Social Security Benefit Scenario Comparison

Build scenarios to compare your Social Security monthly benefits based on earnings, retirement age, and Cost-of-Living Adjustment (COLA).

Start Year

Year to begin displaying data

Birth Year
Planned Claiming Age

You must be at least 62 to begin collecting benefits

$

Average Annual Income ($)

Estimated average yearly earnings used to calculate benefit

Average COLA (%)

Cost-of-Living Adjustment applied annually after claiming

Life Expectancy Age

Your estimated life expectancy

  • This calculator uses a simplified formula to estimate Social Security benefits. It assumes a linear relationship between income and the Primary Insurance Amount (PIA), and uses your claiming age to adjust the benefit according to Social Security Administration (SSA) rules.
  • The annual benefit increases each year after claiming based on your specified Cost-of-Living Adjustment (COLA), which averages around 2.6% historically but is not guaranteed.
  • This tool assumes you begin collecting benefits at a fixed age and continue receiving them annually for the number of years you specify. It does not account for taxes, spousal benefits, or income-related reductions.
Disclaimer: The financial calculators and content on this website are for informational and educational purposes only. They are not intended as financial, tax, or investment advice. All results are estimates based on the data you provide and assumptions made by the model. Actual outcomes may vary significantly. Please consult a licensed financial advisor before making any financial decisions.Privacy Policy|Terms of Use