What is my full retirement age?
It depends on your birth year. For anyone born in 1960 or later, it is 67. Earlier birth years have slightly younger full retirement ages.
Social Security and pensions
How Does Social Security Fit Into Retirement Income?
For most retirees, Social Security is the foundation of retirement income. It pays a monthly benefit for life, generally adjusts each year for inflation, and can continue in part for a surviving spouse. Your benefit is based on your highest 35 years of earnings and the age you start. Savings, pensions and annuities are usually planned around it to fill the rest of your monthly need.
Written and reviewed by Dan Hopwood, Retirement Income Specialist · Retirement Income Knowledge Center · Last reviewed
How your benefit is figured
Social Security looks at your highest 35 years of earnings, adjusted for wage growth. From that, it calculates your full benefit at your full retirement age. For people born in 1960 or later, full retirement age is 67.
The most reliable number to use is your own estimate from a my Social Security account on ssa.gov.
When you start changes the amount
- You can start as early as 62, but the monthly benefit is permanently reduced.
- At full retirement age, you receive your full benefit.
- If you wait past full retirement age, your benefit grows until age 70.
Where Social Security fits
Illustrative monthly picture
- Desired monthly income
- $5,000
- Social Security
- $2,900
- Share covered by Social Security
- 58%
- Left for other sources
- $2,100
Illustration only. Use your own Social Security estimate for a meaningful result.
Taxes on benefits
Depending on your other income, part of your Social Security benefit may be subject to federal income tax. Withdrawals from tax-deferred accounts can increase the share that is taxable. This is one reason income sources should be looked at together.
See your own monthly retirement income picture
Enter the income you want and the income you expect from Social Security, pensions and other sources. The calculator estimates any monthly gap in about two minutes.
Open the Retirement Income Gap CalculatorFree • Results on-screen right away • No email required
Common questions
Will Social Security be there when I retire?
Benefits are set by law, and Congress can change them. The Social Security Administration publishes yearly reports on the program's finances. Plans often test what happens if benefits change.
Can I work and collect Social Security?
Yes, but if you claim before full retirement age and earn above a yearly limit, some benefits are temporarily withheld. The limits are published by the Social Security Administration.
How much of my income will Social Security replace?
It depends on your earnings history and claiming age. Social Security was designed to replace only part of pre-retirement earnings, with a higher share for lower earners. Your personal estimate at ssa.gov shows your projected benefit.
Is Social Security taxable in retirement?
Part of your benefit can be taxable depending on your total income, including withdrawals from tax-deferred accounts. The IRS explains how the taxable portion is figured. A tax professional can apply the rules to your situation.
How is my Social Security benefit calculated?
It is based on your highest 35 years of earnings, adjusted for wage growth, and the age you claim. Years with no earnings count as zeros. Your personal estimate at ssa.gov uses your actual record.
What happens if I keep working after full retirement age?
Once you reach full retirement age, working does not reduce your Social Security check. Extra earnings can even raise your benefit if they replace a lower year in your record. Your benefit may still be partly taxable.
Is Medicare deducted from my Social Security check?
If you receive Social Security and are enrolled in Medicare Part B, the premium is usually deducted from your monthly payment. That means your deposit is smaller than your gross benefit. Plan with the net amount.
Does Social Security count toward closing my retirement income gap?
Yes. Social Security is often the largest source of steady income, so it directly shrinks the gap your savings must cover. Using your actual estimate rather than a guess makes the gap calculation more accurate.
Authoritative sources
This page is educational and general in nature. RetirementLeverage™ and Retirement Planning Store, Inc. do not provide individualized investment, securities, tax, or legal advice; please consult a qualified tax professional or attorney about your own situation. Insurance products and services may not be available in every state, and any guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.