Social Security Calculator
Calculate your maximum lifetime Social Security benefit
Project Your Entire Retirement Income Plan
Analyze your future income, expenses, and net worth with one free app.
Social Security Benefits
Social Security is the foundation of your retirement income. You can typically elect your Social Security benefits between the age of 62 and 70, with full retirement age between 66 and 67 years old, depending on your date of birth.
Social Security benefits increase by 8% each year you delay after the age of 62. When you elect at 70, you can increase your benefits up to 132%. By delaying your benefits, you will be able to lock in higher benefits to secure your lifetime income. With Silvur, you will see how each decision impacts your retirement finances through a holistic view in the free app.
How We Calculate Benefits
Our Social Security calculator estimates the ideal age on when you should elect your benefits. It calculates your lifetime maximum benefits based on a few pieces of personal information.
Your benefits are based on your lifetime salary and how long you’ve contributed to Social Security. Based on your last full-time wage, we use the average lifetime real earnings, outlined from the Department of Labor, to project your estimated lifetime earnings.
Our calculator assumes you’ve contributed 40 qualifying quarters (10 years) of covered Social Security wages.
Your life expectancy should be taken into consideration when collecting your benefits. If you think your life expectancy will be longer than average, then deferring makes sense.
In Silvur, life expectancy is factored into your Social Security calculations—providing you a better estimate. By downloading Silvur, Silvur uses your birth date and gender to determine the average life expectancy based on the Social Security Administration’s Period Life Table. Silvur projects your maximum benefits as part of your complete financial retirement plan. Get Silvur to plan your retirement income.