How your claiming age changes your check
Your benefit is based on your full retirement age (FRA): 67 for anyone born in 1960 or later, and between 66 and 67 for people born from 1955 to 1959. Claiming earlier or later changes your monthly check for life:
| When you claim | Effect on your monthly benefit |
|---|---|
| Up to 36 months before FRA | Reduced 5/9 of 1% for each month (6.67% a year) |
| More than 36 months before FRA | Reduced another 5/12 of 1% for each extra month (5% a year) |
| At FRA | 100% of your benefit |
| After FRA, up to 70 | Increased 2/3 of 1% for each month (8% a year) |
With an FRA of 67, claiming at 62 pays 70% of your full benefit, and waiting until 70 pays 124%. There's no extra credit for waiting past 70.
What the break-even age means
Claiming early gives you more checks; waiting gives you bigger checks. The break-even age is when the total from the bigger checks catches up with the total from the earlier ones. If you live past it, waiting paid more; if you don't, claiming earlier did.
COLAs raise every option by the same percentage, but because they compound, the bigger checks from waiting grow by more dollars each year. That pulls the break-even age about two years earlier at a 2.5% COLA. Investing early checks pushes it later.
Example
Born in 1964 with a $2,000 benefit at 67: claiming at 62 pays $1,400 a month, and waiting until 70 pays $2,480. Ignoring COLAs, waiting from 62 to 67 breaks even at about age 78 and 7 months, and waiting from 67 to 70 at about 82 and 5 months. With a 2.5% yearly COLA those ages move earlier, to about 76 and 8 months and 80 and 6 months. If you expect to live into your mid-80s or beyond, waiting usually pays more in total.
Other things to weigh
- Your spouse. If you're the higher earner, waiting raises the survivor benefit your spouse would receive after you die. That often makes delaying worth it even if your own break-even is uncertain.
- Still working? Before FRA, the earnings test temporarily withholds part of your benefit if your wages exceed an annual limit. The money isn't lost; your benefit is recalculated at FRA.
- Health and family history. They're the best clues to how long you might live, which drives the whole decision.
- Other savings. Living on savings for a few years so you can delay Social Security buys a larger, inflation-adjusted income for life.
- Taxes. Up to 85% of benefits can be taxable depending on your other income.
Frequently asked questions
What is the Social Security break-even age?
It's the age at which the total benefits from claiming later catch up with the total from claiming earlier. For someone with a full retirement age of 67, waiting from 62 to 67 typically breaks even in the mid-to-late 70s, and waiting from 67 to 70 in the early 80s.
How much less do I get if I claim at 62?
With a full retirement age of 67, claiming at 62 pays 70% of your full benefit, a 30% permanent reduction.
How much more do I get by waiting until 70?
Benefits grow 8% for each year you wait past full retirement age, up to 70. With a full retirement age of 67, claiming at 70 pays 124% of your full benefit.
What is my full retirement age?
67 if you were born in 1960 or later. For people born from 1955 to 1959 it's between 66 and 2 months and 66 and 10 months.
Does COLA change the break-even age?
Somewhat. COLAs raise every option by the same percentage, but because they compound, the larger checks from waiting grow by more dollars. At a 2.5% yearly COLA, break-even ages come about two years earlier than with no COLA.
Estimates only, for an individual retirement benefit. Spousal and survivor benefits, the earnings test, taxes and Medicare premiums are not included. Rules from the Social Security Administration. Not financial advice. Last updated October 1, 2026.