Transparent method
The formula
Worked example
Example inputs
How to interpret the result
Claiming earlier delivers a smaller monthly benefit for more years, while claiming later delivers a larger monthly benefit for fewer years, and which choice produces more total lifetime income depends entirely on how long the benefit actually gets collected, a comparison that can't be settled without an assumption about lifespan.
Before you rely on it
What to check
Compare cumulative benefits at more than one assumed lifespan, not just a single expected age, since the better claiming age can flip depending on how long benefits are actually received.
The common error
Where people go wrong with social security claiming age calculator
Picking a single claiming age based on one assumed lifespan without checking how sensitive that choice is to living longer or shorter than expected. The better claiming age can reverse entirely under a different lifespan assumption.
Sensitivity evidence
How monthly benefit at 62 changes the age-70 cumulative advantage vs. age 62
| Monthly benefit at 62 | Age-70 cumulative advantage vs. age 62 | Cumulative benefits claiming at 62 | Cumulative benefits claiming at 70 |
|---|---|---|---|
| $1,440 | $187,560 | $397,440 | $585,000 |
| $1,620 | $137,880 | $447,120 | $585,000 |
| $1,800worked example | $88,200 | $496,800 | $585,000 |
| $1,980 | $38,520 | $546,480 | $585,000 |
| $2,160 | -$11,160 | $596,160 | $585,000 |
Every input, tested
Which input moves the age-70 cumulative advantage vs. age 62 most
| Input | Tested from | To | Age-70 cumulative advantage vs. age 62 at each end | Swing |
|---|---|---|---|---|
| Compare cumulative benefits through age | 64.0 years | 106.0 years | -$43,200 to $453,600 | $496,800 (563%) |
| Monthly benefit at 70 | $2,925 | $3,575 | $29,700 to $146,700 | $117,000 (133%) |
| Monthly benefit at 62 | $1,620 | $1,980 | $137,880 to $38,520 | $99,360 (113%) |
| Monthly benefit at full retirement age | $2,340 | $2,860 | $88,200 to $88,200 | none |
Two variables at once
Age-70 cumulative advantage vs. age 62 by monthly benefit at 62 and monthly benefit at 70
| Monthly benefit at 62 \ Monthly benefit at 70 | $2,600 | $3,250 | $3,900 |
|---|---|---|---|
| $1,440 | $70,560 | $187,560 | $304,560 |
| $1,620 | $20,880 | $137,880 | $254,880 |
| $1,800 | -$28,800 | $88,200 | $205,200 |
| $1,980 | -$78,480 | $38,520 | $155,520 |
| $2,160 | -$128,160 | -$11,160 | $105,840 |
Step by step
The worked example, input by input
| Input | Value used |
|---|---|
| Monthly benefit at 62 | $1,800 |
| Monthly benefit at full retirement age | $2,600 |
| Monthly benefit at 70 | $3,250 |
| Compare cumulative benefits through age | 85.0 years |
| Age-70 cumulative advantage vs. age 62 | $88,200 |
| Cumulative benefits claiming at 62 | $496,800 |
| Cumulative benefits claiming at 70 | $585,000 |
Where the inputs come from
Monthly benefit at 62, at full retirement age and at 70 come from your Social Security statement at the Social Security website, which lists the estimates for each age in today's dollars. Compare cumulative benefits through age is the age you use as the yardstick, such as 85. Use an age near your realistic longevity rather than an average, and consider your health and family history.
Using the age-70 cumulative advantage vs. age 62 in a real decision
Also consider that the larger benefit is a hedge against a long life and passes to a surviving spouse.
When the result stops applying
The comparison is nominal and ignores the investment return on early benefits, taxes on benefits and cost-of-living adjustments, which apply to all claiming ages. It does not reflect the earnings test for those working before full retirement age. Couples should consider both benefits together, since the survivor keeps the larger one.
What to compare it with
The Social Security break-even calculator finds the crossover age directly, and the spousal benefit page covers couples. Estimate the tax effect on the taxable Social Security page, and see whether delaying closes a gap on the retirement income gap calculator. Bridging the years with savings can make delay affordable. If you are married, run the numbers for both spouses, since the higher earner's decision also sets the survivor's income.
People also ask
Frequently asked questions
What is my full retirement age?
It is 66 to 67 depending on birth year, and 67 for anyone born in 1960 or later. Claiming before it permanently reduces your benefit.
Does delaying past 70 help?
No. Delayed retirement credits stop at age 70, so there is no benefit to waiting longer, and anyone still waiting past that age just gives up checks for nothing.
Should I claim early if I am in poor health?
Poor health or a short life expectancy can favor claiming earlier, but a spouse who would rely on your benefit as a survivor may still be better served by waiting.