Others should use the calculator as if they were single. The AARP calculator estimates Social Security benefits for single people who have never been married, for married couples, and for divorced individuals whose marriage lasted at least 10 years and who have not remarried. For example, if you were divorced after 10 years of marriage, you may be able to base your Social Security payments on your ex-spouse’s salary. Your marital status can also be a factor. Payments don’t increase if you wait to collect past 70. And he or she would get $2,455, the maximum benefit on those earnings, by waiting until age 70.
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The same person would get $1,980 a month by waiting until the full retirement age of 67. If you can wait until 70 to start collecting, you’ll receive your maximum monthly benefit.Ī single person born in 1961 who has averaged a $50,000 salary, for example, would get $1,386 a month by retiring at 62, the earliest age to start collecting. You can start collecting at the minimum retirement age of 62, but you’ll get a bigger monthly payment if you wait until full retirement age, which is 66 but is gradually moving to 67 for people born in 1960 or after. Your Social Security benefit also depends on how old you are when you first take it.
You can get your earnings history from the Social Security Administration (SSA). Your monthly retirement benefit depends on how much you’ve earned over your lifetime at jobs for which you paid Social Security taxes and is based on the highest 35 years of your salary history. Your retirement benefit is based on how much you’ve earned over your lifetime at jobs for which you paid Social Security taxes. Our simplified estimate is based on two main data points: your age and average earnings. How does the calculator estimate my retirement benefits payment?
It can also tell you how your retirement earnings will be affected if you keep working after you claim your Social Security benefit.
Our tool also helps you see what percentage of daily expenses your payments can cover, and how you can increase your benefits by waiting to collect. The calculator provides an estimate of your Social Security benefits, based on your earnings history and age. What does AARP’s Social Security Calculator do?
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