Try Out the GPS

Explore a simplified version of Social Security GPS.

INITIAL
RETIREMENT AMOUNT:
Drive Me
YOUR OVERLOOK

Answer the questions to see your retirement projection here.

Early Retirement Rules
You can start benefits as early as 62.
Each month you start before full retirement age lowers your check, for life.
Earn above the yearly limit while working and part of your check is held back.
CAUTION: MEDICARE ENROLLMENT
Medicare eligibility starts at 65 even if you delay Social Security.
Your sign-up window is the 7 months around your 65th birthday.
Miss it without employer coverage and you can pay a higher premium for life.
Full Retirement Rules
At full retirement age (FRA) you get 100% of your benefit.
FRA is 67 if you were born in 1960 or later, and 66 to 67 for earlier years.
From your FRA month on, working no longer reduces your check.
Delayed Retirement Rules
Every month you wait past FRA adds to your check, up to age 70.
That's about 8% more per year, locked in for life.
Waiting past 70 earns nothing more.
  • Early Retirement
  • Full Retirement Age (FRA)
  • Delayed Retirement

Calculates your Social Security payments based on information about you and your selected start date. No name or email required. Answers are stored in this browser for 24 hours. This version screens out former-spouse benefits, benefits already being received (including disability), and railroad or foreign-work cases. For a fuller questionnaire, use a free full account. Railroad and foreign-work cases still need individual review with the relevant agency.

Early Retirement

Age 62 up to your full retirement age

What happens to your check

  • Your benefit is reduced for every month you claim before full retirement age (FRA). The reduction is permanent.
  • About 6.7% less per year for the first 3 years before FRA, then 5% per year beyond that.
  • Claiming at 62 with an FRA of 67 pays about 70% of your full benefit.
Example: a $2,000 benefit at FRA 67 pays about $1,400 a month if you start at 62.

If you keep working

  • Before the year you reach FRA: $1 is withheld for every $2 you earn above $24,480.
  • In the year you reach FRA: $1 for every $3 above $65,160, counting only the months before your FRA month.
  • Only wages and self-employment income count. Pensions, investment income, and account withdrawals don't.
  • Withheld months aren't lost. At FRA, Social Security recalculates your benefit to credit them.

Your spouse

  • Starting early doesn't change the spousal benefit your spouse can get on your record.
  • It can lower what your spouse would receive as a survivor.

When this can make sense

  • You need the income now.
  • Your health or family history points to a shorter retirement.
  • Taking Social Security lets your other savings keep growing.
Do I need income now, and is the permanent reduction worth it?

Full Retirement Age

100% of your benefit, no reduction and no credits

Your full retirement age

Born 1943 to 195466
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 or later67

What happens to your check

  • At full retirement age (FRA) you receive your full benefit. This is the amount on your Social Security statement.
  • No reduction for claiming early, no credit for waiting.

If you keep working

  • Starting with your FRA month, earnings no longer reduce your benefit, no matter how much you make.
  • In the year you reach FRA, a higher limit of $65,160 applies, and only earnings in the months before your FRA month count.

Your spouse

  • Your spouse's survivor benefit would be based on your full amount.

When this can make sense

  • You want the full benefit without waiting longer.
  • You're leaving work around this age anyway.
  • You want a middle path between income now and a bigger check later.
Does claiming now meet my income needs while leaving room for the rest of the plan?

Delayed Retirement

After your full retirement age, up to 70

What happens to your check

  • Each month you wait past full retirement age (FRA) earns a delayed retirement credit: two-thirds of 1% per month, 8% per year.
  • Credits stop at 70. Waiting past 70 adds nothing.
  • With an FRA of 67, waiting to 70 pays 124% of your full benefit. With an FRA of 66, up to 132%.
Example: a $2,000 benefit at FRA 67 becomes about $2,480 a month if you start at 70.

If you keep working

  • Earnings don't reduce your benefit after FRA.
  • Social Security uses your highest 35 years of earnings. Working past FRA can raise your benefit if a new year replaces a lower one.

Your spouse

  • Delayed credits raise what your surviving spouse would receive on your record.
  • They don't raise your spouse's spousal benefit while you're both living. That tops out at half your full benefit.

When this can make sense

  • You expect a long retirement.
  • You have savings, a pension, or work income to cover the years before 70.
  • You want the largest possible survivor benefit for your spouse.
Can I cover the gap until the bigger check starts, and is the trade worth it?

Medicare Enrollment

Age 65, a separate decision from Social Security

The basics

  • Medicare eligibility begins at 65 whether or not you've claimed Social Security.
  • If you're already receiving Social Security at 65, you're enrolled in Parts A and B automatically.
  • If you're not, you have to sign up yourself.

Your window

  • Initial enrollment runs 7 months: the 3 months before your 65th birthday month, that month, and the 3 months after.
  • Miss it and Part B coverage can be delayed and cost more.

The penalty

  • Part B late enrollment adds 10% to your premium for each full year you could have had Part B but didn't.
  • The penalty is permanent.

The exception

  • If you or your spouse are still working and covered by that employer's group plan, you can delay Part B without penalty.
  • When that coverage ends, you have 8 months to enroll.
  • COBRA and retiree coverage don't count as employer coverage for this purpose.
At 65, do I have employer coverage that lets me wait, or do I need to enroll now?