👵 When should I claim Social Security?

Deciding when to claim Social Security is one of the biggest financial choices you will make. For people born after 1960, waiting to claim moves your benefit from a 30% reduction at age 62 to a 24% boost at age 70.

This calculator shows how your starting age impacts your monthly check and total lifetime wealth.

Claiming at 62 makes sense if you have poor health, shorter family longevity, or no other income to bridge the gap. CFPB notes that Social Security replaces about 40% of a worker's pre-retirement income on average.

If you are married and earned more than your spouse, your claiming age dictates the survivor benefit. The CFPB stresses that a higher earner claiming at full benefit age or later permanently protects the surviving spouse's income.

A woman reaching 65 today lives to 87 on average, and a man to 84. Living into your late 80s means claiming early leaves your lifetime benefits thousands of dollars lower.

This model isolates the core actuarial math. It simplifies away taxes on benefits, the earnings test if you claim before your full retirement age, and the time value of money. Cost-of-living adjustments are excluded, as they scale all options equally.

For further related reading, check out:

• Planning your Social Security claiming age | Consumer Financial Protection Bureau