Deciding when to claim your government retirement or Social Security benefits is one of the most critical decisions in retirement planning. In the US, you can claim as early as age 62, wait until your Full Retirement Age (FRA) at 67, or delay up to age 70 for maximum benefits.
The Cost of Claiming Early
Claiming at 62 reduces your monthly benefit permanently by about 30% compared to claiming at 67. Conversely, delaying to age 70 increases your benefit by 8% per year of delay. The key to maximizing your benefits is finding the **break-even age**:
- Before age 78: Claiming at 62 yields the most cumulative income.
- Between 78 and 82: Claiming at 67 becomes the most profitable.
- After age 82: Delaying to 70 yields the highest total lifetime payout.
Use our interactive simulator below to find your break-even point based on your expected monthly benefit.
Social Security Break-Even Calculator
Total Cumulative (Claiming at 62):
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Total Cumulative (Claiming at 67):
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Total Cumulative (Claiming at 70):
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