Free calculators · Social Security
How much do you lose claiming Social Security at 62?
If your full retirement age is 67, claiming at 62 cuts your check by 30 percent for life, and waiting to 70 raises it by 24 percent. Enter your own numbers to see your checks, your break-even age, and the totals.
At 62
$0
At 67
$0
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Hypothetical and educational only. Results are estimates from the figures you enter and the rules cited below. They do not account for every factor in your situation, are not a guarantee of any result, and are not tax, legal, or investment advice. Figures are in today’s dollars with no cost-of-living adjustments, before taxes and Medicare premiums.
How the math works
Social Security starts from your primary insurance amount, the monthly benefit at your full retirement age. Full retirement age is 66 for people born 1943 through 1954, rises two months a year for 1955 through 1959, and is 67 for anyone born in 1960 or later.
Claim early and SSA reduces the benefit 5/9 of 1 percent for each of the first 36 months before full retirement age, plus 5/12 of 1 percent for each month beyond 36. Wait past full retirement age and you earn delayed retirement credits of 8 percent a year until 70. After 70 there is no further increase.
Why the break-even age is not the whole answer
The break-even age tells you how long you need to live for waiting to pay more in total. It does not tell you what your household needs. For a married couple, the larger of the two checks continues to the surviving spouse, so the higher earner’s claiming age can matter for decades after the first death. The order of your withdrawals from savings matters too; see why the order of returns matters and the article Social Security at 62 vs 67.
Questions people ask
- How much smaller is Social Security at 62?
- If your full retirement age is 67 (born 1960 or later), claiming at 62 pays 70 percent of your full benefit, a 30 percent reduction. SSA reduces benefits 5/9 of 1 percent for each of the first 36 months before full retirement age and 5/12 of 1 percent for each month beyond that.
- How much bigger is it at 70?
- For anyone born in 1943 or later, SSA adds delayed retirement credits of 8 percent a year (2/3 of 1 percent a month) for each year you wait past full retirement age, up to age 70. With a full retirement age of 67, claiming at 70 pays 124 percent of your full benefit.
- What is the break-even age for 62 versus 67?
- With a full retirement age of 67 and no cost-of-living adjustments, the total paid by waiting until 67 catches up with the total paid from 62 at about age 78 and 8 months. Past that age, waiting has paid more in total. The calculator shows the break-even for any two ages you choose.
- Where do I find my benefit at full retirement age?
- Your Social Security statement at ssa.gov/myaccount shows your estimated monthly benefit at full retirement age. Enter that number. If you use a statement estimate, it assumes you keep working at a similar income until you claim.
- What does this calculator leave out?
- Cost-of-living adjustments, taxes on benefits, spousal and survivor benefits, the earnings test if you work before full retirement age, and Medicare premiums. For a married couple, the higher earner's claiming age also sets the survivor benefit, which often matters more than the break-even age.
What to do with the number
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