Social Security Calculator

Deciding when to claim Social Security

The single biggest lever most retirees have over their Social Security check is when they file. Claiming as early as 62 shrinks your benefit for life. Waiting past your Full Retirement Age adds delayed retirement credits until age 70. The right choice depends on your health, other income, marital situation, and honestly, how long you expect to live.

What Full Retirement Age means

Full Retirement Age (FRA) is the age at which the Social Security Administration will pay you 100 percent of your Primary Insurance Amount, or PIA. For anyone born in 1960 or later, FRA is 67. For those born earlier, FRA is somewhere between 66 and 67. Your PIA is calculated from your 35 highest-earning years, adjusted for wage growth.

How early claiming reduces your check

If you claim before FRA, your monthly benefit is permanently reduced. The reduction is 5/9 of 1 percent per month for the first 36 months of early claiming, then 5/12 of 1 percent per month beyond that. Claiming at 62 with an FRA of 67 cuts your check by 30 percent. Claiming at 65 cuts it by about 13 percent.

How delayed credits boost your check

For every month you wait past FRA up to age 70, the SSA adds a delayed retirement credit of 2/3 of 1 percent, which is 8 percent per year. Waiting from 67 to 70 boosts your check by 24 percent. Combined with early-claim reductions, someone who could get $2,400 at FRA might receive around $1,680 at 62 or roughly $2,976 at 70.

Break-even and longevity

Delaying trades smaller checks up front for larger checks later. The break-even age, where the cumulative payouts are equal, is typically in the late 70s or early 80s. If your family history suggests you will live into your late 80s, delaying is usually the mathematically better bet. If you are in poor health, claiming earlier can make more sense.

Spousal and survivor considerations

A married couple should look at claiming as a team. A lower-earning spouse can collect up to 50 percent of the higher earner's FRA benefit. Just as important, when the higher earner dies, the surviving spouse steps up to that larger benefit. Delaying the higher earner's claim can materially raise lifetime household income and the survivor's later years.

The earnings test

If you claim before FRA and keep working, an earnings test can temporarily reduce your benefit. In 2025 the threshold is $23,400; benefits are withheld $1 for every $2 above it. Once you reach FRA, the test vanishes and any previously withheld money is credited back through a higher benefit.

Use the number on your Social Security statement as your PIA input for the most accurate result. The SSA is the definitive source for your actual benefit.