Social Security Break-Even Calculator

Claiming early means smaller checks sooner. Claiming late means bigger checks but fewer of them. This calculator shows when delayed claiming overtakes early claiming in total lifetime benefits.

Your Social Security Estimate

$
From ssa.gov/myaccount
Average: 84 (men), 87 (women)
%
0% = simple comparison, 2-3% = time value of money

Monthly Benefit by Claiming Age

Claim at 62 (Early)
$1,800
/month
$21,600/year
30% reduction from FRA
Claim at 67 (FRA)
$2,571
/month
$30,857/year
Full retirement age benefit
Claim at 70 (Delayed)
$3,189
/month
$38,263/year
+24% delayed credits

Break-Even Analysis

67 overtakes 62 at age
78
After 11 years of FRA benefits
70 overtakes 67 at age
82
After 12 years of delayed benefits
70 overtakes 62 at age
80
After 10 years of delayed benefits
Based on a life expectancy of 85 , delaying to age 70 produces the highest lifetime benefit: $612,206 vs. $518,400 at 62.

Total Lifetime Benefits to Age 85

Claim at 62
$518,400
23 years of benefits
Claim at 67
$586,286
18 years of benefits
Claim at 70
$612,206
15 years of benefits

Cumulative Benefits by Age

AgeClaim at 62Claim at 67Claim at 70
62$21,600----
65$86,400----
67$129,600$30,857--
70$194,400$123,429$38,263
75$302,400$277,714$229,577
78 *$367,200$370,286$344,366
80 *$410,400$432,000$420,891
82 *$453,600$493,714$497,417
85$518,400$586,286$612,206

* Break-even age. Values are nominal (not adjusted for inflation or time value of money).

Social Security Claiming Strategy

Early claiming reduces benefits permanently. Claiming at 62 (the earliest age) reduces your benefit by about 30% compared to full retirement age (67 for most people born after 1960). Each month you claim early reduces your benefit by 5/9 of 1% for the first 36 months and 5/12 of 1% for additional months.

Delayed retirement credits. For each month you delay past FRA up to age 70, your benefit increases by 2/3 of 1% per month (8% per year). After 70, there is no further increase. A benefit of $2,000/month at FRA becomes $2,480/month at 70 — a 24% increase for waiting 3 years.

Spousal benefits are up to 50% of the higher earner’s FRA benefit. Spousal benefits do not earn delayed retirement credits — they stop growing at FRA. For couples, the survivor benefit is set by the higher earner’s own benefit, so delaying that one raises the amount a surviving spouse keeps for life. Delaying the lower earner’s benefit does not affect the survivor benefit.

Earnings test before FRA. If you claim before FRA and continue working, benefits are reduced by $1 for every $2 earned above $22,320 (2024). In the year you reach FRA, the reduction is $1 per $3 above $59,520. Benefits withheld are not lost — they increase your benefit after FRA.

COLA adjustments. Benefits are adjusted annually for inflation via the Consumer Price Index. Both claimed and unclaimed benefits receive COLA adjustments, so this calculator’s break-even analysis holds regardless of future COLA rates.