Social Security Benefit Estimator

What is the break-even age for delaying Social Security?

If you delay from 62 to 67 (FRA), your monthly benefit increases ~30%. The break-even point where total lifetime benefits equal each other is roughly age 78–80. If you expect to live past 80, delaying is typically better; if health concerns suggest a shorter lifespan, claiming early may be better. Consider other factors: spouse benefits, taxes, and cash flow needs.

How much of Social Security is taxable?

If your "combined income" (AGI + non-taxable interest + 50% of SS benefits) is under $25,000 (single) or $32,000 (MFJ), your benefits are not taxed. Up to 50% is taxable between $25K–$34K (single). Up to 85% is taxable above $34,000 (single) or $44,000 (MFJ). At least 12 states also tax Social Security benefits.

Can I work while collecting Social Security before FRA?

Yes, but there's an earnings test before FRA. In 2024, if you claim before FRA, $1 in benefits is withheld for every $2 you earn above $22,320. In the year you reach FRA, $1 is withheld for every $3 above $59,520 (for months before your FRA birthday). After FRA, you can earn unlimited income without any reduction.

What are spousal and survivor benefits?

A spouse can claim up to 50% of the other spouse's PIA (at FRA). A surviving spouse can receive 100% of the deceased's benefit. These can significantly impact the optimal claiming strategy — generally, the lower-earning spouse should claim early and the higher earner should delay to maximize the survivor benefit.