Social Security Break-Even Calculator
Find out the optimal age to claim Social Security benefits. Compare claiming at 62, your Full Retirement Age, or 70 -- with break-even crossover ages, COLA adjustments, and cumulative lifetime benefit charts.
Your Information
Your Full Retirement Age: 67
Find this on your Social Security statement at ssa.gov
Monthly Benefit by Claiming Age
Claim at 62
$1,400
Earliest possible
30.0% less than FRA
Claim at FRA (67)
$2,000
Your full benefit
Claim at 70
$2,480
Maximum benefit
24.0% more than FRA
Break-Even Ages
The break-even age is when the higher monthly benefit from waiting overtakes the head start from claiming earlier. If you live past the break-even age, waiting pays off.
Age 62 vs FRA
Age 82
If you live past 82, claiming at FRA pays more total
Age 62 vs Age 70
Age 84
If you live past 84, claiming at 70 pays more total
FRA vs Age 70
Age 86
If you live past 86, claiming at 70 pays more total
Cumulative Lifetime Benefits
Total benefits received by age, including 2.5% annual COLA adjustments.
- Claim at 62
- Claim at FRA (67)
- Claim at 70
Total Benefits at Life Expectancy (Age 85)
Based on your inputs, the best strategy is to claim at FRA (67).
| Claiming Age | Monthly Benefit | Total by Age 85 | vs. Claim at 62 |
|---|---|---|---|
| Age 62 | $1,400/mo | $519,680 | — |
| FRA (67)Best | $2,000/mo | $543,401 | +$23,722 |
| Age 70 | $2,480/mo | $539,742 | +$20,062 |
Important Considerations
- This calculator shows the financial break-even only. Your health, employment status, spousal benefits, and tax situation all affect the optimal claiming age.
- Spousal benefits (up to 50% of your benefit) and survivor benefits (up to 100%) are separate considerations that may favor delaying.
- Social Security benefits may be partially taxable if your combined income exceeds $25,000 (single) or $32,000 (married).
- If you continue working before FRA, the earnings test may temporarily reduce benefits ($1 withheld per $2 earned above $22,320 in 2024).
- COLA adjustments are applied to all benefits regardless of claiming age. Historical average is approximately 2.5% per year.
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