Social Security Break-Even Calculator
Compare claiming at 62, full retirement age, or 70 to find your optimal strategy.
Your Information
Find this on your Social Security statement at ssa.gov
Optimal Claiming Age
70
With a longer life expectancy, delaying to 70 maximizes lifetime benefits with the highest monthly payment.
Claiming Scenarios
| Claim Age | Monthly | Change | Lifetime Total |
|---|---|---|---|
| Age 62 (2027) | $1,750 | -30% | $642,273 |
| Age 67 (2032) | $2,500 | 0% | $671,590 |
| Age 70 (2035) | $3,100 | +24% | $667,068 |
Break-Even Points
Break-even = age when later claiming surpasses earlier claiming in total benefits.
Cumulative Benefits by Age
| Age | Claim at 62 | Claim at 67 | Claim at 70 |
|---|---|---|---|
| 62 | $21,000 | — | — |
| 65 | $87,203 | — | — |
| 68 | $158,496 | $60,750 | — |
| 71 | $235,271 | $157,690 | $75,330 |
| 74 | $317,949 | $262,083 | $195,535 |
| 77 | $406,985 | $374,504 | $324,984 |
| 80 | $502,866 | $495,569 | $464,385 |
| 83 | $606,120 | $625,942 | $614,505 |
| 86 | $717,313 | $766,340 | $776,168 |
| 89 | $837,056 | $917,533 | $950,261 |
| 90 | $878,982 | $970,471 | $1,011,218 |
Tips
- Delaying one year past 62 increases your benefit by ~6-7%. Delaying past FRA adds 8% per year.
- If you're in good health, delaying typically pays off over a full lifetime.
- Working while claiming before FRA reduces benefits if you earn over the earnings limit ($22,320 in 2026).
How Claiming Age Affects Your Benefit
Social Security lets you claim as early as 62 or as late as 70. Each year you wait past 62 increases your monthly check — but you receive fewer total checks. The break-even age is when the higher monthly payments from waiting finally catch up to the total benefits from claiming early. For most people, this occurs between ages 78 and 82.
Benefit Reduction and Increase Schedule
| Claiming Age | Change from FRA | Monthly Benefit (if PIA = $2,500) |
|---|---|---|
| 62 | -30% | $1,750 |
| 63 | -25% | $1,875 |
| 64 | -20% | $2,000 |
| 65 | -13.3% | $2,167 |
| 66 | -6.7% | $2,333 |
| 67 (FRA) | 0% | $2,500 |
| 68 | +8% | $2,700 |
| 69 | +16% | $2,900 |
| 70 | +24% | $3,100 |
When to Claim Early (62)
Claiming at 62 makes sense if you have health concerns and expect a shorter-than-average lifespan, need the income to cover essential expenses, have a spouse who will claim a higher benefit (providing survivor protection), or want to invest the benefits and earn returns exceeding the ~8%/year growth from delayed claiming.
Frequently Asked Questions
What is the break-even age for 62 vs 70?
Typically around age 80-82. If you live past the break-even age, waiting until 70 produces more total lifetime income. Given that the average 62-year-old lives to 84 (men) or 87 (women), most people who are in good health benefit from waiting.
Does working while collecting reduce my benefit?
If you claim before full retirement age and still work, earnings above $22,320 (2026) reduce your benefit by $1 for every $2 over the limit. After reaching FRA, there's no earnings limit — you keep your full benefit regardless of income.
See also: Social Security Estimator and Retirement Income Calculator.