What "break-even" actually means
Claiming at 70 pays more per month but pays for fewer months than claiming at 62. The break-even age is where the larger, later checks catch up to and overtake the head start the smaller, earlier checks had. Live past it and delaying wins; die before it and claiming early would have paid more in total. Planning the rest of the picture? See the Retirement Withdrawal Calculator.
Frequently asked questions
What counts as "full retirement age" here?
This uses 67, the full retirement age for everyone born in 1960 or later — which covers essentially everyone actively planning a claiming age today. If you were born earlier, your FRA is 66-67 and the exact reduction/credit percentages shift slightly.
Why does claiming early reduce the benefit so much?
The Social Security Administration reduces your benefit for each month claimed before FRA — 5/9 of 1% per month for the first 36 months, then 5/12 of 1% per month beyond that. Claiming at 62 instead of 67 (60 months early) works out to a 30% permanent cut.
Is the break-even age the whole decision?
No — it ignores your health, other income, and what you'd do with the money if you claimed earlier and invested it. It's one useful data point, not the full picture. A financial advisor can weigh the rest.
Last updated: June 2026