Social Security Break Even Calculator
Compare claiming Social Security at 62, 67 or 70 and find the age when waiting pays off.
Social security break even calculator
How claiming age changes your benefit
For anyone born in 1960 or later, full retirement age is 67. Claiming earlier cuts the monthly benefit by 5/9 of 1% a month for the first 36 months and 5/12 of 1% for each extra month, so at 62 you get 70%. Waiting past 67 earns delayed retirement credits of 2/3 of 1% a month (8% a year) until 70, when you get 124% (SSA). Cost-of-living increases apply to whatever amount you lock in.
Break-even ages
The break-even age is when the total collected by waiting catches up with the total from claiming early. On the SSA percentages, ignoring interest:
- 62 vs 67: about 78 years 8 months.
- 67 vs 70: about 82 years 6 months.
- 62 vs 70: about 80 years 4 months.
Live past the break-even age and waiting wins; die earlier and claiming early collected more. The result doesn't depend on your benefit amount or COLAs, because both choices grow at the same rate. A discount rate (what you'd earn on early checks) pushes the break-even later.
Beyond break-even
- Married couples: the higher earner's benefit becomes the survivor benefit, so delaying it protects the spouse who lives longer.
- Still working before 67: the earnings test can withhold benefits; SSA applies a yearly earnings limit before full retirement age.
- Taxes and Medicare: benefits can be taxable, and income affects Medicare premiums.
Estimate your benefit with the Social Security quick calculator, or see the maximum Social Security benefit.
Common questions
What is the break-even age for Social Security at 62 vs 67?
About 78 years 8 months, ignoring interest.
How much more do you get waiting until 70?
124% of your full benefit, versus 70% at 62 (born 1960 or later).
Does COLA change the break-even age?
No, both choices get the same percentage increases.
Sources
- SSA: Retirement age and benefit reduction
- SSA: Delayed retirement credits
- SSA: Early or late retirement (actuarial adjustments)
More retirement calculators: RMD Chart · Roth IRA Calculator · Life Expectancy Calculator SSA
Related
General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.