Why there is a break-even age
You can start Social Security retirement benefits as early as 62 or as late as 70. Claim early and you get smaller checks for more years. Wait and you get bigger checks for fewer years. The break-even age is the point where the total collected from the later start catches up with the total from the earlier start. If you live beyond it, waiting paid more; if you do not, claiming early did.
The rules the calculator uses
Everything is based on your full retirement age (FRA), which 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 early: your benefit is reduced by 5/9 of 1% for each of the first 36 months before FRA, and by 5/12 of 1% for each additional month. With an FRA of 67, claiming at 62 gives 70% of your full benefit.
- Delaying: for each month after FRA, you earn delayed retirement credits of 2/3 of 1% (8% a year) until age 70. With an FRA of 67, waiting until 70 gives 124%.
The calculator applies those percentages to the benefit you enter, then adds up the checks month by month for both options until age 100, tracking when the later option's running total catches up.
The formula
Worked example
Sam was born in 1964, so Sam's FRA is 67. Sam's statement shows $2,000 a month at FRA.
Claiming at 62 pays 70%, or $1,400 a month. Waiting until 70 pays 124%, or $2,480 a month. Sam would collect 96 checks at age 62 to 69 before the first larger check arrives, worth $134,400.
After that, the bigger check gains $1,080 a month. In today's dollars the two totals meet at about age 80 and 5 months. Comparing 67 with 70 instead, the break-even is about 82 and a half.
What else to consider
- Health and family history. If you expect to live well into your 80s, delaying usually wins. Average life expectancy at 62 is already in the low-to-mid 80s, and many people live longer.
- Married couples. When the higher earner delays, the surviving spouse can inherit that larger check. This calculator does not model spousal or survivor benefits.
- Working before FRA. If you claim early and keep working, the earnings test can temporarily withhold benefits above an annual earnings limit.
- Taxes and other income. Part of your benefit may be taxable, and delaying can let you draw down savings in lower-tax years first.
Frequently asked questions
What is the break-even age for 62 vs 70?
With no cost-of-living increases, the break-even age between claiming at 62 and at 70 is around 80 to 81 for most people, regardless of the benefit amount, because the result depends on the percentages rather than the dollar figure.
Where do I find my benefit at full retirement age?
Sign in to your my Social Security account at ssa.gov. Your statement shows estimated benefits at 62, at full retirement age and at 70. Enter the full retirement age amount here.
Does the break-even change with cost-of-living adjustments?
Cost-of-living increases apply to whichever benefit you receive, so they raise both totals. Because the later benefit is larger, the increases add more to it in dollar terms, which can bring the break-even age slightly earlier.
Is the earliest age always exactly 62?
You generally must be 62 for the whole month to receive a benefit for that month. People born on the 1st or 2nd of a month can start in their birth month; everyone else starts the month after turning 62.
Do I get anything for waiting past 70?
No. Delayed retirement credits stop at age 70, so there is no financial reason to wait longer. That is why this calculator only allows ages up to 70.
Last reviewed November 2026. Spotted an error? Tell us.