Social Security lesson
When to Claim Social Security
A simple example showing how claiming age changes monthly income and estimated lifetime totals.
Example: $2,000 at age 67
Assume the person's full-retirement-age benefit is $2,000 per month at age 67.
Age 62$1,400 monthly$16,800 annually
Age 65About $1,733 monthly$20,796 annually
Age 67$2,000 monthly$24,000 annually
Age 70$2,480 monthly$29,760 annually
How the lifetime estimate works
- Assumed lifetime age minus claiming age equals years receiving benefits.
- Monthly benefit times 12 equals annual benefit.
- Annual benefit times years receiving benefits equals estimated lifetime benefits.
Estimated lifetime benefits
| Assumed lifetime age | Claim at 62 | Claim at 65 | Claim at 67 | Claim at 70 |
|---|---|---|---|---|
| 75 | $218,400 | $207,960 | $192,000 | $148,800 |
| 80 | $302,400 | $311,940 | $312,000 | $297,600 |
| 85 | $386,400 | $415,920 | $432,000 | $446,400 |
| 90 | $470,400 | $519,900 | $552,000 | $595,200 |
| 95 | $554,400 | $623,880 | $672,000 | $744,000 |
Break-even depends on the comparison
There is no single break-even age that applies to everyone. Comparing age 62 with age 67 produces a different crossover point than comparing age 67 with age 70. Taxes, health, work plans, survivor needs, and how benefits are used can also change the decision.
Estimate notice: These examples exclude cost-of-living adjustments, taxes, investment returns, and differences in individual earnings records. Use your personal Social Security statement for an individualized estimate.