Is there a breakeven calculator to compare early SS retirement benefits vs waiting until FRA?

SSA doesn't offer an official breakeven calculator, but they do have retirement estimators that can help. You can find them at ssa.gov/benefits/retirement/estimator.html where you can compare different claiming ages. For a true breakeven analysis, you need to consider: - Your reduced benefit at 62 (about 70% of your FRA amount) - Your full benefit at 67 (your FRA) - Your life expectancy - Potential cost-of-living adjustments (COLAs) - Whether you'll continue working until FRA Typically, the breakeven age falls somewhere between 78-82 years old. If you live beyond that point, waiting to claim at FRA would have been financially advantageous. If you pass away before then, claiming early would have provided more lifetime benefits. Consider checking out the AARP Social Security Calculator or tools from financial companies like Fidelity or T. Rowe Price that offer more detailed breakeven analysis.

the break even age is abut 80 for most ppl so if u think ull live past that wait but if not then take it early. my uncle took his at 62 and is glad he did cuz he got to enjoy travel while still healthy

I looked into this a few months ago. The SSA doesn't have a specific "breakeven calculator" but several financial websites do. I used the one on opensocialsecurity.com and it's FREE and really detailed. It even lets you calculate optimal filing dates for couples. Just remember that the purely financial "breakeven" approach ignores quality of life factors. Having money earlier might mean more ability to enjoy retirement while you're healthier, even if the raw numbers favor waiting. Also, don't forget that if you claim at 62 and continue working, you'll be subject to the earnings test until you reach FRA, which could reduce or eliminate your benefits temporarily (you get the money back later, but still).

Let me tell you something about these "calculators" - they DON'T tell you the whole story! The SSA DELIBERATELY makes this confusing so people claim early and get LESS money! I waited until 70 to maximize my benefit and now I get $1,400 MORE every month than if I'd claimed at 62. That's over $16,800 extra EVERY YEAR for the rest of my life! Do NOT trust the SSA website alone. They're not giving you the whole picture. And their agents are overworked and undertrained - half the time they give WRONG information! The break-even calculators also DON'T factor in the HUGE survivor benefit advantage if you're married. If you're the higher earner and wait to claim, your spouse gets that higher amount for LIFE after you're gone!

Good morning! I was in your exact situation last year trying to decide when to take my SS benefits. I spent HOURS trying to get someone on the phone at SSA to help me understand my options, but kept getting disconnected or waiting for 2+ hours. I finally discovered a service called Claimyr (claimyr.com) that got me connected to an actual SSA agent in under 20 minutes! They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The agent I spoke with was super helpful and ran different scenarios based on my specific earnings record. While they don't have an official "breakeven calculator," the agent was able to calculate my benefit amounts at different ages and help me understand when my breakeven point would be based on my specific earning history. Much more helpful than trying to use generic calculators online!

I'm a financial advisor who specializes in retirement planning. While the SSA doesn't offer a specific breakeven calculator, you can calculate it yourself: 1. Get your estimated benefit amounts at 62 and at FRA from your my Social Security account 2. Calculate the cumulative benefits from claiming at 62 up to any given age 3. Calculate the cumulative benefits from claiming at FRA up to that same age 4. Find the age where the FRA cumulative amount exceeds the early claiming amount For example, if your monthly benefit at 62 would be $1,400 vs $2,000 at 67 (FRA): - By age 77, you'd have collected $252,000 if started at 62 ($1,400 × 180 months) - By age 77, you'd have collected $240,000 if started at 67 ($2,000 × 120 months) - By age 79, you'd have collected $285,600 if started at 62 ($1,400 × 204 months) - By age 79, you'd have collected $288,000 if started at 67 ($2,000 × 144 months) So in this simplified example (ignoring COLAs), the breakeven point is between 78-79.

i took mine at 62 cuz bird in hand worth 2 in bush lol... seriously tho no regrets here!! got to travel while still young enough to enjoy it and help my daughter with college. who knows if ill even make it to 80? my dad died at 74 never getting full value from ss

One important factor many break-even calculators miss is the impact of required minimum distributions (RMDs) from retirement accounts. If you delay Social Security and use retirement account withdrawals to fund early retirement, you'll reduce future RMDs, potentially lowering your tax bracket in your 70s and beyond. Conversely, if you claim early and preserve retirement accounts, your RMDs could be larger, potentially pushing you into higher tax brackets and causing more of your Social Security to be taxable. This tax interaction effect can shift the break-even point by several years, typically making delaying benefits more advantageous than simple calculators suggest.

my neighbor took ss at 62 and invested all of it in bitcoin and now hes rich lol. no calculator shows THAT option!!