Social Security Break-Even Calculator
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Claiming early gives smaller checks for more years; waiting gives bigger checks for fewer years. With a $2,000 benefit at a full retirement age of 67, claiming at 62 pays $1,400 a month and claiming at 70 pays $2,480. Waiting until 70 catches up at about age 80 and 4 months.
How to use the calculator
- Enter your year of birth and your benefit at full retirement age (FRA). Your Social Security statement shows it.
- Choose two claiming ages from 62 to 70.
- Press Calculate to see both monthly benefits, the break-even age and lifetime totals.
How claiming age changes your benefit
| Claiming age (FRA 67) | % of full benefit | On a $2,000 benefit |
|---|---|---|
| 62 | 70% | $1,400 |
| 63 | 75% | $1,500 |
| 64 | 80% | $1,600 |
| 65 | 86.7% | $1,733 |
| 66 | 93.3% | $1,867 |
| 67 | 100% | $2,000 |
| 68 | 108% | $2,160 |
| 69 | 116% | $2,320 |
| 70 | 124% | $2,480 |
Full retirement age is 67 for people born in 1960 or later, 66 for 1943 to 1954, and between 66 and 67 for 1955 to 1959. There is no extra credit for waiting past 70.
Thinking beyond break-even
The break-even age is useful but not the whole story. Health and family history, whether you need the income now, a spouse who may receive survivor benefits, other savings, and continuing to work before full retirement age (when the earnings test can withhold benefits) all matter. Waiting also works like insurance: the bigger check lasts for life and rises with cost-of-living adjustments.
Social Security claiming practice questions
Test yourself with 6 multiple-choice questions. Choose an answer and press Submit to see if you are right and why. Your score appears at the end.
Quiz complete
Frequently asked questions
What is the Social Security break-even age?
It is the age at which the total benefits from claiming later catch up with the total from claiming earlier. Between 62 and 70 it is usually around age 78 to 81.
How much is my benefit reduced if I claim early?
By 5⁄9 of 1% for each of the first 36 months before full retirement age and 5⁄12 of 1% for each month after that, up to 30% at 62 when FRA is 67.
How much does waiting increase my benefit?
For people born in 1943 or later, 8% for each full year after full retirement age, up to 70. With FRA 67, waiting to 70 gives 124% of the full benefit.
Does the break-even include cost-of-living raises?
Cost-of-living adjustments apply to both choices by the same percentage, so leaving them out barely changes the break-even age. Totals here are in today's dollars.
Sources
- Social Security Administration: Benefit reduction for early retirement
- Social Security Administration: Delayed retirement credits
- Social Security Administration: Full retirement age
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