Tool
Social Security claiming age
Compare benefits at age 62, full retirement age (FRA), and 70. Lifetime cumulative payouts and breakeven crossover ages — the single biggest decision in retirement income planning.
Approximation only. Does NOT model: spousal / survivor benefits, the Earnings Test (if you claim before FRA and keep working), taxation of benefits, WEP/GPO offsets, or program solvency haircuts. Get your actual PIA from your Social Security statement at ssa.gov/myaccount.
Inputs
Your FRA: 67y 0m
Claim at 62
$2,450.00 /mo
70% of PIA · $29,400.00/yr
Lifetime to age 85
$899,182.16
Claim at FRA (67y 0m)
$3,500.00 /mo
100% of PIA · $42,000.00/yr
Lifetime to age 85
$940,226.65
Claim at 70
$4,340.00 /mo
124% of PIA · $52,080.00/yr
Lifetime to age 85
$933,894.74
Breakeven crossover ages
The age at which the higher-benefit, later-claim strategy's cumulative total surpasses the earlier-claim total. If you live past this age, the later claim wins.
FRA vs claim at 62Age 82.0
Age 70 vs FRAAge 86.0
Age 70 vs claim at 62Age 83.5
How the math works
- Claiming early (before FRA): benefit reduced 5/9% per month for the first 36 months, then 5/12% per month beyond. Max reduction at age 62 is roughly 25-30%.
- Delaying past FRA: benefit grows 8% per year (2/3% per month) up to age 70. No further credits after 70.
- COLA applies to the benefit each year regardless of when you claimed — your PIA at FRA also gets COLA-adjusted while you wait.
- The system is roughly actuarially neutral at average life expectancy. Health, marital status, and need for current income should drive the decision more than breakeven alone.