Social Security benefits replace a portion of your pre-retirement earnings. This calculator uses a simplified formula based on your average indexed monthly earnings (AIME), the age you plan to claim, and annual cost-of-living adjustments (COLA). The basic equation is: , where is the estimated monthly benefit, is your average monthly earnings, is a replacement rate based on retirement age, and is the COLA rate applied over years until retirement.
The actual Social Security Administration formula is more complex and uses bend points to weight different portions of your income. This tool provides a rough projection so you can plan ahead. For more precise numbers, consider reviewing your official Social Security statement or consulting a financial professional.
| Retirement Age | Approx. Replacement Rate |
|---|---|
| 62 | 70% |
| 67 | 100% |
| 70 | 124% |
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