How the calculator works
- Your full benefit: the amount at full retirement age on your Social Security statement, or a rough estimate from your salary.
- Each claiming age: less for each month before full retirement age, and 8% a year more for each year after it, up to 70.
- Totals: what you’d get from each claiming age to the age you plan for, in today’s dollars, and which age pays the most.
- Working: if you claim before full retirement age and keep working, how much the earnings test would hold back.
Example
Born in 1964, with $2,000 a month at full retirement age (67), in today’s dollars:
| Claim at | A month | Total by 80 | Total by 85 | Total by 90 |
|---|---|---|---|---|
| 62 (70%) | $1,400 | $302,400 | $386,400 | $470,400 |
| 63 (75%) | $1,500 | $306,000 | $396,000 | $486,000 |
| 64 (80%) | $1,600 | $307,200 | $403,200 | $499,200 |
| 65 (87%) | $1,733 | $311,940 | $415,920 | $519,900 |
| 66 (93%) | $1,866 | $313,488 | $425,448 | $537,408 |
| 67 (100%) | $2,000 | $312,000 | $432,000 | $552,000 |
| 68 (108%) | $2,160 | $311,040 | $440,640 | $570,240 |
| 69 (116%) | $2,320 | $306,240 | $445,440 | $584,640 |
| 70 (124%) | $2,480 | $297,600 | $446,400 | $595,200 |
If you live to 80, claiming at 66 pays the most in total; to 85 or 90, waiting until 70 does, and the gap grows the longer you live. Claiming at 62 while earning $40,000 would hold back $7,220 of benefits a year until 67.
When waiting pays off
| Waiting from | To | Pays off if you live past |
|---|---|---|
| 62 ($1,400) | 67 ($2,000) | 78 and 8 months |
| 62 ($1,400) | 70 ($2,480) | 80 and 4 months |
| 65 ($1,733) | 67 ($2,000) | 80 |
| 67 ($2,000) | 70 ($2,480) | 82 and 6 months |
If you live past the age in the last column, waiting pays more in total; if not, claiming earlier does. These are in today’s dollars: benefits rise with inflation each year whichever age you claim.
Things to weigh
- Your health and family history: the longer you’re likely to live, the more waiting pays.
- Your spouse: if you’re the higher earner, waiting raises the survivor benefit your spouse could get for life.
- Your other savings: living on savings while you wait can make sense, but only if they’ll last.
- Taxes: up to 85% of benefits can be taxed, depending on your other income.
Learn more
See our Social Security tax calculator, the Social Security payment schedule, and how much to save for retirement.