Social Security Administration
Social Security Calculator
How the benefit is calculated
Social Security works in three steps. First it takes your 35 highest earning years, indexes them to national wage growth, and averages them into a monthly figure called your AIME — average indexed monthly earnings. Then it runs that AIME through a progressive formula to get your PIA, the primary insurance amount you would receive at full retirement age. Finally it adjusts the PIA up or down for the age you actually claim.
The middle step is where the bend points live. For anyone first eligible in 2026, the formula is:
+ 32% of AIME from $1,286 to $7,749
+ 15% of AIME above $7,749
Those thresholds move every year with wage growth. In 2025 they were $1,226 and $7,391. The percentages — 90, 32 and 15 — have not changed since 1979.
Worked example: AIME of $6,000/month
- First $1,286 × 90%
- $1,157.40
- Next $4,714 × 32%
- $1,508.48
- Above $7,749 × 15%
- $0.00
- PIA at full retirement age
- $2,665.88 / mo
Why the last dollar counts least
The 90/32/15 structure means a dollar of extra average earnings adds far more to a low earner’s benefit than a high earner’s. Someone with an AIME of $1,200 gets 90 cents of benefit for each extra dollar. Someone with an AIME of $8,000 gets 15 cents. That is intentional: Social Security is designed to replace a bigger share of a modest income.
Claiming age changes everything
Full retirement age is 67 for everyone born in 1960 or later, which now covers every new claimant — someone turning 62 in 2026 was born in 1964. The phase-in is finished.
| Year of birth | Full retirement age |
|---|---|
| 1943 - 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
Claim before full retirement age and your benefit is reduced by 5/9 of 1% per month for the first 36 months, then 5/12 of 1% per month beyond that. For someone with a full retirement age of 67, claiming at 62 means a permanent 30% cut. Claim after, and you earn delayed retirement credits of 8% a year up to age 70 — a 24% increase over the full retirement age amount.
| Claiming age | Percentage of PIA |
|---|---|
| 62 | 70% |
| 63 | 75% |
| 64 | 80% |
| 65 | 86.7% |
| 66 | 93.3% |
| 67 (full retirement age) | 100% |
| 68 | 108% |
| 69 | 116% |
| 70 | 124% |
The gap between claiming at 62 and 70 is not 24% — it is the difference between 70% and 124% of your PIA, which is a 77% increase in the monthly cheque. Whether waiting pays depends mostly on how long you live and whether you need the income sooner.
If you have a public pension, read this
WEP and GPO no longer apply
If you worked in a job that did not pay into Social Security — most teachers in Texas, California, Ohio, Massachusetts and several other states, plus many police and firefighters — your Social Security from other work used to be cut by the Windfall Elimination Provision, and any spousal or survivor benefit by the Government Pension Offset.
Both were repealed by the Social Security Fairness Act. They have not applied to any month since January 2024. If you never applied because the offset would have wiped your benefit out, apply now — back pay is generally capped at six months, so every month you wait is money you do not get back.
Working while claiming
If you claim before full retirement age and keep working, the earnings test temporarily withholds part of your benefit. In 2026 you can earn $24,480 before anything is withheld; above that, $1 is withheld for every $2 you earn. In the year you reach full retirement age the threshold rises to $65,160 and the withholding rate falls to $1 for every $3.
The money is not lost. Once you reach full retirement age your benefit is recalculated upward to account for what was withheld. The earnings test disappears entirely at full retirement age.
Other 2026 figures
| Item | 2026 value |
|---|---|
| Cost-of-living adjustment | 2.8% |
| Taxable maximum (wage base) | $184,500 |
| Maximum benefit at full retirement age | $4,152 / month |
| Earnings needed for one credit | $1,890 |
| Earnings test, under full retirement age | $24,480 |
| Earnings test, year reaching full retirement age | $65,160 |
What this calculator does not do
It does not index your past earnings to the national average wage index the way SSA does. If you enter historical nominal salaries the result will understate your benefit, sometimes considerably. It also does not model spousal, survivor or dependent benefits, taxation of benefits, or Medicare premium deductions. For a figure based on your real earnings record, create an account at my Social Security — it is free and takes a few minutes.
Frequently asked questions
What are the 2026 Social Security bend points?+
For workers first eligible in 2026, the PIA formula pays 90% of the first $1,286 of average indexed monthly earnings, 32% of the amount between $1,286 and $7,749, and 15% of anything above $7,749. In 2025 the bend points were $1,226 and $7,391.
What is full retirement age in 2026?+
67 for anyone born in 1960 or later, which covers every new claimant. Someone turning 62 in 2026 was born in 1964, so the phase-in from 66 is complete.
How much does claiming at 62 cost me?+
A permanent 30% reduction if your full retirement age is 67. The reduction is 5/9 of 1% per month for the first 36 months before full retirement age, then 5/12 of 1% per month for each additional month.
Does my teacher pension still reduce my Social Security?+
No. The Windfall Elimination Provision and Government Pension Offset were repealed by the Social Security Fairness Act and have not applied to any month since January 2024. Any calculator still showing a WEP or GPO reduction is out of date.
What was the 2026 Social Security COLA?+
2.8%, effective with December 2025 benefits and payable in January 2026. The 2025 COLA was 2.5%. The 2027 adjustment has not been announced and cannot be until the third-quarter 2026 CPI-W data is complete in October.
Sources
Every figure on this page comes from one of the following. Where a plan does not publish a number we needed, the page says so rather than guessing.
- SSA — PIA bend points — 2026 bend points
- SSA — 2026 COLA fact sheet — COLA, taxable maximum, earnings test, maximum benefit
- SSA — Benefit reduction for early retirement — full retirement age schedule
- SSA — Delayed retirement credits — 8% per year to age 70
- SSA — Early retirement reduction — 5/9 and 5/12 of 1% per month
- SSA — Social Security Fairness Act — WEP and GPO repeal
Keep reading
The WEP and GPO repeal
What changed, and why some people still have not been paid what they are owed.
FERS
Federal employees get Social Security plus an annuity plus the TSP. How the three fit together.
Combined income
Add Social Security to a pension and savings for one projected retirement income.
Compare pension systems
Which public systems include Social Security coverage and which leave you outside it.
Plan data on this page was last checked against the system’s own published material on September 19, 2026. Retirement systems change their rules; if you spot something out of date, tell us.