Social Security Break-Even Calculator
When does waiting to claim pay off? Compare any three claiming ages.
Last updated: October 2026 · SSA reduction and delayed credit rules
Your benefit
Your primary insurance amount (PIA), shown on your SSA statement. Enter it in today's dollars.
Full retirement age: 67. Born on January 1? Use the year before.
Claiming option 1
Claiming option 2
Claiming option 3
Recent COLAs: 2.8% for 2026 and 3.6% for 2027. Leave the discount rate at 0 to compare plain totals.
Break-even ages
- 62 vs 67: age 76 and 8 months
- 67 vs 70: age 80 and 6 months
- 62 vs 70: age 78 and 5 months
Cumulative benefits by age
| By age | Claim at 62 | Claim at 67 | Claim at 70 |
|---|---|---|---|
| 75 | $254,359 | $237,219 | $190,593 |
| 80 | $376,091 | $411,120 | $406,231 |
| 85 | $513,818 | $607,874 | $650,206 |
| 90 | $669,645 | $830,483 | $926,241 |
| 95 | $845,948 | $1,082,345 | $1,238,549 |
How the break-even age is worked out
Your full benefit, the primary insurance amount, is what you get if you claim at your full retirement age. Claim earlier and SSA reduces it permanently: 5/9 of 1% for each of the first 36 months before full retirement age, and 5/12 of 1% for each month beyond that. Claim later and you earn delayed retirement credits of 2/3 of 1% a month, 8% a year, up to age 70.
The calculator adds up every monthly check for each claiming age from 62 to 100. COLAs are applied once a year from age 62, because SSA indexes your benefit from the year you become eligible even if you have not claimed. The break-even age is the first month in which the later claimer's running total is at least as large as the earlier claimer's.
Worked example
Born in 1964, your full retirement age is 67 and your full benefit is $2,000 a month. Claiming at 62 pays 70% of that, $1,400. At 67 you get $2,000, and at 70 you get 124%, $2,480. Without COLAs, claiming at 67 instead of 62 breaks even at 78 and 7 months: by then both paths have paid $280,000. Claiming at 70 instead of 62 breaks even at 80 and 4 months. Add a 2.5% COLA and both come earlier, to 76 and 8 months and 78 and 5 months, because the COLA is applied to the larger checks of the person who waited.
Full retirement age by year of birth
- 1943 to 1954: 66
- 1955: 66 and 2 months, rising 2 months a year to 66 and 10 months for 1959
- 1960 or later: 67
What the break-even age leaves out
If you claim before full retirement age while still working, the earnings test withholds $1 for every $2 you earn above $24,480 in 2026, rising to $25,560 in 2027. Up to 85% of benefits can be federally taxable depending on your other income. For couples, the higher earner's claiming age also sets the survivor benefit. See how the spousal side changes the picture in the spousal benefits calculator, estimate your benefit from earnings with the Social Security calculator, and check whether higher income pushes up your Medicare premiums with the IRMAA calculator.
Frequently asked questions
What is the Social Security break-even age?
It is the age at which the total you have collected by waiting catches up with the total you would have collected by claiming earlier. With a $2,000 benefit at a full retirement age of 67 and no COLAs, claiming at 70 instead of 62 breaks even at about 80 and 4 months. If you live past that age, waiting paid more in total.
How much is my benefit reduced if I claim at 62?
For anyone born in 1960 or later, full retirement age is 67, and claiming at 62 cuts your benefit by 30% for life. The reduction is 5/9 of 1% for each of the first 36 months early and 5/12 of 1% for each month beyond that.
How much do I gain by waiting until 70?
Each year you wait past full retirement age adds 8% through delayed retirement credits, or 2/3 of 1% per month. With a full retirement age of 67, claiming at 70 pays 124% of your full benefit. Credits stop at 70, so there is no gain from waiting longer.
Do COLAs change the break-even age?
Yes, they bring it earlier. COLAs apply to your benefit from age 62 whether or not you have claimed, so the person who waited collects a larger check that grows by the same percentage. With a $2,000 full benefit, a 2.5% yearly COLA moves the 62 versus 70 break-even from about 80 and 4 months to 78 and 5 months. The 2026 COLA was 2.8% and SSA has announced 3.6% for 2027.
Should I use a discount rate?
A discount rate values a dollar received now above a dollar received later, as if you could invest early checks. Adding one pushes the break-even age later. If you would spend early checks rather than invest them, a discount rate of zero is closer to your situation.
Is the break-even age the only thing that matters?
No. Your health and family longevity, whether you are still working (the earnings test can withhold benefits before full retirement age), and your spouse all matter. For a married higher earner, waiting also raises the survivor benefit a widow or widower would receive.