Social Security Benefits Calculator
Working hard during our adult years gives us many benefits to look forward to, and one of those is our Social Security Benefit. Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increase each year based on increases in the Consumer Price Index.
Financial Calculators from
Social Security Inputs:
Press spacebar to hide inputs
Social Security may provide $54,513
Your current age.
Age at retirement
Age at which you plan to retire.
Your total annual income. If you are married, this should not include your spouse's income. When we calculate your Social Security benefit, if you check the married box, the total is increased to include an additional 50% of your benefit for your spouse. If your spouse will be collecting their own benefit, do not check the "married" box. You will need to run the calculator separately for their income.
Expected salary increase
Annual percent increase you expect in your annual income.
Expected rate of inflation
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2018 the CPI has a long-term average of 2.9% annually. Over the last 40 years highest CPI recorded was 13.5% in 1980. For 2018, the last full year available, the CPI was 2.2% annually as reported by the Minneapolis Federal Reserve.
Include spousal benefit?
Check this box if you are married and wish to include a spousal benefit in the calculation. Married couples with only one spouse who works have a higher maximum Social Security benefit than single wage earners.
Social Security income
Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice – once for each spouse and their respective income. This calculator provides only an estimate of your benefits.
The calculations use the 2019 FICA income limit of $132,900 with an annual maximum Social Security benefit of $34,332 ($2,861 per month) for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). This calculator rounds your age of full Social Security benefits to the next highest full year. If your birthdate is between 1955 and 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1954. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
Why Use The Social Security Benefits Calculator?
Thinking ahead is important. Research and careful planning are vital tools at our disposal while we prepare to enjoy a well-earned retirement. After all, your retirement years are an excellent time to do all of the amazing things you never got the chance to do before. What better way to ensure you are able to take advantage of this than by being as informed as possible about your future financial situation?
This Social Security Benefits Calculator is able to give you an estimate of what you can potentially look forward to receiving in social security benefits. All you need to do is input some basic information and the calculator will give you estimated figures based on these figures. Please note, the calculator makes the assumption that you have enough credits to qualify.
Another highly useful feature of the Social Security Benefits Calculator is the ability to see what your monthly and yearly amounts will be depending on the age you retire. Simply click View Report and scroll down, after putting all of your information into the calculator. You may be surprised to see how much more per month you can expect to receive if you work for 2 or 3 extra years!
How To Use The Social Security Benefits Calculator
Not sure where to start? Let us help you:
- Input your current age and the age you expect to retire, either by typing directly into the white boxes or by using the sliders
- Add your current annual income and the average percentage by which you expect it to increase throughout your working life
- Unless you know otherwise, leave the Expected Rate of Inflation box as it is
- If you are married, and your partner does not work, tick the box to indicate this.
- If on the other hand your spouse does work, they will be entitled to their own Social Security Benefit. To get an accurate picture of your joint situation, it is best if you calculate your benefits separately and add them together afterwards.
- Click Calculate and you will see your result – for example "Social Security may provide $21,000."
Who is this Calculator for?
This calculator is most useful if you:
- Would like to know whether your current salary is sufficient to support your lifestyle after you retire
- Are thinking about potential retirement ages and would like to know how that will affect your post-retirement benefits
- Are looking to purchase a home and want to be as informed as possible about your future financial situation
What if I don’t know my expected salary increase?
Generally, our salaries increase steadily as we progress through our working lives, adapting to ever-changing needs. Typically, many people can expect a 2% increase averaged out over their career. If you believe that this does not apply to you, or you would just not like to count on it, you can just type 0% for this box, or a smaller amount such as 1%. The intention of the Social Security Benefits Calculator is simply to provide an estimate, so you can afford to be slightly incorrect.
Why is my Social Security Benefit much higher when I tick the ‘Married’ box?
Including a spouse increases your Social Security Benefits by 1.5 times your individual estimated benefit. Or to put it another way, it gives you an extra 50% on top of what you would normally receive. This is to support people whose spouses do not work and therefore have no Social Security Benefit of their own.
If your spouse does work, they will be collecting their own Social Security Benefits post-retirement, so do not check the Married box in this case. You will need to run the calculator separately for their income in order to ascertain your total.
Other Mortgage and Financial Calculators
In addition to the standard mortgage calculator, this page lets you access more than 100 other financial calculators covering a broad variety of situations. Choose from calculators covering various aspects of mortgages, auto loans, investments, student loans, taxes, retirement planning and more.
- Adjustable Rate Mortgage Calculator
- Interest Only ARM Calculator Overview
- How much can I borrow?
- Mortgage comparison: 15 years vs 30 years
- Balloon Loan Calculator
- ARM vs. Fixed-Rate Mortgage Calculator
- APR Calculator for Adjustable Rate Mortgages
- Bi-weekly Payment Calculator
- Blended Rate Mortgage Calculator
- Fixed Rate Mortgage vs. Interest Only ARM calculator
- Mortgage Tax Savings Calculator
- Rent vs. Buy Calculator
- Mortgage Payoff Calculator
- Mortgage Required Income Calculator
- Interest-Only Mortgage Calculator
- Mortgage Qualifying Calculator
- Mortgage Calculator Simple (PITI) - Mortgage Calculation
- Mortgage APR Calculator
- Bi-Weekly Payment Calculator For an Existing Mortgage
- Enhanced Loan Calculator
- Existing Loan Calculator
- Mortgage Debt Consolidation Calculator
- Mortgage Points Break-Even Calculator
- Refinance Break-Even Calculator
- Refinance Calculator
- Auto Rebate vs. Low Interest Financing
- Bi-weekly Payments for an Auto Loan Calculator
- Dealer Financing vs. Credit Union Financing Calculator
- Auto Lease vs. Auto Buy Calculator
- Home Equity vs. Auto Loan Calculator
- Auto Loan Calculator
- Bi-weekly Payments for an Auto Loan Calculator
- Auto Loan Payoff Calculator
- Retirement Income Calculator
- 401(k) Net Unrealized Appreciation Calculator
- 401(k) Savings Calculator
- 403(b) Savings Calculator
- 457 Savings Calculator
- 72(t) Distribution Impact Calculator
- Beneficiary Required Minimum Distributions
- Pension Plan Retirement Options
- Retirement Contribution Effects Calculator
- Retirement Planner
- Roth vs. Traditional IRA Calculator
- 72(t) Distribution Options Calculator
- Social Security Benefits Calculator