Social Security Benefits Calculator: Optimal Claiming Strategy

Claiming Social Security at age 62 instead of 70 permanently reduces your monthly benefit by up to 30 percent, but you receive payments for eight additional years. Our Social Security calculator helps you determine the break-even age where delayed claiming produces more total lifetime income based on your specific benefit amount and life expectancy.

For most healthy individuals, delaying benefits to age 70 maximizes lifetime income because each year you delay past full retirement age increases your benefit by 8 percent, which is a guaranteed return unmatched by almost any investment. The calculator compares total lifetime payouts at each claiming age to reveal the optimal strategy.

Spousal benefits, survivor benefits, and the earnings test for those who claim early while still working add complexity to the decision. If your spouse has a lower earnings record, they may receive up to 50 percent of your full retirement age benefit. Use our retirement calculator to factor Social Security into your complete retirement income plan.