Senior · Social Security

Claim at 62 or wait until 70?

Monthly benefit, lifetime payout, and nominal breakeven for any claim age between 62 and 70. Calibrated to SSA POMS RS 00615.105 + RS 00615.690.

Inputs

Birth year Determines your Full Retirement Age (FRA).

Monthly PIA at FRA (USD) From your SSA statement at ssa.gov/myaccount.

Claim age (62–70)

Expected life age US average ~78 male / 82 female. Family history matters.

Monthly benefit at claim age

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Lifetime benefit (nominal)

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Breakeven age vs FRA

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Your FRA

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COLA (annual cost-of-living adjustment) — real-dollar breakeven shifts ~2-4 years older.
Taxes on Social Security (depends on combined income).
Spousal / survivor benefits, divorced-spouse rules, earnings test before FRA.
Windfall Elimination Provision / Government Pension Offset (if you had non-covered work).
Tax-deferred portfolio dynamics — claiming later may save your portfolio more than the SS gain itself.

How this is calculated

FRA: 1937 and earlier = 65; 1943–1954 = 66; 1960+ = 67 (interpolated in between per SSA schedule).
Early reduction: first 36 months early = 5/9 of 1% per month; beyond = 5/12 of 1% per month.
Delayed credit: 8% per year (2/3 of 1% per month) up to age 70.
Lifetime = monthly × 12 × (life_age − claim_age). Breakeven solves for the age where cumulative claim-age payout equals cumulative FRA payout.
Source: SSA POMS RS 00615.105 + RS 00615.690. Last reviewed 2026-05-22.