Calculator
Break-even age calculator
Compare two claiming ages on the same full benefit (PIA). Optional discount rate for money you would invest instead.
Break-even age, 62 vs 7080 y 5 mclaiming at 70 pulls ahead after November 2042
- Claim at 62: $1,400/mo
- Claim at 70: $2,480/mo
| Total by age 85, claim at 62 | $386,400 |
|---|---|
| Total by age 85, claim at 70 | $446,400 |
| Difference | $60,000 more by waiting |
Today's dollars, no discounting. Cost-of-living increases raise both claims by the same percentage, so they do not move the break-even age. Survivor benefits are not included: if you are the higher earner in a marriage, waiting also raises what your widow or widower receives.
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When does delaying Social Security pay off?
Delaying pays off only if you live past the break-even age, which falls between about 79 and 83 depending on the ages you compare. Before that age, the person who claimed early has collected more in total; after it, the later claimant is ahead and the lead grows every month. The reason is simple: each month of delay forgoes one check but raises every future check by 5/9 or 5/12 of 1% (before full retirement age) or 2/3 of 1% (after it)[cfr410][drc].
| Compare | Monthly benefits | Break-even age | With a 3% real discount rate |
|---|---|---|---|
| 62 vs 67 | $1,400 vs $2,000 | 78 and 8 months | 82 and 9 months |
| 62 vs 70 | $1,400 vs $2,480 | 80 and 5 months | 84 and 5 months |
| 65 vs 70 | $1,733 vs $2,480 | 81 and 8 months | 85 and 8 months |
| 67 vs 70 | $2,000 vs $2,480 | 82 and 6 months | 86 and 7 months |
The break-even age barely depends on the size of your benefit, because every claiming age is a fixed percentage of the same PIA. It depends on the two ages you compare and on whether you discount future money.
Worked example: 62 versus 70
Sam was born in 1962 and has a full benefit of $2,000. Claiming at 62 pays $1,400 a month (70%); waiting to 70 pays $2,480 (124%)[plan1960].
- By 70, the early claim has paid 96 months × $1,400 = $134,400. The later claim has paid nothing.
- From 70, the later claim pays $1,080 more each month.
- $134,400 ÷ $1,080 = 125 months after 70, so the totals cross at about age 80.4.
Cost-of-living adjustments do not move this age, because the same percentage COLA applies to both checks[colahist]. A discount rate does: if you could earn 3% a year above inflation on early checks, the break-even moves later. Run your own numbers with the full benefit from the Social Security calculator.
What the break-even age leaves out
- Survivor benefits. If you are the higher earner, your widow or widower inherits your larger check, so the relevant life expectancy is the longer of the two lives. The survivor benefits calculator shows how your claiming age carries over.
- Spousal benefits. A spouse's benefit is capped at 50% of your full benefit and gets no delayed credits; see the spousal benefits calculator.
- Working before full retirement age. The earnings test can withhold early checks if you still work (see the earnings limit), which changes the comparison.
- Taxes and Medicare. Up to 85% of benefits can be taxable, and Part B premiums come out of the check from 65.
Common mistakes with break-even analysis
- Comparing to average life expectancy at birth. What matters is life expectancy at 62, which is longer: many 62-year-olds live into their mid-80s or beyond.
- Treating it as a bet you can lose badly. Claiming early wins only if you die before the break-even age; waiting protects you if you live a long time, which is when money matters most.
- Adding COLAs to only one side. Both claims get the same COLAs, so they cancel out in the comparison.
This is arithmetic, not a recommendationThe right claiming age also depends on your health, savings, job, marriage and taxes. The SSA's statement and a fee-only planner can help weigh those.
Frequently asked questions
What is the break-even age for Social Security at 62 vs 70?
About 80.4 for anyone born in 1960 or later, with no discounting. If you live past that age, waiting to 70 pays more in total.
What is the break-even age between 67 and 70?
About 82.5. Waiting from 67 to 70 gives up 36 checks but raises every later check by 24%.
When is the best time to claim Social Security?
There is no age that is best for everyone. Waiting maximizes lifetime benefits for people who live past about 79–83 and protects a surviving spouse; claiming early can make sense with poor health, no other income, or a shorter expected lifespan. The break-even calculator shows the trade-off in dollars.
Does the COLA change the break-even age?
No. The cost-of-living adjustment raises every benefit by the same percentage, so both claims grow equally and the crossing age stays the same in today's dollars.
Sources
- 20 CFR § 404.410, How does SSA reduce my benefits when my entitlement begins before full retirement age?
- Delayed retirement credits by year of birth
- Benefits Planner: Born in 1960 or later (early and delayed percentages)
- Cost-of-Living Adjustments (COLA history, 1975–2026)
- Normal retirement age by year of birth