Estimate Your Social Security Payments
Claiming Social Security at age 62, 67, or 70 can make a big difference in your monthly retirement income. But a larger monthly payment doesn't necessarily mean you'll receive more money over your lifetime.
With WealthTrace Retirement Planning Software, you can compare different Social Security claiming strategies and see how they affect your retirement income, taxes, investment withdrawals, and probability of retirement success.
You can also analyze Social Security alongside your spouse's benefits to help determine a claiming strategy that fits your complete retirement plan.
Start a free trial to find out how your Social Security decisions could affect your retirement.
Social Security Calculator Definitions
Current Age
Your age today. The calculator uses this to estimate the number of years until you begin receiving Social Security.
Social Security Claiming Age
The age at which you plan to begin collecting retirement benefits.
You can generally claim as early as age 62, although your monthly benefit will be permanently reduced compared with claiming at your full retirement age.
Delaying benefits beyond full retirement age can increase your monthly payment, up to age 70.
Full Retirement Age
The age at which you're eligible to receive your full Social Security retirement benefit.
For individuals born in 1960 or later, full retirement age is 67. Earlier birth years may have a lower full retirement age.
Estimated Monthly Benefit at Full Retirement Age
Your estimated monthly Social Security payment if you begin collecting at your full retirement age.
You can find this amount on your Social Security statement by visiting my Social Security.
Using your personal benefit estimate generally provides a more useful comparison than estimating benefits from your current salary alone.
Assumed Inflation Rate
The annual inflation rate used to estimate how the purchasing power and future dollar value of Social Security payments may change over time.
For example, enter 2.5% if you expect inflation to average 2.5% annually.
Important Calculator Assumptions
This calculator provides simplified estimates based on your Social Security benefit at full retirement age and the age you choose to claim.
Actual benefits depend on your earnings history, future work, Social Security rules, and applicable cost-of-living adjustments.
The calculator does not fully account for spousal or survivor benefits, taxation of Social Security, or all individual claiming circumstances.
Estimate Your Retirement Benefit
Use your income and retirement age in WealthTrace to calculate an estimated Social Security payment.
