How to calculate my FRA benefit amount from my age 70 Social Security payment?

It's actually not as simple as dividing by 1.32. The delayed retirement credits are 8% per year after FRA, but they're applied differently than you might think. For someone with FRA of 66, delaying to 70 gives them 4 years of delayed credits, so that's a 32% increase from their PIA (Primary Insurance Amount). So yes, mathematically you would divide $1250 by 1.32 to get the approximate PIA, which would be $946.97. That would be his FRA (66) benefit amount. However, there's one more factor to consider: COLAs (Cost of Living Adjustments) that occurred between his FRA and when he actually claimed at 70. These get applied even if he wasn't receiving benefits yet, so the calculation gets more complex if you want the exact number.

my aunt did the same thing waiting till 70. pretty sure SSA can tell u the exact number if u call them but GOOD LUCK getting thru lol took her 3 days of calling

Let me break this down accurately: 1. The 32% increase from FRA (66) to age 70 is correct - it's 8% per year for 4 years. 2. To get a rough estimate, divide $1250 by 1.32 = $946.97 3. BUT this ignores COLAs between his FRA age and when he claimed. For accuracy, you need to know all COLAs between his FRA year and 2022. The actual calculation would be: PIA × (1 + sum of all COLAs between FRA year and 2022) × 1.32 = $1250 Solving for PIA gives you the true FRA amount. You'd need to know what year he turned 66 and then look up all the COLA percentages since then. For example, if he turned 66 in 2018: - 2019 COLA: 2.8% - 2020 COLA: 1.6% - 2021 COLA: 1.3% - 2022 COLA: 5.9% This makes calculating backward much more complex than simple division.

Yes, you work backwards. Here's how to calculate it: 1. Start with $1250 (2022 age 70 benefit) 2. Divide by 1.32 to remove delayed credits = $946.97 3. Now remove each COLA working backwards: - Divide by 1.059 (2022 COLA) = $894.21 - Divide by 1.013 (2021 COLA) = $882.73 - Divide by 1.016 (2020 COLA) = $868.83 - Divide by 1.028 (2019 COLA) = $845.17 So his actual PIA at age 66 in 2018 would have been approximately $845.17 per month. The $101.80 difference between our rough estimate ($946.97) and the actual PIA ($845.17) shows why considering COLAs is important for accuracy.

Wait, I'm confused about something. If he was already 70 in 2022, then he turned 66 in 2018? But doesn't that mean his FRA might actually be 66 and 4 months instead of exactly 66? I think FRA has been gradually increasing for people born after 1954. This might change the calculations slightly, right??

MY SISTER HAD SIMILAR ISSUE and we found out the my social security website shows you what your benefit would have been at different ages. He should be able to log in and see what his 66 amount would have been. So much easier than all these calculations!!!

I went through this same problem last year but trying to call SS is almost impossible. I spent days trying and kept getting disconnected. Finally tried Claimyr.com which got me connected to an actual SSA agent in under 20 minutes! They have a phone service that navigates the SSA phone tree for you and calls you back when they reach a real person. Saved me hours of frustration. You can see how it works in their video: https://youtu.be/Z-BRbJw3puU The agent I spoke with was able to tell me exactly what my benefit would have been at different ages, including my FRA amount. Much easier than trying to reverse-engineer the calculations with all the COLAs.

When I needed my PIA info, I just went to the local SSA office and they printed everything out for me. Showed what I'd get at 62, FRA (which was 66+8mo for me), and 70. No calculations needed. Just sayin there's an easier way if you don't mind waiting at the office for a bit.

If he's registered on the my Social Security website (SSA.gov), he should be able to view his entire earnings history and benefit estimates. The site will show his PIA (the amount at his FRA) as well as reduced and increased amounts at different claim ages. Alternatively, he can request a Social Security Statement by filing Form SSA-7004, which will show this information. Either option is more accurate than our calculations since SSA has his complete earnings record and can calculate the exact amount.

Just wanted to add another option that might help - you can also call the SSA automated phone system at 1-800-772-1213 and use the automated service to get some basic benefit information without speaking to a representative. It's available 24/7 and can provide your uncle's current benefit amount and payment history. While it won't give you the detailed breakdown of what his FRA amount would have been, it might give you some additional information to verify your calculations. The automated system is much easier to access than trying to reach a live agent, and it's a good starting point before deciding whether you need to pursue other options like the online account or visiting an office.

I work at a local AARP office and we help people with these Social Security calculations all the time. Just wanted to confirm that @Kaitlyn Otto's step-by-step calculation is spot on - that's exactly how we do the reverse calculation when someone needs to figure out their PIA from their delayed benefit amount. One thing I'd add is that if your uncle has any questions about his earnings record or thinks there might be errors, it's definitely worth getting that official statement from SSA. We've seen cases where people had incorrect earnings posted to their record, which can affect the benefit calculation. The online account is really the best way to monitor this ongoing. Also, for future reference, anyone approaching retirement should create their my Social Security account well before they plan to claim. It makes the whole process so much smoother and you can run different scenarios to optimize your claiming strategy.

As someone who recently went through this exact process for my dad, I can confirm that the my Social Security online account is definitely the way to go! It took me about 15 minutes to help him set it up, and once we were in, we could see his complete benefit breakdown including what he would have received at different ages. One tip for helping your uncle create the account - make sure you have his Social Security number, date of birth, and address that matches what SSA has on file. Sometimes older folks have slight address discrepancies that can cause issues during the verification process. Also, he'll need an email address that he can access since they send verification codes. The account shows a really clear table with benefit amounts at 62, full retirement age, and 70, so you won't need to do any of these calculations manually. Plus he can download and print his Social Security statement anytime he needs it for financial planning. Definitely worth the small effort to get it set up!

Just wanted to add that if your uncle is uncomfortable with setting up an online account or if you run into technical issues, you can also request his Social Security Statement by mail using Form SSA-7004. It's available on the SSA website and you just fill it out and mail it in. Takes a few weeks to get it back, but it will show his complete earnings history and benefit estimates at different claiming ages, including his exact PIA amount. This might be a good backup option if the online route doesn't work out, especially since some older folks prefer having physical documents they can refer to. The mailed statement has all the same information as what you'd see online, just takes longer to receive. Also, once he has that official statement, you can double-check it against the calculations that @Kaitlyn Otto provided earlier - should match up pretty closely to that $845.17 PIA estimate!

One more thing to consider - if your uncle has any spousal benefits involved (either he's married or was married for 10+ years), those calculations can get even more complex. The online account will show those too if applicable, but just wanted to mention it since family financial planning was mentioned in the original post. Also, for anyone else reading this thread who might be in a similar situation - it's worth noting that the delayed retirement credits stop accruing at age 70, so there's no benefit to waiting past that age to claim. Your uncle made the right call claiming exactly at 70! This has been a really helpful thread with lots of great options. Between the detailed calculations, the online account setup, the phone options, and the mailed statement - there are definitely multiple ways to get the exact information you need.