(NewsNation) — Millions of Americans count on Social Security benefits to make ends meet, so it’s important to know how much you can expect each month.
This year, almost 68 million people will receive a Social Security benefit each month. The vast majority of beneficiaries, roughly 75%, are retired workers who received an average monthly check of $1,918 as of June.
But the size of that benefit varies depending on how long you worked, how much you made over your career and when you started collecting.
You can use the NewsNation Social Security calculator to estimate your monthly benefit.
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Social Security Calculator
Estimate your Social Security benefits based on your current salary and planned retirement age.
function sscValidateDate(date) {
const regex = /^(0[1-9]|1[0-2])\/(0[1-9]|[12][0-9]|3[01])\/(19|20)\d{2}$/;
return regex.test(date);
}
function sscCalculateAIME(salary) {
return salary / 12;
}
function sscCalculatePIA(aime) {
const firstBendPoint = 1174;
const secondBendPoint = 7078;
if (aime <= firstBendPoint) {
return aime * 0.9;
} else if (aime <= secondBendPoint) {
return (firstBendPoint * 0.9) + ((aime – firstBendPoint) * 0.32);
} else {
return (firstBendPoint * 0.9) + ((secondBendPoint – firstBendPoint) * 0.32) + ((aime – secondBendPoint) * 0.15);
}
}
function sscAdjustForRetirementAge(pia, retirementAge, fullRetirementAge) {
if (retirementAge < fullRetirementAge) {
const monthsEarly = (fullRetirementAge – retirementAge) * 12;
const reduction = monthsEarly fullRetirementAge) {
const delayedYears = Math.min(3, retirementAge – fullRetirementAge);
return pia * (1 + delayedYears * 0.08);
}
return pia;
}
function sscCalculateBenefit() {
const dob = document.getElementById(‘ssc-dob’).value;
const salary = parseFloat(document.getElementById(‘ssc-salary’).value);
const retirementAge = parseFloat(document.getElementById(‘ssc-retirementAge’).value);
const resultDiv = document.getElementById(‘ssc-result’);
const dobError = document.getElementById(‘ssc-dobError’);
if (!sscValidateDate(dob)) {
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resultDiv.textContent=””;
return;
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if (!salary || !retirementAge) {
resultDiv.textContent=”Please fill in all fields correctly.”;
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const [month, day, year] = dob.split(‘/’);
const birthDate = new Date(year, month – 1, day);
const currentDate = new Date();
const age = currentDate.getFullYear() – birthDate.getFullYear();
const fullRetirementAge = 67; // Assuming full retirement age is 67
const yearsUntilRetirement = Math.max(0, retirementAge – age);
const aime = sscCalculateAIME(salary);
let pia = sscCalculatePIA(aime);
pia = sscAdjustForRetirementAge(pia, retirementAge, fullRetirementAge);
// Apply maximum benefit cap
const maxBenefit = 3822; // Maximum benefit for 2024
pia = Math.min(pia, maxBenefit);
resultDiv.textContent = `Estimated monthly benefit at age ${retirementAge}: $${pia.toFixed(2)}\n\n` +
`Calculation Overview:\n` +
`1. Average Indexed Monthly Earnings (AIME): $${aime.toFixed(2)}\n` +
`2. Primary Insurance Amount (PIA): $${sscCalculatePIA(aime).toFixed(2)}\n` +
`3. Adjusted for retirement age: $${pia.toFixed(2)}\n\n` +
`This estimate is based on your current salary of $${salary.toFixed(2)} and assumes you continue working until age ${retirementAge}.\n` +
`You have approximately ${yearsUntilRetirement} years until your planned retirement.\n\n` +
`Please note: This is a simplified calculation and may not reflect all factors considered by the Social Security Administration. For a more accurate estimate, please visit the official Social Security Administration website.`;
}
Data shows most people claim benefits before their full retirement age, which reduces their monthly paycheck.
A person who starts collecting retirement benefits at the earliest age, 62, would see their monthly check permanently lowered by roughly 30% if their full retirement age is 67. That means a $1,000 benefit would be cut to $700.
On the other hand, those who delay their Social Security benefits see an 8% boost each year until they turn 70. In other words, a retired worker can earn up to 124% of their full benefit by waiting until they’re 70. Research suggests it’s best to wait if you can afford to.
Here’s how the maximum Social Security retirement benefit breaks down in 2024:
- Retired at earliest retirement age (62): $2,710 per month
- Retired at full retirement age: $3,822 per month
- Retired at age 70: $4,873 per month
How is Social Security paid for, and why is there a problem?
Social Security is primarily funded through a payroll tax with employees and employers each paying 6.2% of wages. An additional 4% of the program’s funds come from taxing Social Security benefits, according to the Peter G. Peterson Foundation.
Those revenues are credited to two federal trust funds, which are used to pay current and future Social Security benefits.
But there’s a problem: The population is aging, and those funds are running out of money. In roughly a decade, millions of Americans will see their Social Security benefits slashed if Congress doesn’t shore up the program.
The last major Social Security overhaul was in 1983 when the federal government gradually raised the eligibility age from 65 to 67. When that happened, Social Security insolvency was just months away — a sign it could be some time before lawmakers take action.
Social Security benefits represent about 30% of the income for people over the age of 65, and the number of Americans in that age group is projected to rise from 58 million in 2022 to 82 million by 2050.
