Social Security Calculator
Optimize Your Claiming Age for Maximum Lifetime Benefits
Your Social Security claiming age can impact your retirement income by hundreds of thousands of dollars over your lifetime. Our comprehensive calculator compares benefits at age 62, full retirement age, and 70 to help you make the optimal decision based on your life expectancy, financial needs, and family situation.
Open Source & Transparent
All calculations are open source and verifiable on GitHub. We believe in transparency and welcome contributions to improve our tools.
Optimal Claiming Strategy
Delayed ClaimingAge 70
$3,100/mo
Lifetime Benefits
$558,000
Annual Benefit
$37,200
Years Collecting
15 years
Benefit Adjustment
+24.0%
Your Information
Early Claiming
Claim at age 62
$1,750
per month
Full Retirement Age
Claim at age 67
$2,500
per month
Delayed Claiming
BESTClaim at age 70
$3,100
per month
Personalized Recommendation
Based on your life expectancy of 85, delaying until age 70 maximizes your lifetime benefits.
Quick Summary
Benefit Adjustments
Claiming Early
Benefits reduced ~6.67%/year for first 3 years before FRA, then 5%/year
At FRA
Receive 100% of your calculated benefit
Delaying Past FRA
Benefits increase 8%/year until age 70 (24-32% total)
Get Your Estimate
Create a my Social Security account to view your personalized benefit estimate and verify your earnings record.
Visit ssa.govUnderstanding Social Security Benefits
Social Security provides foundational retirement income for millions of Americans. Your benefit amount depends on your 35 highest-earning years, adjusted for inflation. The age at which you claim benefits significantly impacts your monthly payment—and your lifetime total.
Making the right claiming decision requires understanding how early and delayed claiming adjustments work, calculating break-even points, and considering factors like health, other income sources, and spousal coordination.
Full Retirement Age (FRA)
Your Full Retirement Age is when you're entitled to 100% of your earned benefit. FRA varies by birth year:
66
Born 1943-1954
66 + 2-10 mo
Born 1955-1959
67
Born 1960+
100%
Benefit at FRA
How Claiming Age Affects Your Benefits
Early (62)
Claiming at 62 permanently reduces benefits by 25-30% depending on your FRA. The reduction is calculated monthly—6.67% per year for the first 3 years early, then 5% per year.
Example: $2,500 FRA benefit → ~$1,750/month at 62
Full Retirement Age
Receive your full calculated benefit—no reductions or credits. This is the baseline for comparing other claiming ages.
Benefit: 100% of your Primary Insurance Amount (PIA)
Delayed (70)
Delaying past FRA earns 8% annual delayed retirement credits until age 70. No additional benefit for waiting past 70.
Example: $2,500 FRA benefit → ~$3,100/month at 70 (+24%)
Understanding Break-Even Analysis
Break-even age is when cumulative lifetime benefits from two claiming strategies become equal. It helps answer: "How long must I live for delaying to be worth it?"
62 vs FRA Break-Even
Typically around age 78-80. If you live past this age, claiming at FRA provides more lifetime income.
FRA vs 70 Break-Even
Typically around age 82-84. Living past this age means delaying to 70 was the optimal choice.
Key Insight: Average life expectancy is ~85 years. For those in good health, delaying often results in significantly higher lifetime benefits.
Spousal Benefit Strategies
Spousal Benefit
A spouse can receive up to 50% of the higher earner's FRA benefit, or their own benefit—whichever is higher. Claiming before FRA reduces the spousal benefit proportionally.
Survivor Benefit
When a spouse dies, the survivor receives the higher of their own benefit or 100% of the deceased's benefit. This makes it crucial for the higher earner to maximize their benefit through delayed claiming.
Popular Strategy: Lower earner claims early for immediate income, while higher earner delays until 70 to maximize both their benefit and the eventual survivor benefit.
Frequently Asked Questions
Can I claim Social Security while still working? ▼
Yes, but if you claim before FRA while earning above $22,320 (2024 limit), benefits are reduced by $1 for every $2 over the limit. In the year you reach FRA, the limit increases to $59,520 with $1 withheld per $3. After FRA, there's no earnings limit.
Are Social Security benefits taxable? ▼
Up to 85% of benefits may be taxable depending on your "combined income" (AGI + nontaxable interest + half of SS benefits). For individuals, taxation begins at $25,000; for couples, at $32,000. Some states also tax benefits.
Can I change my mind after claiming? ▼
Within 12 months of claiming, you can withdraw your application, repay all benefits received, and restart later as if you never claimed. After FRA, you can suspend benefits to earn delayed credits until 70.
How is my benefit calculated? ▼
Your benefit is based on your 35 highest-earning years, adjusted for inflation. If you worked fewer than 35 years, zeros are averaged in. Create an account at ssa.gov to view your complete earnings record and estimated benefits.
What if I'm divorced? ▼
If you were married for 10+ years and are currently unmarried, you may be eligible for benefits based on your ex-spouse's record. This doesn't affect your ex-spouse's benefits. You receive the higher of your own benefit or up to 50% of your ex's FRA benefit.
What happens to benefits if I die? ▼
Your surviving spouse can receive 100% of your benefit if they're at FRA, or a reduced amount if claiming earlier. Minor children and dependent parents may also qualify for survivor benefits. The higher earner's benefit becomes the survivor benefit.
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