How Social Security works out your benefit
Your benefit starts from your earnings history. Social Security takes your taxed earnings for each year and raises the older years in line with how much wages have grown since, so a $20,000 year in 1995 counts like a much bigger year today. It then picks your 35 highest adjusted years, adds them up and divides by 420, the number of months in 35 years. That figure is your average indexed monthly earnings.
Next comes a formula with two bend points that favours lower earners. You get 90% of the first slice of your average, 32% of the middle slice and 15% of anything above. For people turning 62 in 2027, the slices break at $1,340 and $8,077. The result is your primary insurance amount, the monthly benefit at full retirement age, and it rises with every yearly cost-of-living raise from age 62.
Claiming early cuts that amount for life, by about 30% at 62 if your full retirement age is 67. Waiting past full retirement age adds 8% for each year, up to age 70. This calculator shows all nine ages so you can see the trade-off in dollars, and the when to claim calculator shows which pays more over a lifetime.
Getting your earnings record
The most accurate estimate comes from your real record. Sign in to your my Social Security account at ssa.gov, open your Statement and find the earnings record. You can download it as an XML file and upload it above, or select the table and paste it. Check the years while you are there: a missing year is worth fixing with Social Security, because it can cost you money for the rest of your life.
Questions
Where do I get my earnings record?
Sign in at ssa.gov/myaccount and open your Social Security Statement. The "Earnings record" section lists your taxed earnings for every year, and there is a link to download it as an XML file. Upload that file here, or copy the table and paste it in.
Is my file sent anywhere?
No. The calculation runs in your browser. Your earnings never leave your device and nothing is stored.
Why is my number different from my Statement?
Your Statement assumes you keep earning about what you earned last year until you claim. This calculator uses only the years you enter, plus any future earnings you add. Add your expected future pay to match the Statement more closely.
What are the 35 years?
Social Security adjusts each year of earnings for wage growth, then averages your 35 highest years. Fewer than 35 years means zeros fill the gap, which lowers your benefit. Each extra year of work can replace a zero or a low year.
Does a public pension reduce this?
Not anymore. The Social Security Fairness Act ended the Windfall Elimination Provision and the Government Pension Offset from January 2024, so a pension from work outside Social Security no longer cuts your benefit.