Social Security Break-Even Calculator

How it works

Head start = 60 months × benefit at 62 · Months to break even after 67 = head start ÷ (benefit at 67 − benefit at 62) · Break-even age = 67 + those months

Claiming Social Security at 62 starts smaller checks five years sooner, building a head start of benefits the person who waits has not yet collected. Waiting until full retirement age pays a larger monthly benefit, and each month that bigger check chips away at the early claimer’s lead. The break-even age is when the cumulative totals cross: live past it and waiting delivers more lifetime income; do not, and claiming early comes out ahead. Health, other income, a spouse’s benefit and taxes all factor into the real decision.

Worked example

With $1,500 a month at 62 and $2,100 at 67, claiming early banks a 60 × $1,500 = $90,000 head start by age 67. Waiting pays $600 more a month, which erases the $90,000 gap in $90,000 ÷ $600 = 150 months — 12.5 years — so the break-even age is about 79 years 6 months.

Frequently asked questions