The calculator
Claiming at 62 pays $1,400 a month; waiting until 70 pays $2,480. If you live past 80 and 5 months, waiting until 70 has paid more in total. Living to 90, the claiming age that pays the most is 70, about $595,200 in today’s dollars.
Your benefit at every claiming age
| Claim at | Monthly benefit | Share of full benefit | Total to 90 | Beats 62 from age |
|---|---|---|---|---|
| 62 | $1,400 | 70.0% | $470,400 | Not applicable |
| 63 | $1,500 | 75.0% | $486,000 | 77 |
| 64 | $1,600 | 80.0% | $499,200 | 78 |
| 65 | $1,733 | 86.7% | $520,000 | 77 and 8 months |
| 66 | $1,867 | 93.3% | $537,600 | 78 |
| 67 (full) | $2,000 | 100.0% | $552,000 | 78 and 8 months |
| 68 | $2,160 | 108.0% | $570,240 | 79 and 1 month |
| 69 | $2,320 | 116.0% | $584,640 | 79 and 8 months |
| 70 | $2,480 | 124.0% | $595,200 | 80 and 5 months |
How the Social Security breakeven works
Claiming early pays a smaller check for more years; claiming late pays a larger check for fewer. The breakeven is the age when the larger check has made up for the years you waited. With a full retirement age of 67, claiming at 62 pays 70% of your full benefit and claiming at 70 pays 124%. Waiting from 62 to 67 breaks even at about 78 and 8 months; waiting from 67 to 70 breaks even at about 82 and a half. Live past those ages and the later claim has paid more in total.
Benefits rise with the cost-of-living adjustment whenever you claim (3.6% for 2027, with the other new figures on the 2027 retirement numbers page), so the comparison is in today’s dollars. If you would invest the early checks, set a real return: discounting future checks pushes every breakeven later.
Full retirement age by birth year
| Born | Full retirement age |
|---|---|
| 1943 to 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
What the breakeven leaves out
- Survivor benefits. When the higher earner in a couple dies, the survivor keeps the larger of the two checks. Delaying the higher earner’s claim raises that check for life, so it can pay off even if the higher earner dies before the breakeven age.
- Spousal benefits. A spouse can receive up to half the worker’s full benefit, and that amount does not grow past the spouse’s own full retirement age.
- Taxes. Up to 85% of benefits can be taxable, depending on other income. The retirement tax calculator shows how much.
- Your health and your other money. If you need the income to avoid drawing savings down in a bad market, claiming earlier can still be the better plan.
Working before full retirement age
If you claim before full retirement age and keep working, Social Security withholds $1 for every $2 you earn above $24,480 (2026). In the year you reach full retirement age it withholds $1 for every $3 above $65,160, counting only the months before your birthday month. Withheld benefits are not lost: your check is recalculated upward at full retirement age. From full retirement age there is no limit. For 2027 the two limits rise to $25,560 and $67,920.
Assumptions and sources
One worker’s own benefit, entered as the monthly amount at full retirement age from your Social Security statement. Early claims are reduced by 5/9 of 1% a month for the first 36 months and 5/12 of 1% after that; delayed credits add 8% a year until 70. Benefits are paid monthly from the claiming month and compared in today’s dollars. The same claiming rules run inside Killion’s planner. Not financial advice.
Figures checked on against SSA, benefit reduction for early retirement, SSA, delayed retirement credits, SSA, normal retirement age by year of birth and SSA, receiving benefits while working.
Your own estimate is on your my Social Security account.
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<p><a href="https://killionlabs.com/calculators/social-security-breakeven/">Social Security breakeven calculator</a> by Killion Labs</p>