MoneyLifeCalcAll calculators / Retirement & tax
Social Security claiming age
Your privacy: everything you enter stays on your own device. It's saved in your browser so it's still here next time, and we never collect or see it.your numbers stay on this device. We never see them. Backups · Privacy policy
Compare claiming Social Security at every age from 62 to 70, with your monthly benefit, lifetime total, and break-even age.
- Your full retirement age67
- Monthly benefit at 62$1,750
- At full retirement age$2,500
- At 70$3,100
- Waiting from 62 to 70 pays off after age80.4
- Waiting from full retirement age to 70 pays off after age82.5
| Claim at | Monthly | % of full | Total to age 85 |
|---|---|---|---|
| 62 | $1,750 | 70% | $483,000 |
| 63 | $1,875 | 75% | $495,000 |
| 64 | $2,000 | 80% | $504,000 |
| 65 | $2,167 | 87% | $520,000 |
| 66 | $2,333 | 93% | $532,000 |
| 67 | $2,500 | 100% | $540,000 |
| 68 | $2,700 | 108% | $550,800 |
| 69 | $2,900 | 116% | $556,800 |
| 70 | $3,100 | 124% | $558,000 |
Does not include spousal or survivor benefits, taxes on benefits, or the earnings limit that temporarily withholds benefits if you work before full retirement age. For a married couple, the higher earner waiting also raises the survivor benefit.
How this calculator works
Your full retirement age is 67 if you were born in 1960 or later, and between 66 and 67 for earlier years. Claiming at 62 permanently cuts your benefit by up to 30%, while waiting past full retirement age adds 8% a year until 70. Waiting pays off if you live past the break-even age, usually around 80 to 83. Your Social Security statement at ssa.gov shows your estimated benefit at full retirement age; enter it here. Figures are in today's dollars, since benefits rise with inflation. The birth year is limited to people who turn 70 or younger this year, because 70 is the latest claiming age, and the age you plan to live until must be at least 71, which is past every claiming age.
A worked example
The example is someone born in 1964 whose statement shows $2,500 a month at full retirement age, which for that birth year is 67. Claiming at 62 pays $1,750 a month, 70% of the full amount. Waiting until 70 pays $3,100 a month, 124%.
Which is better depends on how long the benefit is collected. If this person lives to 85, claiming at 70 collects the most: about $558,000, compared with $483,000 for claiming at 62. Waiting from 62 to 70 pulls ahead after age 80.4. If they live only to 78, claiming at 65 would have collected the most. If they live to 92, waiting until 70 collects about $818,400 against $630,000 at 62.
How to read your results
The table lists every claiming age from 62 to 70 with the monthly amount, its share of your full benefit, and the total collected by the age you plan to live to. The headline simply picks the age with the largest total.
The two break-even rows are the ages you need to reach for waiting to pay off. They do not depend on the life expectancy you entered, so they are a good way to think about the choice: do I expect, or want to insure against, living past my early eighties?
Common mistakes to avoid
- Treating it as a bet on dying early. A larger check for life is insurance against running out of money in your late eighties and nineties, which is when savings are most likely to be low.
- Deciding alone when you are married. When one spouse dies, the survivor keeps the larger of the two benefits. The higher earner waiting raises that survivor benefit for as long as either of you lives.
- Claiming early while still working. Before full retirement age, benefits are temporarily withheld if your earnings exceed a yearly limit.
- Using the wrong benefit figure. Enter the estimate at full retirement age from your own statement at ssa.gov, not the age 62 or age 70 figure.
Read the guide: When to claim Social Security
Common questions
What is full retirement age?
It is the age at which you receive 100% of your earned benefit. It is 67 for anyone born in 1960 or later, and between 66 and 67 for people born from 1955 to 1959.
How much is the benefit reduced at 62?
For someone whose full retirement age is 67, claiming at 62 reduces the monthly benefit by 30%, permanently. The reduction is five-ninths of 1% for each of the first 36 months early, and five-twelfths of 1% for each month beyond that.
How much does waiting past full retirement age add?
Two-thirds of 1% for each month you wait, which is 8% a year, until age 70. There is no benefit to waiting past 70.
Does this include cost-of-living adjustments?
The figures are in today's dollars. Cost-of-living adjustments apply whichever age you claim, so they raise every row of the table in the same proportion and do not change the comparison.
Where do I find my benefit estimate?
Sign in to your my Social Security account at ssa.gov. Your statement lists your estimated monthly benefit at 62, at full retirement age, and at 70, based on your actual earnings record.
Disclaimer: This calculator is for education only and is not tax, legal, or investment advice. Tax rules change often and depend on your full situation, so confirm with a CPA, enrolled agent, or licensed financial professional.
What calculator should we build next?
Tell us what you wish you could figure out. We read every idea and add new calculators regularly.