Your payment depends on your earnings history and the age you claim

Social Security calculates your monthly payment based on how much you earned during your working years and when you decide to start collecting. The Social Security Administration (SSA) has a formula that looks at your 35 highest-earning years, adjusts them for inflation, and converts that into a monthly amount. If you worked fewer than 35 years, zeros are factored in for the missing years, which lowers your payment.

The age you claim also changes your payment significantly. If you claim at 62, your payment is smaller than if you wait until your full retirement age (which ranges from 66 to 67 depending on your birth year). If you delay claiming past your full retirement age, your payment grows by about 8 percent per year until age 70. There is no benefit to waiting past 70.

No two people's payments are identical because no two earnings histories are identical. A rough estimate: the average Social Security payment in 2024 is around $1,900 per month for a retired worker, but this varies widely based on individual work history and claiming age.

Key Takeaways

  • Your payment is calculated from your 35 highest-earning years, adjusted for inflation, so gaps in work history lower your amount.
  • Claiming at 62 gives you a smaller monthly payment than waiting until 66 or 67, but you collect for more years overall.
  • Delaying past your full retirement age increases your payment by roughly 8 percent per year until you turn 70.
  • You can see your estimated payment on your personal Social Security account at ssa.gov, which requires creating a login.
  • The SSA sends a detailed earnings record showing what they have on file for each year you worked, which you should check for errors.

How to find your estimated payment amount

The fastest way to see what you might receive is to create an account on ssa.gov and view your Social Security Statement. This statement shows your estimated payment at three different claiming ages: 62, your full retirement age, and 70. You will need an email address and a way to verify your identity (usually a phone number or address on file with the SSA).

If you do not want to create an online account, you can call the Social Security Administration at 1-800-772-1213 (Monday through Friday, 7 a.m. to 7 p.m. your local time) and ask them to mail you a statement. The wait time to speak to someone is often long, so calling early in the week or early in the day may be faster.

Your statement also lists your earnings record year by year. Check this carefully for any missing years or years where the amount seems wrong. If you spot an error, you have a limited window to report it — the SSA generally cannot correct records more than three years, three months, and 15 days in the past. If you find a mistake, contact your local Social Security office or call the number above.

Why your payment might be lower than you expected

If your estimated payment is smaller than you thought, the most common reason is years with no earnings or very low earnings. Social Security uses your 35 highest-earning years. If you took time out of the workforce to raise children, care for a parent, or for any other reason, those years count as zeros. Even one or two years of zero earnings can noticeably reduce your lifetime average.

Another reason is that your earnings in some years may not have been reported to Social Security correctly. This sometimes happens if you were self-employed and did not file taxes, or if an employer made a mistake on your W-2. Check your earnings record on your Social Security Statement to see if any years look wrong. If you find an error, bring your tax returns or W-2s to your local Social Security office as proof.

If you worked for a government employer (federal, state, or local) and did not pay Social Security taxes, you may have a lower payment or no payment at all from Social Security. Some government pensions are subject to the Government Pension Offset or Windfall Elimination Provision, which can reduce what you receive. Ask the SSA whether either of these rules applies to you.

How claiming age changes your monthly amount

Your full retirement age is the age at which you receive your full, unreduced Social Security payment. For people born between 1943 and 1954, full retirement age is 66. For people born between 1955 and 1960, it gradually increases to 67. For people born in 1960 or later, full retirement age is 67.

If you claim at 62 (the earliest age), your payment is permanently reduced by about 30 percent compared to what you would receive at full retirement age. If you claim at 70 (the latest age to benefit from waiting), your payment is about 24 to 32 percent higher than your full retirement age amount. The exact percentages depend on your birth year.

There is no financial advantage to waiting past 70. Your payment stops growing at that point, even if you continue to delay claiming. Most people break even on the decision between claiming early and claiming late sometime in their early 80s, depending on their health and family history of longevity.

What happens to your payment if you work while receiving Social Security

If you claim Social Security before your full retirement age and continue to work, the SSA reduces your payment by $1 for every $2 you earn above an annual limit. In 2024, that limit is $23,400 per year. Once you reach your full retirement age, there is no earnings limit — you can work and receive your full Social Security payment at the same time.

The earnings limit applies only to wages from work and net income from self-employment. It does not explore to investment income, pensions, annuities, or other non-work income. If you are self-employed, you report your net profit (income minus business expenses) on your tax return, and that is what counts toward the limit.

The SSA will ask you to report your earnings when you claim. If your earnings are higher than expected, they may reduce or withhold your payment for that year. You do not have to repay the money, but your monthly payment will be lower until the overpayment is recovered.

Married couples and divorced people

If you are married, you may be able to receive a payment based on your spouse's earnings record if that amount is higher than what you would receive based on your own work history. This is called a spousal benefit. Your spousal payment can be up to 50 percent of what your spouse receives at their full retirement age, but only if you have reached your full retirement age yourself. If you claim a spousal benefit before full retirement age, the amount is reduced.

If you are divorced and were married for at least 10 years, you may be able to receive a benefit based on your ex-spouse's earnings record, even if they have not yet claimed Social Security. You must be at least 62 years old and currently unmarried. Your ex-spouse does not have to agree, and they will not be told that you are receiving a benefit based on their record.

If you are a widow or widower, you may receive a survivor benefit based on your deceased spouse's earnings record. The amount depends on your age when you claim and your relationship to the deceased. A widow or widower at full retirement age receives 100 percent of what the deceased person was receiving or was may have access to to receive.

When to contact Social Security about your payment

Contact the SSA if you notice a significant gap in your earnings record, if you believe an employer did not report your wages, or if you have questions about how your payment was calculated. You can reach them at 1-800-772-1213 or visit your local Social Security office. Bring your Social Security card, a photo ID, and your most recent tax return or W-2s if you are disputing earnings.

You should also contact Social Security if your life circumstances change in ways that might affect your payment. This includes getting married, divorced, or widowed; adopting a child; or becoming disabled. Some of these changes may increase your payment or open up new payment options for family members.

Frequently Asked Questions

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

Yes. Call 1-800-772-1213 and ask the SSA to mail you a Social Security Statement, which shows your estimated payment at different claiming ages. You can also visit a local Social Security office in person with your Social Security card and photo ID. The online account is fastest, but not required.

What if I have very few working years — will I get anything?

You need at least 10 years of work history (40 work credits) to receive a Social Security payment based on your own earnings. If you have fewer than 10 years, you will not receive a payment on your own record, but you may be able to receive a spousal or survivor benefit if you are married or widowed.

Does my Social Security payment change after I start receiving it?

Yes. Your payment increases each year by a cost-of-living adjustment (COLA), which is set by the SSA based on inflation. In 2024, the COLA was 3.2 percent. The adjustment is automatic — you do not have to do anything to receive it.

If I delay claiming until 70, am I may provide to come out ahead?

Not necessarily. Waiting until 70 gives you a higher monthly payment, but you collect fewer payments overall. If you have serious health problems or a family history of shorter lifespans, claiming earlier may result in more total money received. A financial advisor or the SSA can help you think through the trade-offs for your situation.

What if Social Security made an error in calculating my payment?

Contact the SSA when ready. Bring documentation of the error — such as tax returns, W-2s, or a letter from your employer — to your local Social Security office or call 1-800-772-1213. The SSA can correct errors in your earnings record, but there are time limits, so do not delay.