Social Security “Break-Even” Calculator
Social Security Break-Even
Should you take it now or wait for a bigger check?
Check your latest statement at SSA.gov
Start at 62
$0/mo
30% Reduction
Start at 67 (FRA)
$0/mo
100% Base Benefit
Start at 70
$0/mo
~24% Bonus
Cumulative Lifetime Benefits
Worried about a Retirement Income Gap?
Social Security only covers about 40% of the average retiree's income.
The Logic Behind the Tool
here is the actuarial logic used:
1. Benefit Adjustments:
- Age 62: Benefits are reduced by approx. 30% compared to Full Retirement Age (FRA).
- Age 70: Benefits increase by approx. 24% to 32% (8% per year delayed) compared to FRA.
2. Cumulative Calculation:
The tool calculates the total money received for every year from age 62 to 95.
Cumulative Total = Monthly Benefit × 12 × (Current Age - Starting Age)
3. The Break-Even Point:
This is the age where the "Delayed" line crosses the "Early" line.
- Typically, the break-even point between Age 62 and Age 67 is around Age 77.
- The break-even point between Age 67 and Age 70 is around Age 82.
