Social Security Break-Even Calculator
66
66 and 2 months
66 and 4 months
66 and 6 months
66 and 8 months
66 and 10 months
67
Calculation Results
What is the Social Security Break-Even Point?
The "break-even point" is the age at which the total cumulative benefits from delaying Social Security surpass the total benefits received by starting early. While starting at 62 gives you checks sooner, those checks are permanently reduced. Starting at 70 provides much larger monthly payments, but you miss out on eight years of income between age 62 and 70.
Realistic Example:
If your Full Retirement Age (FRA) benefit is $2,000:
– Claiming at 62 might give you roughly $1,400/month.
– Claiming at 70 might give you roughly $2,480/month.
The "Break-Even" is the age where the person who waited until 70 finally has more total money in their pocket than the person who started at 62.
If your Full Retirement Age (FRA) benefit is $2,000:
– Claiming at 62 might give you roughly $1,400/month.
– Claiming at 70 might give you roughly $2,480/month.
The "Break-Even" is the age where the person who waited until 70 finally has more total money in their pocket than the person who started at 62.
How to Use This Calculator
To find your break-even age, follow these steps:
- FRA Benefit: Enter the amount the Social Security Administration estimates you will receive at your full retirement age (found on your SSA.gov statement).
- FRA Age: Select your specific full retirement age based on your birth year. For most people born after 1960, this is 67.
- Option A & B: Compare two different ages (e.g., 62 vs. 67, or 67 vs. 70) to see which strategy nets more money over your lifetime.
Key Factors Beyond the Numbers
While the math gives you a specific age, consider these variables before making a final choice:
1. Health and Longevity: If your family has a history of living into their 90s, delaying often pays off. If you have health concerns, claiming earlier may be wiser.
2. Current Income Needs: If you need the money to cover basic living expenses now, the break-even point is less important than your immediate survival.
3. Survivor Benefits: For married couples, the higher-earning spouse delaying benefits can provide a significantly higher survivor benefit for the remaining spouse later in life.
Your Break-Even Age is: " + breakEvenAge.toFixed(1) + " years old.
";
html += "This means if you live past age " + breakEvenAge.toFixed(1) + ", you will have collected more total money from Social Security by waiting until age " + laterAge + " to claim.";
} else {
html += "A break-even point was not found within a reasonable lifespan. This usually happens if the input ages are too close or the benefit amounts don't cross.";
}
outputText.innerHTML = html;
// Smooth scroll to result
resultArea.scrollIntoView({ behavior: 'smooth', block: 'nearest' });
}