What Your Social Security Benefit Will Be

Your Social Security benefit is based on your highest 35 years of earnings, adjusted for inflation. The Social Security Administration (SSA) uses a formula that takes your average monthly earnings from those years and applies a bend point calculation — a method that replaces a higher percentage of lower earnings than higher earnings. You can see the exact number the SSA has on file for you by creating an account on ssa.gov and viewing your Statement.

The amount you receive also depends on when you claim. If you claim at your full retirement age (which ranges from 66 to 67 depending on your birth year), you get your Primary Insurance Amount, or PIA — the full benefit you have earned. If you claim earlier, at 62, your benefit is reduced by about 30 percent. If you delay past your full retirement age, your benefit grows by about 8 percent per year until age 70.

You cannot calculate your exact benefit without the SSA's records, but you can estimate it using the tools below and understand how the formula works.

Key Takeaways

  • Your Social Security benefit is calculated from your 35 highest-earning years, adjusted for inflation, and the SSA's official record is the only source that will match what you actually receive.
  • The official Social Security Statement on ssa.gov shows your estimated benefit at full retirement age, at 62, and at 70, based on your actual earnings history.
  • The bend point formula replaces a larger share of your lower earnings and a smaller share of your higher earnings, which is why the formula is progressive.
  • Claiming at 62 reduces your benefit by roughly 30 percent; delaying to 70 increases it by roughly 76 percent compared to your full retirement age amount.
  • If you have not worked 10 years (40 credits), you will not receive a benefit on your own record, but you may be able to receive a benefit based on a spouse's or ex-spouse's earnings.

Getting Your Official Estimate from Social Security

The most accurate estimate comes directly from the SSA. Go to ssa.gov/myaccount and create a free account using your email, phone number, and Social Security number. Once you log in, you can view your Social Security Statement, which shows your estimated monthly benefit at three claiming ages: 62, your full retirement age, and 70.

The Statement also lists your earnings history year by year. Check this carefully — if you see missing years or years with lower earnings than you remember, contact SSA to correct them. Errors in your record will lower your benefit. You have three years, three months, and 15 days from the end of the year in which you earned the money to request a correction.

If you do not have internet access or prefer to speak with someone, you can call SSA at 1-800-772-1213 (TTY 1-800-325-0778) and ask for a Statement to be mailed to you. Wait times are long, especially early in the week and early in the month.

How the Social Security Benefit Formula Works

The SSA takes your 35 highest-earning years and calculates your Average Indexed Monthly Earnings, or AIME. First, each year's earnings is indexed — adjusted upward to account for wage growth in the economy — using the national average wage index from two years before you claim. Then the 35 years are added and divided by 420 months (35 years × 12 months) to get your AIME.

Next, the SSA applies the bend point formula to your AIME. For 2024, the formula is roughly: 90 percent of the first $1,174 of your AIME, plus 32 percent of your AIME between $1,174 and $7,078, plus 15 percent of your AIME above $7,078. These dollar amounts (called bend points) change each year. The result is your Primary Insurance Amount, or PIA — your full benefit at your full retirement age.

The bend points are why the formula is progressive: if you earned very little, you replace 90 percent of it; if you earned a lot, you replace only 15 percent. This means lower-earning workers get a higher replacement rate than higher-earning workers.

Using the SSA's Online Benefit Calculator

If you want to estimate your benefit without creating an account, the SSA offers a quick calculator at ssa.gov/benefits/retirement/estimator.html. You enter your date of birth, current earnings, and expected future earnings, and it shows an estimate for claiming at 62, full retirement age, and 70. This calculator does not access your actual earnings record, so it is less accurate than your Statement, but it is useful for rough comparisons.

The calculator assumes you will continue working at your current rate until you claim. If you plan to retire early or work longer, adjust your expected future earnings accordingly. The tool also lets you see how your benefit changes if you delay claiming by a year or two.

Adjustments That Affect Your Final Benefit

Your actual benefit may differ from your estimate because of several adjustments. If you claim before your full retirement age and continue working, SSA will reduce your benefit by $1 for every $2 you earn above an annual limit (for 2024, that limit is $23,400, but it changes yearly). This reduction stops once you reach your full retirement age.

If you are married, you may be able to claim a spousal benefit — up to 50 percent of your spouse's PIA if you claim at your full retirement age, or less if you claim earlier. If you are divorced and were married at least 10 years, you may be able to claim on your ex-spouse's record without affecting their benefit. Government Pension Offset and Windfall Elimination Provision (WEP) may reduce your benefit if you also receive a pension from work not covered by Social Security, such as some government jobs.

If you were born before January 2, 1954, you may have been grandfathered into rules that allow higher benefits, such as filing restricted for spousal benefits only. If you were born after that date, you cannot use those strategies.

What to Do If Your Earnings Record Has Errors

Mistakes in your earnings record are common and will permanently lower your benefit if not corrected. You can see your record on your Statement. If you spot a year with missing earnings or earnings lower than your W-2 or tax return shows, contact SSA right away.

Call 1-800-772-1213 or visit your local Social Security office. Bring your W-2 or tax return for the year in question. SSA will investigate and correct the record if the error is confirmed. You have three years, three months, and 15 days from the end of the year you earned the money to request a correction, so do not delay.

If you were self-employed, check that SSA has your Schedule C earnings. Self-employed income is sometimes missed or misreported, especially in years before online filing.

Estimating Your Benefit If You Have Not Yet Reached 60

If you are younger than 60, your Statement will show an estimate based on your current earnings record and an assumption that you will continue working until your full retirement age at your current earnings level. This estimate will change as you earn more and as bend points adjust each year.

You can use the online calculator to see how your benefit might grow if you work longer or earn more. Each additional year of higher earnings can replace a lower-earning year in your 35-year average, raising your benefit. Conversely, if you have years with no earnings (such as time out of the workforce), those years count as zeros and lower your average.

Frequently Asked Questions

Can I see my Social Security benefit estimate without creating an online account?

Yes. The SSA's quick calculator at ssa.gov/benefits/retirement/estimator.html gives an estimate based on information you enter, without accessing your actual record. For a more accurate estimate based on your real earnings history, you can call 1-800-772-1213 and request a Statement by mail, though delivery takes several weeks.

What happens to my benefit if I have years with no earnings?

Years with no earnings count as zeros in your 35-year average. If you have more than 35 years of work history, SSA drops your lowest-earning years. If you have fewer than 35 years, the zeros stay in the calculation and lower your average. Working additional years can replace zeros or low-earning years and raise your benefit.

How much more will I get if I wait until 70 to claim instead of 62?

If your full retirement age benefit is $2,000 per month, claiming at 62 would give you roughly $1,400 per month, and claiming at 70 would give you roughly $3,520 per month. The exact percentages depend on your birth year, but the difference is substantial over a lifetime if you live into your 80s.

Does my spouse's earnings affect my benefit amount?

Your own benefit is based only on your own earnings record. However, you may be able to claim an additional spousal benefit based on your spouse's record, which is calculated separately. If you are divorced, you may claim on an ex-spouse's record if you were married at least 10 years and are at least 62.

What if I find an error in my earnings record after I have already claimed?

You can still request a correction, but the three-year, three-month, and 15-day important date applies from the end of the year you earned the money, not from when you claim. If the important date has passed, SSA may still correct the record if you have evidence (such as a W-2 or tax return), but they are not required to. Contact SSA when ready if you discover an error.