Compare Your Monthly Benefits
⚖️ Break-Even Analysis
When does waiting start to pay off?
Lifetime Benefits to Age 85
With a life expectancy of 85, claiming at age 70 would maximize your lifetime benefits.
Frequently Asked Questions
Should I take Social Security at 62 or wait until 67?
If you claim at 62, you'll receive about 30% less per month than at 67 (your Full Retirement Age). However, you'll collect for 5 more years. The break-even age is typically around 78-80. If you expect to live beyond that, waiting is usually better financially.
How much more do I get by waiting until 70?
For each year you delay past your FRA (67), you earn 8% more in delayed retirement credits. By 70, that's a 24% boost. A $2,500/month benefit at 67 becomes $3,100/month at 70.
What is the Full Retirement Age (FRA)?
FRA is when you're entitled to 100% of your Social Security benefit. For those born in 1960 or later, it's age 67. Born earlier? It may be 66 or somewhere between. This calculator uses 67 as the standard FRA.
What if I need the money at 62?
Sometimes taking early benefits makes sense: if you have health concerns, need income to avoid high-interest debt, or want to let investments grow. The "optimal" choice depends on your complete financial picture, not just Social Security math.
How do I find my estimated Social Security benefit?
Create an account at ssa.gov and check your Social Security Statement. It shows estimated benefits at 62, 67, and 70 based on your actual earnings history.