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Retirement / THE DECISION DESK

Social Security Claiming Age Calculator

Compare claiming Social Security at 62, full retirement age or 70, and find the break-even age where waiting pays off.

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Start from
Your benefit

Sets your full retirement age: 67.

From your Social Security statement at ssa.gov/myaccount.

Ages to compare

Plan for a long life; outliving your savings is the costlier mistake.

Waiting pays off if you live past

80 and 4 mo

Before this age, claiming at 62 has paid out more in total. After it, claiming at 70 stays ahead for life.

Monthly benefit

Claim at 62$1,400
Claim at 70$2,480

Total received by age 87

Claim at 62$421,400
Claim at 70$508,400
Waiting until 70 gains$87,000

Cumulative benefits by age

Claim at 62Claim at 70
$0$200k$400k7080Your agebreak-even

The earlier claim starts sooner but at a lower monthly amount. The later claim catches up, and the lines cross at the break-even age.

View as table
Your ageClaim at 62Claim at 70
age 62$1,400$0
age 63$18,200$0
age 64$35,000$0
age 65$51,800$0
age 66$68,600$0
age 67$85,400$0
age 68$102,200$0
age 69$119,000$0
age 70$135,800$2,480
age 71$152,600$32,240
age 72$169,400$62,000
age 73$186,200$91,760
age 74$203,000$121,520
age 75$219,800$151,280
age 76$236,600$181,040
age 77$253,400$210,800
age 78$270,200$240,560
age 79$287,000$270,320
age 80$303,800$300,080
age 81$320,600$329,840
age 82$337,400$359,600
age 83$354,200$389,360
age 84$371,000$419,120
age 85$387,800$448,880
age 86$404,600$478,640
age 87$421,400$508,400
Married? Your choice affects your spouse too. A survivor generally keeps the larger of the two benefits, so a higher earner who delays can raise the income a widow or widower lives on for decades. This tool models one person; spousal and survivor rules need your full household picture.
What this leaves out. Taxes on benefits, the earnings test if you claim early while still working, and investment returns on benefits you could save. Figures are in today’s dollars, since cost-of-living adjustments apply equally to every claiming age.

How this is calculated

Benefits follow the Social Security Administration’s formulas. Full retirement age is set by birth year. Claiming early reduces the benefit by 5/9 of 1% per month for the first 36 months and 5/12 of 1% per month after that. Delayed retirement credits add 2/3 of 1% per month (8% a year) up to age 70.

Lifetime totals add up monthly payments from the claiming age to the age you enter. They are in today’s dollars: cost-of-living adjustments apply equally to every claiming age, so leaving them out keeps the comparison fair. The break-even age is solved exactly from the two monthly amounts.

Not included: taxes on benefits, the earnings test, spousal and survivor benefits, Medicare premiums, and returns on invested benefits. Further reading: SSA: Benefit reduction for early retirement.

Common questions

›What is my full retirement age?

It depends on your birth year: 66 for people born 1943 to 1954, rising by two months a year to 67 for anyone born in 1960 or later. Claiming before that age permanently reduces your monthly benefit; delaying past it raises the benefit until age 70.

›How much does claiming at 62 reduce my benefit?

With a full retirement age of 67, claiming at 62 pays 70% of the full benefit for life. The reduction is 5/9 of 1% for each of the first 36 months early, and 5/12 of 1% for each month beyond that.

›How much do I gain by waiting until 70?

For people born in 1943 or later, each year of delay past full retirement age adds 8%. With a full retirement age of 67, claiming at 70 pays 124% of the full benefit. There is no extra credit for waiting past 70.

›What is the break-even age?

The age at which the higher benefit from claiming later has made up for the payments you gave up by waiting. If you live past it, claiming later pays more in total. For 62 versus 70 it falls around age 80 to 81.

›Should I always wait to claim?

Not always. Poor health, a short family life expectancy, needing the income now, or having no other savings can all favour claiming earlier. For married couples, the higher earner delaying can significantly increase the survivor benefit.

Worked example

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