When Should You Take Social Security?
Make a confident, informed decision about your benefits
Welcome to Your Social Security Decision Tool
Deciding when to start your Social Security benefits is one of the most important retirement decisions you'll make. This tool will help you understand:
- How different claiming ages affect your monthly benefits
- The break-even points between claiming strategies
- How your life expectancy impacts the best decision
- When you'll maximize your lifetime benefits based on your personal situation
With just a few inputs, you'll get personalized insights to help you make an informed decision about when to claim.
Key Facts About Social Security
Early Claiming (Age 62)
You can start as early as age 62, but your benefit will be permanently reduced by up to 30%.
Full Retirement Age (FRA)
Claiming at your FRA (between 66-67 depending on birth year) gives you your "full" benefit amount.
Delayed Benefits (Age 70)
Waiting until age 70 increases your benefit by 8% per year after your FRA (up to 32% total).
Your Information
Let's start with some basic information about you. This helps us provide the most accurate estimates for your situation.
Your Benefit Information
Now let's gather information about your Social Security benefits. You can either enter your estimated benefit amounts from your Social Security statement or let us estimate them based on your lifetime earnings.
Your Social Security Claiming Results
Your Benefit Summary
Early Claiming (Age 62)
$0
per month
Full Retirement Age (67)
$0
per month
Delayed Claiming (Age 70)
$0
per month
Lifetime Benefit Comparison
The chart shows how your benefits compare over time based on different claiming ages. Break-even points are where the lines cross.
Break-Even Analysis
Age 62 vs. Full Retirement Age
If you live beyond age 0, you'll collect more total benefits by waiting until your Full Retirement Age instead of claiming at 62.
Full Retirement Age vs. Age 70
If you live beyond age 0, you'll collect more total benefits by waiting until age 70 instead of claiming at your Full Retirement Age.
Your Personalized Recommendation
Lifetime Benefits Comparison
| Claiming Age | Monthly Benefit | Total by Age 75 | Total by Age 85 | Total by Age 85 |
|---|---|---|---|---|
| Age 62 | $0 | $0 | $0 | $0 |
| Full Retirement Age (67) | $0 | $0 | $0 | $0 |
| Age 70 | $0 | $0 | $0 | $0 |
Key Considerations for Your Decision
Life Expectancy
Based on your inputs, we're using a life expectancy of age 85. Longer lifespans generally favor delayed claiming.
Cash Flow Needs
Consider your income needs between retirement age 65 and your Social Security claiming age.
Other Income Sources
Your decision should factor in other retirement income sources, taxes, and your overall financial situation.
Next Steps
- Create or sign in to your my Social Security account to get your official benefit estimate
- Consider consulting with a financial advisor to integrate this decision with your overall retirement plan
- Review your decision periodically, especially if your health, marital status, or financial situation changes
Note: This calculator provides estimates based on the information you provided and simplified Social Security rules. The actual benefit you receive may differ.
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