Short answer: claiming Social Security at 62 instead of your full retirement age (67 for anyone born 1960 or later) permanently cuts your check by 30%; waiting until 70 raises it 24% above your full amount. Example below: a $2,000 full-retirement benefit becomes $1,400 a month at 62, $2,000 at 67, and $2,480 at 70 — a $1,080 monthly difference for life. Whether waiting wins depends on how long you live: in total dollars, claiming at 67 overtakes claiming at 62 around age 78.7, and 70 overtakes 67 around 82.5. Bring your own benefit figure from your SSA statement — this tool never asks for personal information.
Use the “primary insurance amount” from your own statement at ssa.gov/myaccount — this tool never asks for your earnings record or any personal identifier.
| Claim at | Monthly | Per year | Vs FRA |
|---|
Break-even detail — when waiting catches up, in total dollars received
Break-evens compare undiscounted totals and ignore taxes, COLA (which lifts all options roughly equally), spousal/survivor benefits, and the earnings test if you claim while working before FRA. Survivor benefits in particular can change the right answer for couples — the higher earner’s delay also raises the survivor benefit.
Educational estimate only — not financial advice. Rules implemented from SSA: claiming early reduces benefits by 5/9 of 1% per month for the first 36 months before FRA and 5/12 of 1% per month beyond that; delaying past FRA adds 2/3 of 1% per month (8% per year) up to age 70. People with an FRA between 66 and 67 (born 1955–1959) should pick the closer FRA and treat results as approximate. Verify your figures at ssa.gov. Your numbers never leave this page.
How this calculator works
Enter the monthly benefit shown on your statement for your full retirement age (FRA). The tool applies the SSA’s own formulas: claiming early reduces your benefit by 5/9 of 1% for each of the first 36 months before FRA and 5/12 of 1% for each month beyond that; delaying past FRA adds delayed retirement credits of 2/3 of 1% per month (8% per year) up to age 70, where credits stop. Break-even ages come from adding up actual monthly checks month by month until the later-claiming total passes the earlier one. What break-evens leave out (all stated on the page): COLA adjustments lift every option roughly equally; taxes on benefits; the earnings test if you claim while still working before FRA; and — most important for couples — survivor benefits, where the higher earner’s delayed, larger check becomes the survivor’s check. That last one is a strong argument for the higher earner to delay even when single-person math looks close.
Worked example
Benefit at FRA (67): $2,000/month: – Claim at 62: $1,400/mo (−30%) · $16,800/yr – Claim at 67: $2,000/mo · $24,000/yr – Claim at 70: $2,480/mo (+24%) · $29,760/yr – Break-evens: 67 passes 62 at ~78.7 · 70 passes 67 at ~82.5 · 70 passes 62 at ~80.3
FAQs
What is my full retirement age? 67 if you were born in 1960 or later; 66 for those born 1943–1954; in between for 1955–1959 births (66 and a few months). Your statement at ssa.gov shows yours. Where do I find my benefit amount? Create an account at ssa.gov/myaccount — your statement shows estimated benefits at 62, at your FRA, and at 70 based on your actual earnings record. If I claim at 62 and keep working, what happens? Before FRA, the earnings test withholds benefits above an annual limit ($24,480 in 2026, or $65,160 in the year you reach full retirement age; verify current figures at ssa.gov). Withheld amounts are credited back after FRA, but the cash-flow surprise catches people off guard. Should everyone wait until 70? No. Poor health, needing the income, or a much older higher-earning spouse can all flip the answer. The break-even ages frame the bet: delaying is, roughly, buying longevity insurance — valuable exactly when you live long.
Disclaimer
Educational content only — not financial or benefits advice. Figures use SSA formulas as published; your actual benefit depends on your full earnings record and future law. Verify at ssa.gov.
Sources: SSA POMS RS 00615.003 (full retirement age), SSA POMS RS 00615.692 (delayed retirement credits), SSA POMS RS 02501.025 (2026 earnings test $24,480 / $65,160) Figures last verified Report a wrong number