Social Security CalculatorFree online financial calculator — instant results, no sign-up

d = (Claiming Age − FRA) × 12
If d < 0 (early claiming, m = −d):
f = 1 − [min(m, 36) × (5 / 900) + max(0, m − 36) × (5 / 1200)]
If d ≥ 0 (delayed claiming):
f = 1 + min(d, (70 − FRA) × 12) × (2 / 300)
Monthly Benefit = PIA × f
Adjustment = (f − 1) × 100%
Yearly Benefit = Monthly Benefit × 12

• PIABenefit at full retirement age (Primary Insurance Amount)
• FRAFull retirement age in years
• dMonths difference between claiming age and full retirement age
• mMonths claimed early before full retirement age (−d)
• fAdjustment factor applied to the baseline benefit

The tool computes the month difference between the selected claiming age and full retirement age. For early claiming, it subtracts 5/9 of 1% per month for the first 36 months and 5/12 of 1% for each additional month early; for delayed claiming, it adds 2/3 of 1% per month (8% per year) capped at age 70.

These are the calculator's starting values and the results it actually produces for them.

1. 1Calculate the net claiming difference in months relative to full retirement age.
2. 2If claiming early, apply a reduction factor of 5/9% per month for up to 36 months, plus 5/12% for each additional month.
3. 3If delaying past full retirement age, apply an increase of 2/3% per month up to age 70.
4. 4Multiply the monthly full retirement benefit by the adjustment factor to obtain monthly and annual payouts.

Further reading

• CFPB