The First Premier Bank Social Security Calculator shows when to claim Social Security by totaling your benefit at every claiming age from 62 to 70, up to the age you plan to live to. Enter the monthly amount at 67 from your SSA statement and a planning age, and read the nine totals.
It's an illustration, not a forecast. Nobody knows how long they'll live, and the totals leave out cost-of-living raises and taxes.
How the estimate works
The calculator takes your monthly benefit at full retirement age, which is 67 for anyone born in 1960 or later. For each claiming age it applies the standard reduction or delayed-retirement credit: 70% of that amount at 62, 100% at 67, 124% at 70. Then it multiplies the monthly amount by the months from the claiming age to your planning age.
Here's a hypothetical: $3,100 a month at 67, planning to live to 90. Claiming at 62 pays $2,170 a month, about $729,120 in total. Waiting to 70 pays $3,844 a month, about $922,560. The gap is $193,440 over those years, before raises and taxes. Every projection carries uncertainty, and benefits you never live to collect can't be recovered.
| Start age | Per month | Total to plan age |
|---|---|---|
| 62 | $2,170 | $729,120 |
| 63 | $2,325 | $753,300 |
| 64 | $2,480 | $773,760 |
| 65 | $2,687 | $806,031 |
| 66 | $2,893 | $833,250 |
| 67 | $3,100 | $855,600 |
| 68 | $3,348 | $883,872 |
| 69 | $3,596 | $906,192 |
| 70 | $3,844 | $922,560 |
Can I read this result with a military pension and a TSP?
Yes, and your pension changes the question. A military pension already pays you every month for life, so Social Security isn't your only floor. That often makes waiting easier, because the pension and a second-career paycheck can cover bills while the benefit grows.
Here's a rule to try. If the totals for 67 and 70 sit close together at your planning age, and you have the pension plus a paycheck, look hard at waiting. If 62 wins only at a short planning age, such as 78, and your health is a worry, claiming early may be reasonable. Check the gap at 85 and at 95 too.
One more thing. Working before full retirement age can trigger the earnings test ($24,480 a year in 2026), which holds back benefits. A second career can make claiming at 62 a poor fit.
What the calculator leaves out
It ignores taxes, cost-of-living raises (2.8% for 2026 benefits), spousal and survivor benefits, and your other income. It also can't see your TSP balance, which decides how much you'd draw from savings if you wait.
First Premier Bank handles this one decision at a time, in order of due date. Claiming comes first only if a date forces it; otherwise we put the numbers side by side, including the tax cost of drawing TSP money in the gap years, and write the result in your roadmap. Before we suggest a change, we estimate what it costs you in tax.
The wrong number in the first box
Typing the age-62 amount from your SSA statement into the full-retirement box is the usual slip. The calculator would then reduce an already reduced figure, and every total comes out about 30% too low. Use the amount listed at 67.
Frequently asked questions about First Premier Bank
Is the Social Security Calculator free to use?
Why does the calculator ignore cost-of-living raises?
What planning age should I enter?
Does the calculator include my spouse's benefit?
This is general information and education, not individual investment, tax, or legal advice. Investing involves risk, including loss of principal. Before making any financial decision, talk to a qualified professional about your specific circumstances.