Highest lifetime benefit
Age 70
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Age 62
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Monthly benefit
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Age 67
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Monthly benefit
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Age 70
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Monthly benefit
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Cumulative lifetime benefits by claiming age
How total benefits accumulate over time — the lines cross at the break-even age.
Lifetime totals at each age
Cumulative benefits received for each claiming strategy, assuming COLA adjustments.
| Your age | Claim at 62 | Claim at 67 | Claim at 70 |
|---|
Frequently asked questions
How much is my benefit reduced by claiming at 62?
If your full retirement age is 67, claiming at 62 reduces your benefit by 30% permanently. Each month you claim before FRA reduces the benefit by 5/9 of 1% for the first 36 months and 5/12 of 1% beyond that. A $2,200/month FRA benefit becomes about $1,540/month at 62.
How much more do I get by waiting to 70?
For every year you delay past your FRA, your benefit grows by 8% — called delayed retirement credits. Waiting from FRA 67 to 70 adds 24% to your monthly benefit. A $2,200 FRA benefit becomes $2,728/month at 70. That 8% guaranteed annual growth is hard to beat with any investment.
What is the break-even age?
The break-even age is when the cumulative lifetime total of the later strategy surpasses the earlier one. If you claim at 67 vs 62, you receive less for 5 years but a higher monthly amount after. The break-even is typically around age 78–80. If you expect to live past that, waiting generally pays more in total.
Does my health affect the decision?
Yes — it's the most important personal factor. If you have significant health issues or a family history of shorter lifespan, claiming earlier often makes sense. If you're in good health and have longevity in your family, the math strongly favors waiting. The average 65-year-old today lives into their mid-80s.
Should I claim early and invest the benefits?
Sometimes. If you can consistently earn more than ~6–8% annually on early benefits, investing them can outperform waiting. Use the investment return field above to model this. In practice, most retirees value the guaranteed income of delayed benefits over the risk of investment returns, especially as a base layer of income security.