Estimate your Social Security benefit at 62, 67, and 70. 2026 COLA, FRA rules, and optimization strategies.
Your Social Security benefit is based on your highest 35 years of earnings, adjusted for inflation. The SSA calculates your Primary Insurance Amount (PIA), which is your benefit at Full Retirement Age (FRA) — age 67 for those born in 1960 or later.
Claiming early at 62 permanently reduces your benefit by up to 30%. Delaying to 70 increases it by 8% per year above FRA — a 24% boost over waiting until 67. This breakeven analysis is critical: if you live past ~80, delaying typically pays off more.
The average Social Security benefit in 2026 is approximately $1,920/month after the annual cost-of-living adjustment (COLA). Maximum benefit for someone who waited until 70 and had maximum earnings is approximately $4,873/month.
Tip: Visit SSA.gov/myaccount for your personalized benefit estimate based on your actual earnings history.
After the 2026 COLA adjustment, the average Social Security benefit is approximately $1,920/month. The maximum for someone who delayed to 70 with maximum earnings is about $4,873/month.
It depends on your health, other income, and longevity expectations. Waiting until 70 maximizes lifetime benefits if you live past ~80. Claiming at 62 makes sense if health is poor or you need the income.
The SSA takes your highest 35 years of inflation-adjusted earnings, calculates your Average Indexed Monthly Earnings (AIME), then applies a progressive benefit formula to get your Primary Insurance Amount (PIA).