Social Security Benefits Evaluator - T. Rowe Price

Note: The Social Security Benefits Evaluator tool has been retired. For more information on how Social Security benefits fit into your retirement income picture, continue reading below and visit FuturePath®, a retirement planning resource.

Social Security Basics

Social Security benefits can play a very big role in many retirees' incomes—accounting for 50% or more of all income for about half of married retirees, according to the Social Security Administration.*

You can begin taking these benefits as early as age 62 or as late as age 70. Delaying taking Social Security benefits can significantly increase your retirement income. Each year you wait to take benefits will increase the amount you receive annually by approximately 7% to 8%, plus possible inflation adjustments. Conversely, your Social Security benefits are permanently reduced if you start taking payments before your full retirement age (FRA).

For example, if you decide to take your benefits at your FRA and not when you are first eligible (age 66 versus age 62), you could see a 37% increase in annual Social Security benefits; delaying until age 70 increases this benefit by 86%.

To understand how your Social Security benefits fit into to your retirement income picture, visit our FuturePath® planning tool.


SS Chart

*SSA Publication No. 13-11785 Released: August 2013

Visit These Websites for Additional Information:

Visit to view your earnings history and check your benefit amounts.

Try out the U.S. Social Security Administration's Retirement Estimator:

Questions and answers from the U.S. Social Security Administration: