Your payment depends on your earnings history and the age you start collecting

Social Security calculates your payment based on how much you earned during your working years and when you claim. The Social Security Administration (SSA) uses your 35 highest-earning years to figure a base amount called your Primary Insurance Amount (PIA). If you claim at your full retirement age — which ranges from 66 to 67 depending on your birth year — you receive 100 percent of that amount. If you claim earlier, your payment is reduced. If you delay past full retirement age, your payment grows.

The only way to know your exact payment is to check your Social Security statement, which the SSA mails to you or makes available online through your account at ssa.gov. That statement shows your estimated payment at three different claiming ages: 62, your full retirement age, and 70. You can also call the SSA at 1-800-772-1213 to ask for an estimate over the phone.

Key Takeaways

  • Your payment amount is based on your 35 highest-earning years, so gaps in work history lower your benefit.
  • Claiming at 62 gives you the smallest monthly payment but you collect for more years; claiming at 70 gives you the largest monthly payment but you start later.
  • Your Social Security statement shows your estimated payment at three different ages and is the most accurate tool available to you.
  • You can create a free account at ssa.gov to view your statement online, or request one by mail or phone.
  • Spousal and survivor benefits are calculated differently and may be available to you even if you have not worked enough to receive your own benefit.

How the SSA calculates your base payment

The SSA looks at your earnings record from age 21 onward and selects your 35 highest-earning years. It adjusts those earnings for wage growth over time so that earnings from 30 years ago are counted fairly against recent earnings. The SSA then averages those 35 years and applies a formula that replaces a higher percentage of lower earnings and a lower percentage of higher earnings. This is why someone who earned $30,000 a year receives a higher percentage of their earnings as a benefit than someone who earned $150,000 a year.

If you worked fewer than 35 years, the SSA counts the missing years as zero. This significantly lowers your payment. For example, if you worked only 30 years, five years of zero earnings are included in the calculation. You must have at least 40 credits of work history to receive any Social Security benefit at all. You earn one credit for each $1,640 of earnings in 2023 (the amount changes yearly), and you can earn up to four credits per year.

What claiming age means for your monthly payment

Your full retirement age is when you can claim your full benefit with no reduction. For people born between 1943 and 1954, full retirement age is 66. For people born between 1955 and 1960, it rises gradually to 67. For people born in 1960 or later, full retirement age is 67.

If you claim at 62, your payment is reduced by about 30 percent. If you claim at 63, the reduction is about 25 percent. At 64, about 20 percent. At 65, about 13 percent. At your full retirement age, you receive 100 percent. For every year you delay past full retirement age, your payment grows by about 8 percent per year until age 70. At 70, your payment stops growing.

This means the total amount you collect over your lifetime can be similar whether you claim early or late — you just receive smaller monthly payments for longer if you claim early, or larger monthly payments for fewer years if you claim late. The break-even point is usually around age 80 or 81, though this varies based on your health and family history.

How to find your estimated payment

The most direct way is to create a my Social Security account at ssa.gov. You will need your Social Security number, email address, and a way to verify your identity — usually a phone number, mobile device, or bank account. Once you log in, your statement shows your estimated monthly payment at three ages: 62, your full retirement age, and 70. The statement also lists your earnings history year by year, so you can check for errors.

If you do not use the internet, you can request a paper statement by calling 1-800-772-1213 or by visiting your local Social Security office. The SSA will mail you a statement within two weeks. You can also call and ask a representative to give you an estimate over the phone, though they will ask you questions about your work history to provide an accurate number.

The estimates on your statement assume you will continue working and earning at your current rate until you claim. If you plan to retire soon or have already stopped working, your actual payment may be different from what the statement shows.

Why your payment might be lower than you expect

The most common reason is a gap in your work history. If you took time off to raise children, care for a family member, or were unemployed for a stretch, those years count as zero earnings. You cannot make up for lost years by earning more later — the SSA always uses your 35 highest years, and zeros stay in the calculation.

Another reason is that you did not work long enough. You need 40 credits to receive any benefit. If you have only 30 credits, you are not yet may be able to access, even if you earned a high income during those years.

A third reason is that your earnings were below the Social Security wage base for some years. In 2023, only earnings up to $160,200 count toward Social Security. Earnings above that amount are not included in the calculation. This is why high earners receive a smaller percentage of their lifetime earnings as a benefit.

Spousal and survivor benefits work differently

If you were married for at least 10 years, you may be able to receive a spousal benefit based on your ex-spouse's earnings record, even if you did not work much yourself. The spousal benefit is up to 50 percent of your ex-spouse's full retirement age benefit, though it is reduced if you claim before your full retirement age. You do not need your ex-spouse's permission, and claiming a spousal benefit does not reduce their payment.

If your spouse or ex-spouse has passed away, you may be able to receive a survivor benefit. A widow or widower can receive up to 100 percent of what the deceased person was receiving (or would have received) at their full retirement age. Children under 19 and disabled adult children may also receive benefits on the deceased person's record. These benefits are calculated separately from your own benefit and do not reduce other family members' payments.

What to do if you find an error on your earnings record

Your Social Security statement lists your earnings year by year. If you see a year where your earnings are missing or too low, contact the SSA as soon as you can. You have a limited time to correct errors — generally three years, three months, and 15 days from the end of the year in which you earned the money.

To correct an error, you will need documents that show what you actually earned, such as tax returns, W-2 forms, or a letter from your employer. Call 1-800-772-1213 or visit your local Social Security office with these documents. The SSA will investigate and update your record if the error is confirmed. Correcting even one year of earnings can raise your benefit by a small amount, and correcting multiple years can make a significant difference.

Frequently Asked Questions

Can I see my estimated payment without creating an online account?

Yes. Call 1-800-772-1213 and ask for an estimate, or visit your local Social Security office in person. The SSA can also mail you a statement if you request one. Creating an online account is faster and lets you check your statement anytime, but it is not required.

Does my payment change after I start collecting?

Yes. Your payment is adjusted each year for cost-of-living increases, which the SSA announces in October. You will also receive a new statement each year showing your updated benefit amount. If you continue working after you start collecting, your benefit may increase if your recent earnings are higher than some of your earlier years.

What if I worked in another country?

Social Security only counts earnings from work in the United States. If you worked abroad, those years do not count toward your 35 highest-earning years. However, some countries have agreements with the United States that allow credits from work in those countries to count. Contact the SSA to ask whether your work history qualifies.

How accurate is the estimate on my Social Security statement?

The estimate assumes you will keep working at your current earnings level until you claim. If you plan to retire soon, earn significantly less, or stop working, your actual payment will be different. The estimate is a starting point, not a may provide of what you will receive.

Can I change my mind after I start collecting?

You can withdraw your claim within 12 months of starting to collect and repay what you received. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until age 70. The rules are complex, so contact the SSA to discuss your specific situation.