This calculator provides estimates based on current Social Security formulas and your inputs. Actual benefits may vary based on future changes to Social Security laws, your actual earnings history, and other factors. For a precise estimate, consult your official Social Security statement.

The optimal age depends on your personal circumstances. Claiming at 62 gives you more payments but at a reduced rate. Waiting until 70 gives you the highest monthly benefit. Full retirement age (typically 67) balances these factors for most people.

Social Security benefits are based on your highest 35 years of earnings. Your monthly benefit is calculated by adjusting your historical earnings for inflation, averaging your highest 35 years, and applying a formula that replaces more of lower earnings than higher ones.

Yes, but if you haven't reached full retirement age, your benefits may be reduced if your earnings exceed certain limits. Once you reach full retirement age, you can work without any reduction in your Social Security benefits.