1. Enter Your Information

Input your current age and annual salary. The calculator will estimate your Social Security benefit based on your salary, or you can enter your actual benefit amount from your SSA.gov statement.

2. Review Benefit Amounts

See how your monthly and annual benefits change at each claiming age. Benefits are reduced by about 6.7% per year if claimed before age 67, and increased by 8% per year if delayed beyond 67 (up to age 70).

3. Understand Break-Even Points

The break-even analysis shows at what age delaying benefits "catches up" to claiming earlier. For example, if you wait until 70 instead of 62, you might break even around age 78-80.

4. Consider Your Life Expectancy

Use the cumulative benefits chart to see total lifetime benefits based on how long you expect to live. If you have good health and family longevity, delaying often pays off. If you have health concerns, claiming earlier might make more sense.

Key Factors in Your Decision

• Health & Longevity: Family history and personal health are critical factors
• Financial Need: Can you afford to wait, or do you need income now?
• Spousal Benefits: Higher earner delaying can increase survivor benefits
• Still Working: Benefits may be reduced if you claim before FRA while working
• Other Income: SS benefits may be taxable depending on total income
• Portfolio Longevity: Delaying SS can reduce portfolio withdrawals in early retirement

Social Security Claiming Ages

Age 62: Earliest eligibility, but benefits reduced by ~30% permanently

Age 65: Medicare eligibility, benefits reduced by ~13%

Age 67: Full Retirement Age (FRA) for those born in 1960 or later, 100% of benefit

Age 70: Maximum benefit, 24% higher than FRA, no further increases after this