Social Security Break-Even Calculator
Social Security break-even calculator: compare claiming at 62, 67 or 70 and find the age when waiting pays off.
Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.
Your inputs
Results update as you type. Nothing you enter leaves your device.
Results
- Monthly benefit at 62
- $1,400.00
- Monthly benefit at 70
- $2,480.00
- Total by age 85 (earlier)
- $386,400
- Total by age 85 (later)
- $446,400
Example with the starting values
These results use the calculator's initial inputs. Change the values above to calculate your own estimate.
Inputs
- Monthly benefit at full retirement age (67)
- 2000 $
- Earlier claiming age
- 62
- Later claiming age
- 70
Results
- Break-even age (62 vs 70)
- 80 yr 4 mo
- Monthly benefit at 62
- $1,400.00
- Monthly benefit at 70
- $2,480.00
- Total by age 85 (earlier)
- $386,400
- Total by age 85 (later)
- $446,400
How does the Social Security Break-Even Calculator work?
The Social Security break-even age is the age at which the total benefits from claiming later equal the total from claiming earlier.
Benefits are based on your primary insurance amount (PIA), the monthly benefit at full retirement age, which is 67 if you were born in 1960 or later. Find it on your my Social Security statement at ssa.gov.
Claiming early cuts benefits by 5/9 of 1% per month for the first 36 months and 5/12 of 1% after that (about 30% at 62). Delaying adds 8% per year up to age 70.
The break-even age is when the total collected by claiming later catches up with claiming earlier. COLAs and taxes are ignored.
For example, with a $2,000 monthly full-retirement-age benefit, the estimate is about $1,400 a month at 62 and $2,480 at 70. Claiming at 70 catches up with starting at 62 at roughly age 80 years and 4 months, before COLAs and taxes.
Sources
Frequently asked questions
Should I claim at 62?
If you need the income or expect a shorter lifespan, claiming early can make sense. If you are married and the higher earner, delaying also raises your spouse's survivor benefit.
Where do I find my PIA?
Sign in to my Social Security at ssa.gov. Your statement shows estimates at 62, at full retirement age and at 70.
How much less do I get if I claim Social Security at 62?
About 30% less for life if your full retirement age is 67. A $2,000 full benefit becomes about $1,400 a month at 62.
How much more do I get by waiting until 70?
24% more than your full benefit if your full retirement age is 67, from delayed retirement credits of 8% a year. There is no gain from waiting past 70.