How to estimate my Social Security retirement benefit before I apply?

The most accurate way to estimate your benefit is to create a my Social Security account on ssa.gov. After you verify your identity, you'll be able to see your actual earnings record and get personalized benefit estimates based on when you plan to start claiming. The calculator on the site will show you estimates for starting at age 62, your Full Retirement Age (which is likely 67 for you), and age 70. Keep in mind that claiming at 62 gives you about 30% less than your FRA amount, while waiting until 70 gives you an 8% increase for each year you delay past your FRA.

I've been trying to figure this out too and the SSA website kept locking me out! So frustrating. My neighbor told me the amount on my Social Security statement isn't what I'll actually get because they take out Medicare premiums? Is that true?

Setting up the my Social Security account is definitely the best way. The site will show you three estimates: early retirement (62), full retirement age (66-67 depending on birth year), and maximum benefit (70). The estimates are based on your actual earnings record plus an assumption about your future earnings until retirement. For people born in 1964 or later, Full Retirement Age is 67, not 65. For each month you claim before FRA, your benefit is permanently reduced. For example, claiming at 62 instead of 67 results in about a 30% lower monthly benefit for life. The site also shows how your benefit would be affected if you become disabled or die (survivor benefits for your family). Really helpful for planning!

I just checked mine yesterday and was SHOCKED how low it is! Only $1,723 at my full retirement age even though I've worked 31 years! This system is a joke, I've put in thousands and will never get it back. My dad gets more than that and only worked at the post office for 20 years. Something fishy going on with how they calculate these amounts if you ask me...

just go on ssa website and find the calculator. not hard. i did it and it takes 5 mins, shows you what youll get at 62, 67 and 70. the diff between 62 and 70 is huge btw like almost double

When I tried to use the SSA website to get my benefit amount, I kept getting kicked out. After wasting hours trying to verify my identity online and getting nowhere, I found this service called Claimyr (claimyr.com) that got me through to an actual SSA representative in under 20 minutes. They have a video that shows how it works: https://youtu.be/Z-BRbJw3puU The agent was able to verify my identity over the phone and tell me my exact benefit amounts for different retirement ages. Way better than fighting with the website or waiting hours on hold. The rep also explained how they calculate the amount based on my work history.

My neighbor's daughter works at SS and she says the best thing is 2 call EARLY in the morning like right when they open!!! That's what I did and only waited 25 mins. Better then waiting all day!!!!

Another important thing to understand is how your benefit amount is calculated. Social Security uses your highest 35 years of earnings (adjusted for inflation) to calculate your Average Indexed Monthly Earnings (AIME). Then they apply a formula to your AIME to determine your Primary Insurance Amount (PIA), which is your benefit at Full Retirement Age. If you have fewer than 35 years of earnings, the missing years count as zeros in the calculation. This is why working longer can sometimes significantly increase your benefit - you're replacing zero or low-earning years with higher-earning years in the calculation. Also, your benefit amount will receive Cost-of-Living Adjustments (COLAs) to keep up with inflation, both before and after you begin receiving benefits.

One more thing to consider - if you were married for at least 10 years, you might be eligible for spousal benefits based on your ex-spouse's record. You could receive up to 50% of their benefit amount if that's higher than your own benefit. This doesn't affect their benefit at all, and they don't even need to know you're claiming on their record. Also, if you're currently married, make sure you understand survivor benefits. If your spouse passes away, you'd be eligible to receive their full benefit amount if it's higher than your own.

Everyone's talking about the website but my grandson helped me call the Social Security number (1-800-772-1213) and they mailed me a statement that showed all my options. Took about 2 weeks to get it. Shows what I'd get at 62, 67, and 70. I'm going with 67 since my health isn't great and I need the money. Don't believe what the financial advisors say about always waiting - sometimes taking it earlier makes sense!