How it works
- Enter your monthly benefit at full retirement age from your SSA statement.
- Set the yearly cost-of-living increase.
- Set the age you want to plan for.
- Read the best claiming age and the break-even ages.
The trade-off
Claiming at 62 gives about 70% of your full benefit. Waiting to 70 gives about 124%. Waiting means collecting fewer checks but larger ones.
Break-even is about health and needs
Break-even ages are usually around the late 70s to early 80s. If you expect a long life or want protection against outliving savings, waiting often helps. Health, spouse benefits and other income matter.