Social Security Breakeven Calculator

Should you claim Social Security at 62, 67, or 70? The answer depends on your "breakeven age" — the point at which the total lifetime benefits from delaying surpass the total from claiming early.

Understanding the Breakeven Analysis

Claiming at 62 gives you a smaller monthly check, but for more years. Claiming at 70 gives you a much larger check, but you forfeit 8 years of payments. The breakeven point is where the cumulative total payments cross over — typically around age 78 to 82.

Example: Claiming at 62 vs. 70

• Full Retirement Age (FRA) benefit at 67: $2,000/month
• Claiming at 62: $1,400/month (30% reduction)
• Claiming at 70: $2,480/month (24% increase)
• Monthly difference: $1,080/month more by waiting until 70
• Breakeven age: approximately 80–81

Factors That Influence the Decision

• Life expectancy: If you expect to live past 80, delaying to 70 almost always wins.
• Spousal benefits: The higher earner should delay to 70 to maximize survivor benefits.
• Other income sources: If you have sufficient bridge income (pension, savings), delaying is easier.
• Health: If you have a serious illness, claiming early may make sense.

The Survivor Benefit Factor

For married couples, the Social Security claiming decision is also an insurance decision. The surviving spouse inherits the larger of the two benefits. The higher earner delaying to 70 maximizes this permanent lifetime survivor benefit.