Free Social Security Break-Even Calculator

Deciding when to claim Social Security is one of the most consequential financial choices in retirement. Benefits can be claimed as early as age 62 or delayed until age 70, and the monthly amount differs significantly depending on when you start. For many retirees, this single decision can mean a difference of hundreds of thousands of dollars over a lifetime.

Claiming early means a permanently reduced benefit. Waiting until your Full Retirement Age (FRA), which varies by birth year, provides your full calculated benefit. Delaying past FRA earns an 8% annual increase through delayed retirement credits, up to age 70. The right choice depends on your health, financial needs, other income sources, and how long you expect to live.

The calculator below estimates your monthly benefit at three key ages (62, your FRA, and 70) and identifies the “break-even” point: the age at which delaying begins to pay off in total cumulative benefits. Enter the monthly benefit shown on your Social Security statement at your Full Retirement Age and your birth year to get started.

Your birth year determines your Full Retirement Age (FRA). For those born 1960 or later, FRA is 67.
Find this on your Social Security statement at ssa.gov/myaccount. Look for the amount listed at your full retirement age.
Optional. Including a COLA makes the projection more realistic, though long-term estimates become less precise.
Your Monthly Benefits
Break-Even Analysis
This calculator provides estimates based on current Social Security Administration formulas. Actual benefits may differ based on your earnings record, future legislative changes, and cost-of-living adjustments. This tool is for educational purposes only and does not constitute financial or legal advice. Consult a qualified financial advisor before making claiming decisions.

Not Sure When to Claim?

The break-even age is a useful starting point, but the optimal claiming strategy depends on your full financial picture. Factors like spousal benefits, survivor benefits, tax planning, and other retirement income all play a role.

Common questions we help clients work through:

  • Should I claim early and invest the difference, or wait for the larger check?
  • How does my claiming age affect my spouse’s survivor benefit?
  • What is the tax impact of Social Security combined with my other retirement income?
  • Does it make sense to use retirement savings to bridge the gap and delay claiming?
Additional resources: SSA Retirement Benefits  |  SSA When to Start Receiving Benefits

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