👵 When should I claim Social Security?
🏁 Overview
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.
⏳ Longevity & Spouses
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.
🧮 Model Exclusions
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.
🔗 See Also
For further related reading, check out:
📊 Results
Monthly at 62
Monthly at 70
Lifetime at 62
Lifetime at 67
Lifetime at 70
Break-Even Age
81
Recommendation
Claim at 70
Max Wealth Gained
Last updated by heyfinfam (v26.7.0) · View history
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Disclaimer: This content and any calculations provided are for informational purposes only. The views, calculations, and methodologies expressed are those of the author and do not necessarily reflect those of this platform. Not financial advice. Users are solely responsible for any decisions made based on this information.
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