What is the Social Security?
Social Security pays a monthly benefit based on your 35 highest earning years. Your Full Retirement Age is 67 for anyone born in 1960 or later. Claiming earlier permanently reduces the benefit; delaying past FRA adds 8% a year up to age 70.
Claiming at 62 cuts the benefit by 30% for life. Waiting to 70 increases it by 24% — a 54% swing between the earliest and latest options.
Formula & worked example
After FRA: increase 8% per year of delay, to age 70
Worked example: a $2,400 benefit at FRA becomes $1,680 if claimed at 62 and $2,976 if delayed to 70. Living to 85, the lifetime totals favour delaying — but claiming early wins if you die before roughly 80.
How to use this social security calculator
- Get your FRA benefit estimate from your Social Security statement at ssa.gov.
- Select your intended claiming age between 62 and 70.
- Set a realistic life expectancy — this drives the break-even.
- Compare lifetime totals in the table before deciding.
Smart tips
- The break-even between claiming at 62 and 70 is typically around age 80–82. If you expect to live longer, delaying wins.
- Delaying is effectively an inflation-protected annuity paying 8% a year — better than almost anything you can buy.
- Spousal benefits can be up to 50% of the higher earner's FRA benefit, so coordinate claiming as a couple.
- Working while claiming before FRA triggers the earnings test, which temporarily withholds benefits.
- Up to 85% of benefits are taxable if your combined income exceeds the thresholds.
Frequently asked questions
When should I claim Social Security?
If you expect to live past roughly 80–82 and can afford to wait, delaying to 70 maximises lifetime benefits. Claim earlier if you need income or have health concerns.
How much does claiming at 62 reduce my benefit?
About 30% permanently, if your Full Retirement Age is 67. The reduction never reverses.
Is Social Security taxable?
Up to 85% of benefits can be taxable depending on your combined income from all sources.
What is the maximum Social Security benefit?
SSA puts the 2026 maximum at $4,152 a month for a worker retiring at full retirement age with maximum taxable earnings across their career. Delaying past full retirement age raises it further; SSA republishes the figure each year at ssa.gov.
Want the theory behind the numbers? Read our retirement guides on the Money Blog.
Written by Gurjeet Singh, Sharpen Solutions. Last reviewed 8 Sep 2026. How we check these numbers.