Social Security Break-Even Calculator
Social Security Planning
When should you claim Social Security?
The age you claim Social Security affects your monthly benefit for life. Claim early and get less per month but for more years. Delay and get more per month but for fewer years. This calculator shows when the math favors each strategy.
Compare Social Security claiming ages
See how long it takes for delayed benefits to “catch up” to early claiming. Find your estimated benefit on your Social Security statement.
Monthly benefit shown on your SS statement at FRA
How Social Security claiming age works
Full Retirement Age (FRA) is when you receive 100% of your Primary Insurance Amount. For people born in 1960 or later, FRA is 67.
Claim early (as young as 62) and your benefit is permanently reduced — up to 30% less than your FRA amount. But you collect for more years.
Delay past FRA (up to 70) and your benefit grows by 8% per year. After 70, there’s no additional increase.
The break-even point is the age when total lifetime benefits from delaying catch up to what you would have received by claiming early. If you live beyond this age, delaying pays off financially.
Social Security and Medicare are linked
If you’re receiving Social Security when you turn 65, you’ll be automatically enrolled in Medicare Part A and Part B. But if you delay Social Security, you must actively enroll in Medicare yourself during your 7-month Initial Enrollment Period.
Missing your Medicare enrollment window can result in permanent late enrollment penalties that increase your premiums for life.
Learn about Medicare enrollmentNeed help with your retirement timing?
Coordinating Social Security and Medicare decisions can be complex. Our team can help you understand how your choices fit together.
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