This Social Security Calculator compares claiming retirement benefits at two different ages and finds the break-even age, taking into account investment return on the benefits and cost-of-living increases. It is meant for U.S. residents.
Option 2 catches up with option 1 at about age 100.0.
| Break-even age | 100.0 |
| Option 1 starts at 62 | $1,600.00/month |
| Option 2 starts at 70 | $2,810.00/month |
| Better choice if you live past break-even | Option 2 (claim later) |
| Better choice if you die before break-even | Option 1 (claim earlier) |
| Full retirement age | 67 years |
| Earliest claim age | 62 |
| Benefit at 62 compared with full | 70.0% |
| Benefit at 70 compared with full | 124.0% |
You can start Social Security retirement benefits at any age from 62 to 70. Claiming early gives smaller checks for more years; waiting gives bigger checks for fewer years. The right choice depends mostly on how long you expect to live, whether you need the income now, and what you could earn by investing early benefits.
Your full retirement age (FRA) depends on your birth year: 66 for people born 1943–1954, rising by two months a year to 67 for anyone born in 1960 or later. Claiming before FRA reduces the benefit by 5/9 of 1% for each of the first 36 months and 5/12 of 1% for each extra month, so claiming at 62 with an FRA of 67 cuts the benefit by 30%. Each year you wait after FRA adds 8% in delayed retirement credits, up to age 70.
The calculator adds up each option's payments month by month, raising them each year by the cost-of-living adjustment and letting the accumulated amount earn your investment return. The break-even age is when the later, larger option has caught up with the earlier one. With the defaults (62 at $1,600 versus 70 at $2,810, 5% return, 3% COLA) the later option catches up in the low-to-mid 80s. If you live beyond that, waiting paid off.
Married couples should think about survivor benefits: the surviving spouse keeps the larger of the two benefits, so the higher earner delaying can protect the survivor. Working while claiming before FRA can temporarily withhold benefits under the earnings test. Up to 85% of benefits can be taxable depending on your other income. Health and family longevity matter more than any formula.
Can I change my mind after claiming? Within 12 months you can withdraw your application by repaying benefits.
Is Social Security running out? The trust fund is projected to fall short in the 2030s, which could reduce benefits to about 80% of scheduled amounts unless Congress acts.
Where do I find my benefit estimates? Your my Social Security account at ssa.gov shows estimates at every claiming age.