Social Security break-even calculator for claiming at 62 vs. FRA - where to find this?

The SSA doesn't actually provide a break-even calculator on their website because they don't want to encourage people to think of it as simply a math problem. But the calculation isn't too difficult to do yourself. Basically, you compare your reduced benefit at 62 (about 70% of your FRA benefit) to your full benefit at 67. Then determine how many months it would take for the total benefits received by waiting to exceed the total you'd get by claiming early. For example, if your FRA benefit is $2,000/month but at 62 you'd get $1,400/month: - At 62, you get $1,400 × 60 months = $84,000 by age 67 - If you wait until 67, you get $0 during those 5 years - After 67, the difference is $600/month in favor of waiting - To make up $84,000 at $600/month takes 140 months (about 11.7 years) - So your break-even age would be around 78-79 Of course this is simplified and doesn't account for investment potential, taxes, or COLA increases.

DONT OVERTHINK THIS... take it at 62!!!! I waited till 65 and now i regret it. could have had that money for 3 years already. The whole breakeven thing is a trap, your not guaranteed tomorrow so why wait??

The calculator tool you want is available through several financial websites, not the SSA directly. I used Fidelity's retirement calculator which has this feature built in. AARP also has a Social Security calculator that shows break-even points: https://www.aarp.org/retirement/social-security/benefits-calculator/ One thing to consider that most people forget: your break-even calculation should also factor in survivor benefits. If you're married and are the higher earner, waiting increases the survivor benefit your spouse would receive if you pass away first. This effectively lowers the break-even age when you consider your household as a unit rather than just yourself.

My neighbor took his at 62 and now that hes 72 he says its the biggest mistake he ever made cause his check is way smaller than his friends who waited. Just my 2 cents

I've been trying to reach SS for weeks about this exact question! They never answer the phone and I can't get an in-person appointment. Has anyone found a way to actually speak to someone at SSA these days? Their website is confusing and I want to talk to a real person about my specific situation.

Financial advisor here. The break-even calculation everyone's describing is useful but incomplete. You need to consider: 1. Tax implications - if you're still working at 62, up to 85% of your SS benefits may be taxable, and you'll be subject to the earnings limit ($21,240 in 2025) 2. Investment opportunity - if you don't need the money at 62, waiting gives you an 8% guaranteed annual return between FRA and 70, which is hard to beat 3. Longevity risk - the real danger isn't dying early, it's living longer than expected with reduced benefits 4. COLA adjustments - these apply to a larger base amount if you wait A complete break-even analysis would factor all these in. For most people with average or better longevity, waiting until at least FRA is mathematically advantageous.

One more resource that might help - OpenSocialSecurity.com is a free calculator that does sophisticated break-even analysis including tax implications, spousal benefits, etc. It was created by a financial advisor who specializes in Social Security optimization. It's more comprehensive than most calculators because it looks at maximizing lifetime expected benefits based on mortality tables, not just a simple break-even point.

my sister took hers at 62 and i waited till 66. shes collected over $100k more than me so far and im 70 now. those fancy calculators dont account for what u could do with that money in your 60s when u can still enjoy it!

I dont think theres a right answer honestly, it depends on ur health and family history and if u need the money now. My dad took it early and my mom waited, they both seemed happy with their choice for different reasons.

Another factor to consider that hasn't been mentioned much here is inflation protection. Social Security benefits have built-in cost-of-living adjustments (COLA) that help protect against inflation over time. If you take benefits early at a reduced amount, those COLA increases are applied to that smaller base for the rest of your life. For example, if your FRA benefit would be $2,000 but you take $1,400 at 62, and there's a 3% COLA increase, you get 3% of $1,400 ($42) rather than 3% of $2,000 ($60). Over decades, this compounds significantly. Also, @Giovanni Ricci, since you mentioned you're still working part-time, make sure you understand the earnings test. In 2025, if you're under FRA and earn more than $21,240, Social Security reduces your benefits by $1 for every $2 you earn above that limit. This could effectively make your early benefits even smaller if you continue working. The decision really depends on your complete financial picture, health, and family longevity. But mathematically, most people benefit from waiting at least until FRA, especially if they're married and the higher earner.

I'm in a similar situation and found that the key is looking at multiple calculators to get a complete picture. Besides the ones mentioned here, I also used the calculator on FidSafe.com and the one from T. Rowe Price - they each show slightly different perspectives. One thing that really helped me was creating a simple spreadsheet to track the cumulative benefits over time. I put in my estimated benefit amounts at different claiming ages (62, FRA, and 70) and calculated the running totals year by year. It makes it really visual to see when the lines cross. For what it's worth, I decided to wait until my FRA after doing this analysis, even though it was tempting to take the money at 62. The peace of mind knowing I'll have a higher monthly payment for life (and that my spouse will too if I go first) was worth more to me than having the money a few years earlier. Good luck with your decision - it sounds like you're doing your homework, which is the most important thing!