Frequently Asked Questions
What is the Social Security breakeven age?
It is the age at which the total lifetime benefits from waiting to claim surpass the total from claiming earlier. Before the breakeven, the early claimant is ahead; after it, the later claimant has collected more in total.
What is full retirement age?
Full retirement age (FRA) is 67 for anyone born in 1960 or later. Claiming at 62 permanently reduces your monthly benefit by up to 30 percent. Waiting past FRA to 70 increases it by 8 percent per year.
How does the calculator estimate my benefit at 62 and 70?
You enter one number - your benefit at full retirement age (your PIA, shown on your Social Security statement). The calculator applies the standard reduction for claiming early (up to 30 percent less at 62) and the delayed retirement credits for waiting (8 percent per year to age 70) to derive the monthly amount at each age.
Should married couples think about this differently?
Yes. The higher earner delaying to 70 can significantly increase the surviving spouse benefit, often the most important factor in the claiming decision. This calculator models a single filer only.
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Financial Disclaimer: Estimates only. Not financial advice.
This calculator provides estimates for informational purposes only. Actual financial outcomes depend on market conditions, personal circumstances, and decisions. Not financial advice. Consult a certified financial planner before making financial decisions affecting your future.