Social Security Break-Even Age Calculator (62 vs 67 vs 70)

How to do it

1. 1
   Step 1: Open Social Security Break-Even Age Calculator (62 vs 67 vs 70) and add your input

   Type your numbers or text, add your file, or pick the options you need. Nothing is uploaded: everything stays in your browser.

2. 2
   Step 2: What Social Security Break-Even Age Calculator (62 vs 67 vs 70) does

   Compare claiming Social Security at 62, full retirement age or 70 and see the break-even ages.

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   Step 3: Read the result and compare

   The result appears at once. Change one value to see how the answer moves, then keep the figure that fits your case.

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   Step 4: Copy or save it

   Copy the result or download it. For an important decision, confirm it with the official source or an adviser.

About this tool

Enter your benefit at full retirement age (from your Social Security statement), your birth year and an expected cost-of-living increase. The tool works out the monthly benefit at 62, at your full retirement age and at 70, the total collected by ages 75 to 95, and the age at which waiting pays off.

How the benefit changes

Claiming before full retirement age cuts the benefit by 5/9 of 1% for each of the first 36 months early and 5/12 of 1% for each extra month. For birth year 1960 or later, full retirement age is 67, so claiming at 62 pays 70%. Waiting after full retirement age adds 2/3 of 1% a month (8% a year) until 70, so claiming at 70 pays 124%.

Break-even

The break-even age is when the running total from waiting passes the total from claiming earlier. The tool adds the yearly cost-of-living adjustment you enter to every year from age 62; with 0% it is the simple nominal comparison.

Limits of the method

The break-even ignores taxes, the earnings test if you keep working, spouse and survivor benefits and the return you could earn on money collected early. It is a way to compare, not a recommendation.

Worked example

A benefit of $2,800 a month at full retirement age 67 (born 1964) becomes $1,960 at 62 and $3,472 at 70. With a 2.5% yearly increase, waiting until 67 overtakes claiming at 62 at about age 76 years 8 months, and claiming at 70 overtakes claiming at 67 at about 80 years 6 months.

Tips for best results

Check every box before you rely on a result, because one wrong digit changes the whole answer. Use the exact figures from your payslip, bill, certificate or contract, and keep a note of the date you calculated. Rates, thresholds and rules change from time to time, so for tax, fees and legal matters treat the output as an estimate and confirm with the official source named on this page. You can run as many scenarios as you like; nothing is saved or sent, and refreshing the page clears the boxes.