Key Concepts
- Full Retirement Age (FRA): Usually 66 or 67 depending on your birth year. Claiming before FRA reduces benefits permanently.
- Delayed Retirement Credits: Delaying past FRA increases your benefit by 8% per year (up to age 70).
- Break-Even Analysis: The age at which the higher monthly benefit from delaying equals the total benefits you would have received by claiming early.
- COLA: Annual cost-of-living adjustments help benefits keep pace with inflation.
When to Claim Early (Age 62)
- You have health issues or shorter life expectancy
- You need the income immediately
- You plan to continue working (but benefits may be reduced until FRA)
When to Delay (to 70)
- You expect to live a long life (into your 80s or 90s)
- You have other income sources and can afford to wait
- You want to maximize survivor benefits for your spouse
- You are still working and earning above the earnings limit
How This Calculator Works
We project the total lifetime benefits you would receive by claiming at different ages, applying annual COLA increases and comparing against investing early benefits at your assumed rate of return.