How the break-even age works
If you claim at 62, you start getting checks five years earlier. If you wait, each check is bigger. The break-even age is when the bigger checks have made up for the ones you skipped. If you live past it, waiting paid more. If you don't, claiming early paid more.
With a full retirement age of 67, the break-even ages are about 78 and 8 months for 62 vs 67, and about 82 and 6 months for 67 vs 70. They're the same, within about a month, for any benefit size, because every check is cut or raised by the same percentage.
The rules we use
- Full retirement age: 66 if you were born in 1943 to 1954, rising by 2 months a year to 67 for anyone born in 1960 or later. If you were born on January 1, use the year before.
- Claiming early: your benefit drops 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.
- Waiting: it grows 2/3 of 1% for each month after full retirement age, up to age 70. Waiting past 70 adds nothing.
- Rounding: each monthly amount is rounded down to the dollar.
Amounts are in today's dollars. Your benefit rises with the cost-of-living adjustment every year whichever age you pick, so the comparison holds. The discount rate is optional: it values money received sooner a bit more, which moves the break-even later.
Full retirement age by birth year
| Born | Full retirement age | Benefit at 62 | Benefit at 70 |
|---|---|---|---|
| 1943–1954 | 66 | 75% | 132% |
| 1955 | 66 and 2 months | 74.2% | 130.7% |
| 1956 | 66 and 4 months | 73.3% | 129.3% |
| 1957 | 66 and 6 months | 72.5% | 128% |
| 1958 | 66 and 8 months | 71.7% | 126.7% |
| 1959 | 66 and 10 months | 70.8% | 125.3% |
| 1960 and later | 67 | 70% | 124% |
Percent of your full benefit. At 62 assumes you get benefits for the month you turn 62, which is possible only if you were born on the 1st or 2nd of the month; otherwise your first month is one month later.
What this calculator leaves out
Spousal and survivor benefits, taxes on benefits, and the earnings limit if you work before full retirement age. For a married couple, the higher earner's choice also sets the survivor's benefit, which often makes waiting worth more than this shows.
Questions
What is the break-even age for Social Security?
It is the age when the bigger checks from waiting have made up for the checks you skipped. For someone with a full retirement age of 67, waiting from 62 to 67 breaks even at about 78 and 8 months. Waiting from 67 to 70 breaks even at about 82 and 6 months. Those ages don't depend on the size of your benefit.
How much smaller is my benefit if I claim at 62?
With a full retirement age of 67, claiming at 62 cuts your benefit by 30% for life. The cut is 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.
How much bigger is my benefit if I wait until 70?
Each month you wait past full retirement age adds 2/3 of 1%, or 8% a year, until 70. With a full retirement age of 67, that's 24% more for life. There is no extra credit for waiting past 70.
Where do I find my benefit at full retirement age?
On your Social Security statement in your my Social Security account at ssa.gov. It shows your estimated monthly benefit at 62, at full retirement age and at 70.
Updated November 6, 2026. Sources: 20 CFR 404.410 (early reduction); 20 CFR 404.313 (delayed retirement credits); SSA, Benefit Reduction for Early Retirement; SSA, Delayed Retirement Credits. Estimates, not financial, tax or legal advice.