Social Security Break-Even Calculator

Last updated July 2, 2026

Social Security gives you a choice that sounds simple but has real financial consequences for decades: start benefits early and get smaller checks for longer, or wait and get larger checks for fewer years. Claiming at 62 reduces your monthly benefit by up to 30 percent compared to your full retirement age benefit, a reduction that is permanent. Waiting until 70 increases it by 8 percent per year past full retirement age, landing at 124 percent of your base benefit. The break-even calculation is how you figure out which choice wins over your actual lifetime.

The math is straightforward. For someone whose full retirement age benefit is $2,000 per month, claiming at 62 yields $1,400; waiting until 70 yields $2,480. If you claim at 62 and live to your break-even age — roughly age 78 to 80 for the 62-versus-67 comparison, and age 82 to 83 for the 67-versus-70 comparison — you would have collected about the same total in either scenario. Every year you live beyond the break-even point, the higher monthly check comes out ahead. The Social Security Administration's own actuarial tables suggest average life expectancy at 62 is roughly 84 for women and 81 for men, which means delaying makes statistical sense for most people in average health.

The break-even age is a useful starting point, but the decision also depends on your health, whether you need the income now, your spouse's benefit coordination strategy, and whether you're still working. If you have reason to believe you'll live past 80, waiting — at least until full retirement age — tends to produce more total income. Check your projected benefit at ssa.gov before running any break-even scenario.