Social Security Breakeven Calculator
Compare monthly benefits at 62, your Full Retirement Age, and 70 — then see the exact age when waiting starts to pay off.
The timing of your Social Security claim is one of the biggest financial decisions you'll make in retirement. Claiming early locks in a permanently reduced benefit. Waiting earns up to 8% more per year — but you need to live long enough to recoup the foregone payments. This calculator shows you exactly where that line is.
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A Social Security timing calculator is a starting point — not a substitute for personalized advice. A fee-only financial planner can factor in your spouse's benefits, pension income, taxes, and health to build a claiming strategy around your specific situation.
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Find a Fiduciary Financial Advisor →Frequently Asked Questions
What is the Social Security Full Retirement Age?
Your Full Retirement Age (FRA) depends on when you were born. For people born in 1960 or later, the FRA is 67. For those born between 1955 and 1959, FRA ranges from 66 years and 2 months to 66 years and 10 months. For people born in 1954 or earlier, FRA is 66.
How much will my Social Security benefit increase if I wait until 70?
Benefits increase by 8% for each year you delay past your Full Retirement Age, up to age 70. If your FRA is 67, waiting until 70 increases your monthly benefit by 24%. After age 70, there is no additional increase for delaying.
What happens to my Social Security if I claim at 62?
Claiming at 62 permanently reduces your monthly benefit. If your Full Retirement Age is 67, claiming at 62 reduces your benefit by 30%. If your FRA is 66, the reduction is 25%. These reductions are permanent — they do not go away when you reach your Full Retirement Age.
What is the Social Security breakeven age?
The breakeven age is the point at which the total lifetime payments from delaying benefits surpass the total you would have received by claiming early. For most people, the breakeven between claiming at 62 versus your Full Retirement Age is around age 78 to 79. If you expect to live past your breakeven age, waiting typically pays off financially.
Should I take Social Security early to invest the money?
For most people, the guaranteed 8% annual increase from delaying Social Security is difficult to beat consistently with market investments, especially without risk. However, health, other income sources, and current financial need all factor into the decision. This calculator is an educational tool — consult a licensed financial planner for personalized advice.