Retirement tool
Social Security break-even calculator
Claiming early pays less per month for more months; waiting pays more for fewer. The break-even age is where the two totals cross. The question that matters is how likely you are to live past it, and that is what this calculator adds.
Compare claiming ages
Your full-retirement-age benefit (your "PIA") is on your statement at ssa.gov/myaccount. Full retirement age for your birth year: 67.
Highest expected lifetime value
Claim at 68
$300,029 survival-weighted, in today's dollars
Monthly at 62
$1,540
Monthly at 70
$2,728
| Claim at | Monthly | Break-even vs 62 | Chance you live past it | Expected lifetime value |
|---|---|---|---|---|
| 62 | $1,540 | — | — | $292,960 |
| 63 | $1,650 | age 77.0 | 70% | $294,721 |
| 64 | $1,760 | age 78.0 | 67% | $294,601 |
| 65 | $1,907 | age 77.6 | 69% | $298,467 |
| 66 | $2,053 | age 78.0 | 67% | $299,934 |
| 67 | $2,200 | age 78.7 | 65% | $299,167 |
| 68 | $2,376 | age 79.1 | 64% | $300,029 |
| 69 | $2,552 | age 79.7 | 62% | $298,430 |
| 70 | $2,728 | age 80.4 | 60% | $294,561 |
Uses SSA reduction and delayed-credit rules and the SSA 2023 life table from your current age. Ignores spousal and survivor benefits, taxes, and the earnings test. Educational only, not financial advice.
The usual break-even ages
For anyone with a full retirement age of 67 (born 1960 or later), claiming at 62 pays 70% of the full benefit and waiting until 70 pays 124%. Ignoring interest, the cumulative totals cross at these ages:
| Comparison | Break-even age | Chance a 62-year-old man lives past it | Chance a 62-year-old woman lives past it |
|---|---|---|---|
| 62 vs 67 | 78.7 | 66% | 76% |
| 62 vs 70 | 80.4 | 60% | 71% |
| 67 vs 70 | 82.5 | 53% | 64% |
Because more than half of 62-year-olds live past age 80, waiting often comes out ahead on average, especially for women and for the higher earner in a married couple, whose benefit becomes the survivor benefit.
When claiming early can still make sense
- You need the income now and the alternative is high-interest debt.
- Serious health problems make a shorter-than-average lifespan likely.
- You are the lower earner in a couple and the higher earner plans to delay.
- You value guaranteed money in hand over a larger expected total.
Benefit rules: SSA early-retirement reduction (5/9 of 1% per month for the first 36 months, 5/12 of 1% after) and delayed retirement credits (8% a year to age 70). Survival: SSA 2023 period life table. Educational illustration only; not financial advice. Check your own numbers at ssa.gov.
Questions
What is the break-even age for Social Security?
For a full retirement age of 67, it is about 78.7 when comparing claiming at 62 with 67, about 80.4 for 62 versus 70, and about 82.5 for 67 versus 70, before interest or taxes.
Is it better to take Social Security at 62 or 70?
On average, waiting produces more lifetime benefits for people in typical health because most 62-year-olds live past the break-even age. The right choice depends on health, other income, and whether a spouse will rely on the survivor benefit.
What does the expected lifetime value column mean?
It adds up each year's benefits, weighted by the probability of being alive that year and discounted by the rate you choose. The highest value is the best choice on average, not a guarantee.