See how your claiming age affects your monthly benefit — and your total lifetime payout.
Claiming early means more checks but smaller ones. Claiming late means fewer checks but larger ones. The break-even age tells you when the cumulative total flips — if you live past that age, the later claim wins.
For most people: if you're healthy and have other income to live on until 70, waiting is mathematically better. If you need the money or have health concerns, claiming earlier makes sense. There's no universally "right" answer.
Your FRA depends on your birth year. If you were born in 1943–1954, FRA is 66. Born 1955–1959, it phases up from 66+2 months to 66+10 months. Born 1960 or later, FRA is 67. This calculator uses 67 for most workers.
Claiming 5 years early (at 62 vs 67) permanently reduces your benefit by about 30%. If your FRA benefit is $2,000/month, claiming at 62 gives you roughly $1,400/month — for the rest of your life. The reduction is permanent and doesn't go away once you reach FRA.
Each year you delay past FRA, your benefit grows by 8% (called "delayed retirement credits"). Waiting from 67 to 70 increases your benefit by 24%. If your FRA benefit is $2,000/month, claiming at 70 gives you $2,480/month.
The SSA takes your highest 35 years of earnings (indexed for inflation), averages them (this is your AIME — Average Indexed Monthly Earnings), then applies a progressive formula called "bend points" to get your PIA (Primary Insurance Amount). The first ~$1,174/month of AIME is replaced at 90%, the next ~$5,904 at 32%, and anything above at 15%. This formula intentionally benefits lower earners.
Up to 85% of Social Security benefits may be taxable if your combined income (adjusted gross income + non-taxable interest + half of SS benefits) exceeds $34,000 (single) or $44,000 (married). For lower incomes, 50% or 0% may be taxable.