right now. Any unused money goes to the Social Security trust fund that pays monthly benefits to you and your family when you start receiving retirement benefits.
Planning For Retirement
Planning is the key to creating your best retirement. You’ll need to plan and save for years to achieve your retirement goals. While many factors affect retirement planning, we want you to understand what Social Security can mean to you and your family’s financial future.
Social Security Should Be Just One Part of Your Retirement Plan
On average, retirement beneficiaries receive a portion of their pre-retirement income from Social Security. As you make your retirement plan, knowing the approximate amount you will receive in Social Security benefits can help you determine how much other retirement income you’ll need to reach your goals.
Are You Eligible?
When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (usually, this is 10 years of work).
If you stop working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If you return to work later, more credits may be added. We can’t pay any retirement benefits until you have 40 credits. Visit our retirement benefits webpage for more information on how Social Security Credits work.
Verify Your Earnings History
The amount of the Social Security benefits you or your family receives depends on the amount of earnings shown on your record. Regularly checking your Social Security earnings history can help ensure there are no surprises when it’s time for you to start receiving benefits. You can find your earnings history with a personal my Social Security account. Create your account now to check your earnings history online.
Estimate Your Benefits
Knowing what you will get every month in retirement benefits helps you plan for your retirement. If you have a personal my Social Security account, you can get an estimate of your personalized retirement benefits and see the effects of different retirement age scenarios. If you don’t have a personal my Social Security account, create one at www.ssa.gov/myaccount.
Additional Information
- Anytime is the Right Time to Save for Your Future
- Spruce Up Your Financial Plan With Social Security
- Income From Pensions, Annuities, Interest, And Dividends
- Monitoring Your Earnings Can Really Pay Off
- Benefit Eligibility Screening Tool (BEST)
Deciding When To Start Retirement Benefits
Choosing when to start receiving retirement benefits is a personal decision. If you choose to retire and begin receiving benefits when you reach your full retirement age, you’ll receive your full benefit amount. We will reduce your benefit amount if you decide to start benefits before reaching full retirement age.
To make an informed choice, consider the following factors as you think about when to start your Social Security benefits.
What Age Should You Start To Receive Benefits?
The age you begin receiving your retirement benefit affects how much your monthly benefits will be. There are three important things to know about age when thinking about when to start your benefits.
Full Retirement AgeFull retirement age is the age when you can start receiving your full retirement benefit amount. The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67. You can find your full retirement age by birth year in the full retirement age chart.
Early Retirement AgeYou can get Social Security retirement benefits as early as age 62. However, we’ll reduce your benefit if you start receiving benefits before your full retirement age. Visit our website to learn how claiming retirement benefits early will affect your benefit amount.
Delayed Retirement AgeWhen you delay benefits beyond your full retirement age, the amount of your retirement benefit will continue to increase up until age 70. There is no incentive to delay claiming after age 70.