Social Security Break-Even Calculator: 62 vs 67 vs 70
| Claim at | Monthly | Total by 80 | Total by 90 |
|---|
How this calculator works
Social Security cuts your check for every month you claim before full retirement age. The cut is 5/9 of 1% per month for the first 36 months, then 5/12 of 1% per month. If your full retirement age is 67, claiming at 62 means a 30% smaller check for life.
Waiting past full retirement age adds 2/3 of 1% per month (8% a year) until 70. After 70, there's no reason to wait.
The break-even age is when the total collected by waiting catches up with the total collected by starting early. The math here is a simple sum. It leaves out cost-of-living raises, taxes, and investment returns, which shift the break-even age a little.
Full retirement age by birth year
| Born | Full retirement age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
Born on January 1? Social Security uses the previous year. Source: SSA.
Working while you collect
Before full retirement age, Social Security holds back $1 for every $2 you earn above $24,480 (2026). Those checks aren't lost. At full retirement age, your monthly benefit is recalculated upward to pay you back. Here's a full example with the numbers.
Sources: SSA — Benefits by claiming age ·SSA — Delayed retirement credits ·SSA — How Work Affects Your Benefits (2026). This is an estimate for planning, not official advice. Spousal and survivor benefits aren't included.