Social Security Break-Even Calculator

What this calculator does

One of the most consequential financial decisions you will make after 50 is when to claim Social Security. Claiming early at 62 gives you more years of payments, but at a permanently reduced monthly amount. Waiting until 70 gives you the highest monthly benefit, but you collect for fewer years. The question is: which strategy puts more money in your pocket over your lifetime?

This calculator builds a cumulative total for each claiming age from 62 to 90, applies an annual cost-of-living adjustment (COLA), and identifies the exact break-even crossover age — the point where waiting starts to pay off more than claiming early.

How to use it

1. Log in to ssa.gov/myaccount to find your estimated benefit at each claiming age. The SSA provides these estimates based on your actual earnings record.
2. Enter your estimated monthly benefit at age 62 (the early reduced amount).
3. Enter your estimated monthly benefit at your Full Retirement Age (FRA) — typically 67 for anyone born in 1960 or later.
4. Enter your estimated monthly benefit at age 70 (the maximum delayed amount).
5. Confirm your Full Retirement Age and set an annual COLA estimate (the historical average is around 2.5%).
6. Click Calculate Break-Even to see the full cumulative comparison table and crossover ages.

Tip: The break-even analysis only tells part of the story. Also consider your health, whether you have other income to bridge the gap, whether you are still working, and spousal benefit implications. This tool is a starting point for the conversation, not a final answer.