Social Security Break-Even Calculator (Claim at 62 vs 67 vs 70)

How claiming age changes the check

For workers with a full retirement age (FRA) of 67: claiming at 62 permanently cuts the benefit to ~70% of FRA; delaying to 70 raises it ~24% above FRA (8%/year of delay credits). A $2,000 FRA benefit becomes $1,400 at 62 or $2,480 at 70 — a 77% gap between the extremes, for life, inflation-adjusted.

Break-even ≈ age 78–79 (62 vs 67) and ≈ 82–83 (67 vs 70)

Reading the break-even honestly

Live shorter than ~78 and early claiming collected more; live past ~82–83 and delaying to 70 wins increasingly big. Average US life expectancy at 62 is ~82–85 (higher for women and couples) — which is why analysts usually favor delaying for healthy people, and why the "get your money before it disappears" instinct often costs six figures for long-lived retirees.

Beyond the simple math

• Spousal insurance: the higher earner delaying raises the survivor benefit a widow(er) keeps for life — often the strongest argument for 70.
• Working before FRA: claiming early while earning above the annual limit temporarily withholds benefits.
• Bridge strategy: spending portfolio money from 62–70 to "buy" the bigger check is effectively purchasing an inflation-indexed annuity at a price private insurers cannot match.

Educational model only — the real decision involves health, taxes, spouses, and SSA rules; verify numbers at ssa.gov.