Social Security Break-Even Calculator
Calculate the break-even age for claiming Social Security at 62, 67, or 70. Compare lifetime benefits and find your optimal claiming strategy based on life expectancy.
Your Estimated Benefits
Your Information
Optimal Claiming Age
Based on life expectancy of 85
Break-Even Ages
| Claim at 67 vs 62 | Break-even at age 81 |
| Claim at 70 vs 62 | Break-even at age 83 |
| Claim at 70 vs 67 | Break-even at age 85 |
Monthly vs Annual Benefits
| Claiming Age | Monthly | Annual | % of FRA |
|---|---|---|---|
| 62 (Early) | $1,800 | $21,600 | 70% |
| 67 (FRA) | $2,571 | $30,852 | 100% |
| 70 (Maximum) | $3,188 | $38,256 | 124% |
Value of Waiting
| 62 → 67 (5 years) | +$771/month | +0.7%/month |
| 67 → 70 (3 years) | +$617/month | +0.7%/month |
Delayed retirement credits = 8%/year from 67-70 (guaranteed return!)
Optimal Age by Life Expectancy
| Live To | Claim at 62 | Claim at 67 | Claim at 70 | Best |
|---|---|---|---|---|
| 75 | $356,809 | $307,117 | $244,369 | 62 |
| 80 | $517,234 | $509,643 | $477,567 | 62 |
| 85 | $698,739 | $738,782 | $741,410 | 70 |
| 90 | $904,096 | $998,033 | $1,039,923 | 70 |
| 95 | $1,136,438 | $1,291,350 | $1,377,664 | 70 |
Cumulative Benefits by Age
| Age | Claim at 62 | Claim at 67 | Claim at 70 |
|---|---|---|---|
| 65 | $89,694 | $0 | $0 |
| 70 | $215,018 | $128,113 | $38,256 |
| 75 | $356,809 | $307,117 | $244,369 |
| 80 | $517,234 | $509,643 | $477,567 |
| 85 | $698,739 | $738,782 | $741,410 |
| 90 | $904,096 | $998,033 | $1,039,923 |
Social Security Claiming Strategies
Claim Early (62)
Benefits reduced ~30% from FRA. Consider if: you need the money, have health concerns, or can invest the benefits. You get more checks but smaller amounts.
Wait Until 70
Benefits increase 8%/year from 67-70 (guaranteed return!). Best if you're healthy, have other income, and expect to live past break-even age (~82-84).
Spousal Strategies
Higher earner often should delay to 70 to maximize survivor benefits. Lower earner may claim earlier. Consider the "62/70 split" strategy for couples.
Frequently Asked Questions
Benefit Reduction/Increase by Age
| Claiming Age | % of FRA Benefit |
|---|---|
| 62 | 70% |
| 63 | 75% |
| 64 | 80% |
| 65 | 86.7% |
| 66 | 93.3% |
| 67 (FRA) | 100% |
| 68 | 108% |
| 69 | 116% |
| 70 | 124% |
Typical Break-Even Ages
- 62 vs 67: Around age 77-78
- 62 vs 70: Around age 80-82
- 67 vs 70: Around age 82-83
If you live beyond these ages, waiting was the better financial choice.
Reasons to Claim Early (62)
- You need the income now
- Health concerns/shorter life expectancy
- You can invest the benefits
- You're not working (earnings limit)
Reasons to Wait (70)
- Good health/longevity in family
- Still working with good income
- Maximize survivor benefits for spouse
- Guaranteed 8%/year return (67-70)