How to use this calculator
- Enter your birth year and your benefit at full retirement age from your SSA statement.
- Pick the age you plan to claim and the age you expect to live to.
- Compare the monthly benefit and lifetime total at every claiming age.
Rules: 20 CFR §404.410 (early reduction) and §404.313 (delayed credits). Your own retirement benefit only — spousal benefits and the earnings test are not included.
Frequently asked questions
When should I claim Social Security?
It mostly depends on how long you expect to live. In the example ($2,200 a month at full retirement age), the age that collects the most is 70 if you live to 87, but 62 if you live to 76.
How much less do I get at 62?
If your full retirement age is 67, claiming at 62 pays 70% of your full benefit for life. Waiting until 70 pays 124%.
What is the break-even age?
The age at which waiting has paid more in total than claiming early. Claiming at 70 instead of 62 in the example breaks even at about 81.
What about my spouse?
If you are the higher earner, waiting also raises the survivor benefit your spouse would receive. That is often a strong reason to delay, even if your own life expectancy is average.
Are cost-of-living increases included?
Benefits rise with inflation each year; this calculator shows everything in today’s dollars, so those increases are already accounted for.