Social Security Break-Even Calculator
Updated July 31, 2026
Claiming Social Security at 62 gets you checks sooner, but each one is permanently smaller. Waiting until 70 gets you the largest possible check — but only if you live long enough to collect enough of them. This calculator does the arithmetic for your own numbers: enter your birth year and your full-retirement-age benefit, and see your monthly check at every claiming age plus the break-even age where waiting until 70 pulls ahead.
Don't know your full-retirement-age benefit? Find it on your official my Social Security statement (it's the estimate shown at your full retirement age).
Your full retirement age is 67.
| Claim at age | Monthly | Per year | % of FRA |
|---|---|---|---|
| 62 | $1,400 | $16,800 | 70% |
| 67 (FRA) | $2,000 | $24,000 | 100% |
| 70 | $2,480 | $29,760 | 124% |
Nominal dollars in today's terms. This simple break-even ignores annual cost-of-living adjustments (which slightly favor the larger, later benefit), income taxes, and the return you might earn by investing early checks. It is an educational estimate, not financial advice.
How your claiming age changes the check
Your benefit is built around your Primary Insurance Amount (PIA) — the monthly amount you receive if you claim exactly at your full retirement age (FRA). Every month you claim earlier or later adjusts that figure by a fixed formula:
- Before FRA: your benefit is reduced by 5/9 of 1% per month for the first 36 months early, then 5/12 of 1% for each additional month. At the earliest age (62) with an FRA of 67, that's a 30% permanent reduction.
- After FRA: you earn delayed retirement credits of 2/3 of 1% per month — 8% a year — up to age 70. There is no benefit to waiting past 70; credits stop accruing.
Your full retirement age depends on your birth year
| Birth year | Full retirement age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
What the break-even number does and doesn't tell you
The break-even age is a useful reference, but it is not the whole decision. Waiting protects you against the biggest financial risk in retirement — outliving your money — because a larger inflation-adjusted check is guaranteed for life. For married couples, the higher earner delaying also raises the survivor benefit the surviving spouse keeps, which often matters more than either person's own break-even. On the other side, poor health, an urgent need for income, or no other way to bridge the gap can make claiming earlier the right call even though the arithmetic favors waiting.
For the full decision framework — health, spousal coordination, working while collecting, and the tax angle — read our complete guide to when to claim Social Security. Related reading: Social Security spousal benefits and how Social Security is taxed.