Social Security break-even calculator
A break-even age is the age when the total you collect from starting later catches up with the total from starting earlier. With $2,000 a month at a full retirement age of 67, starting at 67 instead of 62 breaks even at age 78 and 8 months, and starting at 70 instead of 67 breaks even at age 82 and 6 months.
Last updated: . Education, not financial advice.
Worked example
Take someone born in 1962 whose statement shows $2,000 a month at full retirement age. The table compares three pairs of starting ages. The first break-even column adds up plain dollars. The second column discounts later payments by 2% a year, as if you could earn that on the money.
| Compare starting at | Earlier check | Later check | Break-even age | With 2% discount |
|---|---|---|---|---|
| 62 or 67 | $1,400 | $2,000 | 78 and 8 months | 81 and 1 month |
| 67 or 70 | $2,000 | $2,480 | 82 and 6 months | 84 and 11 months |
| 62 or 70 | $1,400 | $2,480 | 80 and 5 months | 82 and 9 months |
Source: Full retirement age and reduction by claiming age (opens in a new tab), Delayed retirement credits (opens in a new tab), Early or late retirement calculator (opens in a new tab)
How the calculator works
- It finds your full retirement age from your birth year.
- It works out the check for each starting age. Starting early cuts the check. Waiting past full retirement age adds delayed credits until 70. Each check is rounded down to the whole dollar.
- It then finds the first month when the total from the later start is at least the total from the earlier start.
Source: Full retirement age and reduction by claiming age (opens in a new tab), Delayed retirement credits (opens in a new tab), Early or late retirement calculator (opens in a new tab)
What a break-even age can and cannot tell you
A break-even age is a way to compare two plans. It is not a forecast. If you live past it, the later start paid more in total. If you do not, the earlier start paid more. Cost-of-living raises apply to every starting age, so they do not change which plan is ahead.
It also leaves out things only you know, such as whether you need the money now, whether you are still working, and what a spouse would keep. See the guides on 62 or 67, 67 or 70 and claiming when married.
Common questions
What is a break-even age?
It is the age when the total from starting later catches up with the total from starting earlier. For a $2,000 benefit at 67, starting at 67 instead of 62 breaks even at 78 and 8 months.
Does the break-even age include cost-of-living raises?
No. Raises apply to every starting age, so they do not change which plan is ahead. The calculator shows today's dollars.
Why show a discounted break-even age?
Money now is worth more than money later. At a 2% yearly discount, starting at 67 instead of 62 breaks even at 81 and 1 month instead of 78 and 8 months.
Sources
- Full retirement age and reduction by claiming age (opens in a new tab)
- Delayed retirement credits (opens in a new tab)
- Early or late retirement calculator (opens in a new tab)
- Retirement benefits (opens in a new tab)
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Wait or Claim is independent. We are not affiliated with, endorsed by or connected to the Social Security Administration or any government agency. We give education, not financial, tax or legal advice. Check your own facts with Social Security (ssa.gov) before you file.