Pensions & Social Security
Social Security at 62, 67 or 70: see the trade-off
A Social Security benefit calculator using the 2026 bend points ($1,286 and $7,7492026 · SSA) and a full retirement age of 672026 · SSA: clients enter average indexed earnings and a claiming age to see the monthly benefit.
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How much does claiming age change a Social Security benefit?
Claiming at full retirement age (672026 · SSA for those born in 1960 or later) pays the full benefit, the PIA. Claiming at 62 reduces it by up to 30%2026 · SSA; waiting past full retirement age adds 8% a year after full retirement age, up to age 702026 · SSA. Someone waiting to 70 receives about 124% of their PIA for life.
The year before a client turns 62
Turning 62 makes Social Security real. Friends are claiming, the SSA statement shows three numbers, and the decision feels permanent because it largely is. Clients search for a way to compare the options with their own earnings before they file.
What the client types into a search box
“should I take social security at 62 or wait”
How a client works through it
Enter AIME
Average indexed monthly earnings, from SSA statements or an estimate.
Choose a claiming age
From 62 to 70.
See the PIA
The benefit at full retirement age, using the 2026 bend points.
See the claimed benefit
Monthly and annual benefit at the chosen age.
What lands in your inbox
When a client asks your firm to review the result, the request arrives as a contact record with their inputs and results attached, by email and, on paid plans, by webhook to your CRM.
Received
AIME and claiming age show earnings level and intent. A client planning to claim at 62 with high earnings may benefit from analysis. Married clients should be asked about the spouse's record, which the calculator doesn't include.
What are PIA and bend points?
Benefit at Full Retirement (PIA) applies the benefit formula to AIME: 90% of earnings up to the first bend point, 32% up to the second and 15% above it. Estimated Monthly Benefit adjusts the PIA for the claiming age, and Estimated Annual Benefit multiplies it by twelve.
The formula is progressive, so lower earners replace more of their earnings. That is why the benefit rises more slowly than earnings.
Results shown: Estimated Monthly Benefit · Benefit at Full Retirement (PIA) · Estimated Annual Benefit.
Why is claiming age a planning engagement?
The right claiming age depends on health, marital status, other income, taxes and spousal benefits, and the stakes over a retirement are large. Advisers and CPA firms that help clients decide build relationships that last through retirement.
Claiming also interacts with Roth conversions and the taxation of benefits, which is CPA territory.
Follow-ups this request opens
- Analyze claiming age with spousal and survivor benefits
- Coordinate claiming with IRA withdrawals and Roth conversions
- Estimate how much of the benefit will be taxable
- Review the client's SSA earnings record for errors
What this calculator leaves out
- Uses an AIME entered by the client, not their full earnings record.
- Spousal, survivor and divorced-spouse benefits are not included.
- Cost-of-living adjustments after claiming are not shown.
- Earnings-test reductions for working before full retirement age are not modeled.
Platform disclaimer shown under the calculator: Estimates only, using the 2026 PIA bend points ($1,286 / $7,749) and a Full Retirement Age of 67 (born 1960+). Your actual benefit depends on your full indexed earnings history; get a personalized estimate from your my Social Security account at ssa.gov.
Compliance note for firms
Claiming advice is a planning recommendation with lifetime consequences. Advisers should present it within a documented plan; CPAs should note the tax interactions. Point clients to their official SSA estimate before any decision.
Not legal advice. See our disclaimer and the guide to compliance for client calculators.
2026 figures this page relies on
| Figure | Value | Tax year | Source |
|---|---|---|---|
| Social Security PIA bend points | $1,286 and $7,749 | 2026 | SSA |
| Social Security full retirement age (born 1960 or later) | 67 | 2026 | SSA |
| Maximum reduction for claiming at 62 (FRA 67) | up to 30% | 2026 | SSA |
| Delayed retirement credit | 8% a year after full retirement age, up to age 70 | 2026 | SSA |
The same values drive the calculator. Full list on the 2026 figures page.
Terms your client sees in the calculator
These definitions appear in the calculator's collapsible Definitions block, so clients don't have to call to ask what a label means.
- Average indexed monthly earnings (AIME)
- Your highest 35 years of earnings, each adjusted (indexed) for national wage growth, added together and divided by 420 months. Years with no earnings count as zeros, which pull the average down. AIME is the single earnings input in this calculator; the benefit formula is applied to it to find your primary insurance amount.
- Primary insurance amount (PIA)
- The monthly benefit you would receive if you start benefits exactly at full retirement age. It is calculated by applying the bend-point formula to your AIME. Claiming earlier or later scales the PIA down or up; this calculator shows it as Benefit at Full Retirement so you can compare it with the amount at your chosen claiming age.
- Bend points
- The dollar thresholds that split your AIME into brackets, each replaced at a different percentage, with the lowest earnings replaced at the highest rate. This calculator uses the 2026 bend points of $1,286 and $7,749 (SSA, 2026). They are adjusted each year with national wage levels, and the structure is why the formula replaces a larger share of pay for lower earners.
- Full retirement age (FRA)
- The age at which you can claim your full, unreduced benefit, your PIA. For anyone born in 1960 or later it is 67 (SSA, current law), the figure this calculator assumes. Claims made before this age are permanently reduced; claims made after it earn delayed retirement credits until age 70.
- Claiming age
- The age at which you start receiving retirement benefits, from 62 to 70 in this calculator. It is the main lever you control, and the choice sets your monthly amount for life. An earlier start means smaller checks for more years; a later start means larger checks for fewer years. Which works out better depends on longevity and other income.
- Early claiming reduction
- The permanent cut applied when you claim before full retirement age. With a full retirement age of 67, claiming at 62 reduces the benefit by up to 30% (SSA, for those born 1960 or later). The reduction is prorated by month, so claiming a year or two early costs proportionally less. It is not restored when you later reach 67.
In our glossary: Full retirement age · Primary insurance amount
Social Security Benefit calculator: questions from firms and clients
Where do I find my AIME?
SSA calculates it from your earnings record. Your my Social Security account shows benefit estimates; firms can help reconstruct AIME.
What is my full retirement age?
672026 · SSA for anyone born in 1960 or later.
How much do I lose by claiming at 62?
With a full retirement age of 67, up to 30%2026 · SSA.
How much do I gain by waiting?
8% a year after full retirement age, up to age 702026 · SSA.
What are the 2026 bend points?
$1,286 and $7,7492026 · SSA.
Does it include spousal benefits?
No. A spouse may receive up to half of the worker's PIA; that analysis needs both records.
Is my benefit taxable?
Possibly. See the taxable Social Security calculator.
Which plan includes it?
Network. See pricing.
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