When you claim is worth tens of thousands.

Claim at 62 and your check is cut by 30%; wait until 70 and it grows by 24%. Where those paths cross is the whole decision, and your health, your work, and your spouse all move it. The guides below break down the math one piece at a time. When you want to see how a given claim age changes how long your savings last, the calculator models it directly.

The decision that anchors the rest of the plan

Social Security is the one piece of most retirement plans that is guaranteed, adjusted for inflation, and paid for life, which makes the timing of when you claim one of the highest-stakes choices you make. The same earnings record pays a very different monthly benefit depending on whether you start at 62, at full retirement age, or at 70, and the gap between the smallest and largest check runs to roughly 75%.

How the benefit is calculated

Your benefit starts from your highest thirty-five years of earnings, combined into the figure the Social Security Administration uses to set your payment at full retirement age, which is 67 for anyone born in 1960 or later. Claim before that age and the check is permanently reduced, by as much as 30% at 62. Delay past it and the benefit grows by about 8% a year until 70, for a permanent increase of 24%. The official estimate at ssa.gov gives you the numbers for your own record.

Where the break-even falls

Claiming early means more checks that are each smaller. Delaying means fewer checks that are each larger. The age where the total from waiting overtakes the total from claiming early is the break-even, and it usually lands somewhere in the late 70s to early 80s. Live past it and delaying pays more over a lifetime; fall short of it and claiming early does. Your health, family longevity, whether you are still working, and a spouse's record all move the call. Our guide to the break-even age works the math through.

Taxes and the rest of your income

The claim age also interacts with the rest of your plan. A portion of your benefit becomes taxable once your other income clears certain thresholds, which our guide on how Social Security is taxed breaks down. And every dollar of guaranteed benefit is a dollar your portfolio does not have to provide, so a later, larger check eases the strain on your savings. To see how a given claim age changes how long your money lasts, the calculator models the benefit alongside your withdrawals.