Social Security Claiming Calculator: the facts

1. Full retirement age is 66 for people born from 1943 through 1954, rises by two months for each birth year from 1955 through 1959 (66 and 10 months for 1959), and is 67 for anyone born in 1960 or later.
2. Claiming before full retirement age reduces the benefit by five-ninths of one percent for each of the first 36 months and five-twelfths of one percent for each month beyond 36. For someone born in 1960 or later, claiming at 62 pays 70.0% of the full amount.
3. Each month of delay past full retirement age adds two-thirds of one percent, or 8 percent a year, until age 70. Claiming at 70 with a full retirement age of 67 pays 124.0% of the full amount; with a full retirement age of 66, 132.0%.
4. The spread from 62 to 70 is 77.1% for those born in 1960 or later: the same earnings record pays that much more each month for waiting eight years.
5. In plain dollars, before cost-of-living increases, waiting from 62 to full retirement age catches up at about 78 and 9 months, and waiting from full retirement age to 70 catches up at about 82 and 7 months.
6. Delayed credits stop at 70. There is no reason, under the retirement benefit rules alone, to wait past that month.

Educational only, not investment, tax, or legal advice. Results are hypothetical estimates that vary with each use and over time and are not guaranteed accurate or complete. Using this tool creates no client relationship with Considerate Capital, and the site that linked here is not affiliated with it. By using it you agree to the tool terms.