Social Security "Break-Even" Calculator
Should you take it now or wait for a bigger check?
Your Estimated Benefit
$
Check your latest statement at SSA.gov.
Start at 62
$1,750/mo
30% Reduction
Start at 67 (FRA)
$2,500/mo
100% Base Benefit
Start at 70
$3,100/mo
~24% Bonus
Cumulative Lifetime Benefits
Age 62Age 70Age 80Age 90
Start at 62Start at 67Start at 70
The "Wait" Strategy
Best if: You are in excellent health and expect to live past 82.
Survivor Benefit: If you were the higher earner, waiting can increase the check your spouse receives.
Inflation Protection: COLA raises are percentages, so a larger check gets a bigger dollar raise.
The "Now" Strategy
Best if: You need income immediately for essential bills or debt.
Bridge to Retirement: Early benefits may help you leave a high-stress job sooner.
Investment Potential: Investing early checks could outperform waiting, but that involves market risk.
Worried about a Retirement Income Gap?
Social Security only covers about 40% of the average retiree's income.