How Much Social Security Will I Get at Age 63?
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Your actual benefit may be lower or higher than estimate made with this calculator, because it does not take into account your actual earnings history.
We assume you have earnings every year until you begin receiving Social Security benefits. If you had several years of noncovered employment or your earnings changed significantly from year to year, this calculator will overestimate or underestimate your benefit.
This is your estimated benefit
if you begin taking Social Security at age 62
This is your estimated benefit
if you begin taking Social Security at age 67
Estimated benefits from age 62 to 70
Social Security break-even age
Your break-even point is the age at which the cumulative amount you may receive if you file later equals the cumulative amount you may receive if you file early. It signifies the point at which it may "pay off" to wait.
Age 77.6 is the age at which the total number of dollars you receive if you retire at age 70 exceeds the total number of dollars you'll receive if you retire at 67.
About these results
We estimated and then indexed your past earnings by using your current annual salary, the national average wage indexing series and the Social Security Administration's annual wage base.
We assume that people age 18 to 22 are less likely to have full-time earnings.
Future earnings are based on correct annual salary and expected annual salary increase.
With the exception of the indexing factor applied to past earnings, the calculations do not include an inflation rate. The results are presented in today's dollars.
What’s my full retirement age and how does it affect my benefit at age 63?
Full retirement age for Social Security
| Year you were born | Full retirement age | If you start receiving benefits at 62, your retirement benefit is reduced by... |
|---|---|---|
| 1943 through 1954 | 66. | 25%. |
| 1955 | 66 and 2 months. | 25.83%. |
| 1956 | 66 and 4 months. | 26.67%. |
| 1957 | 66 and 6 months. | 27.5%. |
| 1958 | 66 and 8 months. | 28.33%. |
| 1959 | 66 and 10 months. | 29.17%. |
| 1960 and later | 67. | 30%. |
What's your financial need?
- For every month before full retirement age that you start claiming benefits (up to 36 months), your benefit amount drops by 5/9 of 1%.
- Additionally, for each month before retirement age that you start claiming benefits that exceeds 36 months, your benefit drops by 5/12 of 1% .
- Your income. The more you earn during your working years, the higher your benefits are. The Social Security Administration adjusts (or “indexes”) each year’s earnings for inflation and then calculates your average indexed monthly earnings for your 35 highest-earning years. It then applies a formula to this figure to determine your “primary insurance amount,” which is the amount you’ll receive if you claim benefits at full retirement age.
- Your age at retirement. If you retire before you’ve reached full retirement age, you’ll receive a reduced benefit, and if you delay retirement beyond full retirement age, your benefit increases incrementally until age 70.
- Cost-of-living adjustment. You become eligible for Social Security’s cost-of-living adjustments at age 62, and from then on, all cost-of-living increases apply to your benefit amount — even if you don’t actually begin receiving Social Security until 70.
- If you’re eligible for a government pension. If you didn’t pay Social Security tax on your government earnings, a different formula that reduces your benefits may apply.
Does it pay to delay retirement?
- For those born in 1943 or later, this increase is ⅔ of 1% per month (8.0% annually).
- After age 70 there are no further increases to your benefit amount, no matter how long you wait .
- If you do decide to delay retirement beyond 65, remember to still sign up for Medicare at 65.
Article sources
- 1. Social Security Administration. Early or Late Retirement?. Accessed Apr 17, 2023.
- 2. Social Security Administration. Delayed Retirement Credits. Accessed Oct 24, 2025.
AD Advertisement