Claiming at 62 permanently reduces your benefit by up to 30% below your Full Retirement Age amount. Delaying past FRA increases it by 8% per year up to age 70 — a permanent 24% boost for waiting the full three years.
Claiming age
% of FRA benefit
62
70%
64
80%
67 (FRA)
100%
68
108%
70
124%
The break-even concept
Claiming early means more checks but smaller ones; delaying means fewer checks but larger ones. The break-even age is where cumulative lifetime benefits from delaying catch up to and exceed early claiming. For 62 vs 67, this is around age 78-79. For 62 vs 70, around age 80-81. For 67 vs 70, around age 82-83.
What this calculator does not include
This is a simplified benefit comparison. It does not account for spousal or survivor benefits, continuing to work while claiming (which can reduce benefits before FRA), taxes on benefits, or investment returns on early benefits. See the full analysis in the article linked below.
It depends on your health, life expectancy, financial needs, and marital status. Healthy individuals with family longevity generally benefit from delaying to 70. Those with health concerns or immediate income needs may be better served claiming earlier.
What is the break-even age for Social Security?
Comparing 62 to 67: roughly age 78-79. Comparing 62 to 70: roughly age 80-81. Comparing 67 to 70: roughly age 82-83. These ignore cost-of-living adjustments, taxes and investment returns. If you expect to live past these ages, delaying produces more total lifetime benefit.
How much more do I get by waiting until 70?
Each year you delay past Full Retirement Age adds 8%, a guaranteed 24% increase for waiting the full three years from 67 to 70, on top of avoiding the reduction from claiming early.
Does this calculator account for spousal benefits?
No, this is a simplified individual benefit comparison. Spousal and survivor benefit rules add significant complexity and are not reflected in this tool.
Can I change my claiming decision after I start?
You have a one-time option to withdraw your application within 12 months of claiming and repay benefits received, effectively resetting your claim. After 12 months, or past Full Retirement Age, your claiming age is generally locked in.