The break-even moves when the early checks earn something.

The facts, in one place.

Six quotable sentences, for a full retirement age of 67 (born 1960 or later). The break-even ages do not depend on the size of the benefit.

1. Counting the checks alone, claiming at 70 instead of 62 breaks even at 80 and 4 months; claiming at 67 instead of 62 breaks even at 78 and 8 months; 70 instead of 67 at 82 and 6 months.
2. If every early check is invested and earns 4 percent a year, the 62-versus-70 break-even moves to 86 and 6 months; at 6 percent it moves to 95 and 2 months. That gap is the opportunity cost of waiting.
3. At 4 percent the 62-versus-67 break-even is 84 and 11 months and the 67-versus-70 break-even is 88 and 8 months: each step of waiting has its own crossing.
4. The break-even age is the same whatever the benefit is, because both claims scale with the same full-retirement-age amount; a $1,000 benefit and a $4,000 benefit cross at the same age.
5. A cost-of-living increase applies to both claims alike and barely moves the crossing; the assumed return moves it by years. The return is the assumption to argue about.
6. The rules behind the two benefits are fixed: five-ninths of a percent a month for the first 36 months early, five-twelfths beyond, and two-thirds of a percent a month late until 70 (20 CFR 404.410 and 404.313).

Break-even ages by assumed return.

Three claiming pairs against four returns: the whole opportunity-cost argument in one table.

How the crossing works.

Claim early and the checks are smaller but start sooner; claim late and they are larger but there are fewer of them. Counting checks alone, the larger stream catches up somewhere in the late 70s or early 80s. That count assumes the early checks sit in a drawer. If they are invested, or if taking them means leaving a portfolio to grow instead of drawing it down, the early stream compounds while the late one waits, and the crossing moves later, by years at ordinary returns.

This calculator gives every check the same return from the month it arrives and looks for the month the later claim's accumulated value first exceeds the earlier one's. It is one lens. The claiming calculator shows all nine ages side by side; this one shows the trade between two of them under an assumption about money.

Methodology.

1. Inputs. The full-retirement-age benefit, the birth year, an early and a late claiming age in whole years, the yearly return the checks earn, a cost-of-living increase, and the age to plan to.
2. The two benefits. From the same rules as the claiming calculator: 20 CFR 404.409 for full retirement age, 404.410 for the early reduction, 404.313 for delayed credits, rounded down to the dime.
3. Accumulation. Month by month from the early age: the running value grows at the monthly equivalent of the yearly return and each month's check is added; the cost-of-living increase steps both benefits up each year. The break-even is the first month the late stream's value exceeds the early stream's.
4. Validation. At a zero return the 62-versus-70 crossing for a full retirement age of 67 must land near 80.4, the algebraic answer; the crossing must move later as the return rises; the two benefits must be 70 and 124 percent of the full amount. A change that breaks any of these fails the build.
5. Not modeled. Mortality and life expectancy, the earnings test before full retirement age, income tax on benefits, spousal and survivor benefits, and the difference between a real and a nominal return. Educational, not advice.

Sources.

1. 1. Code of Federal Regulations (Cornell LII), 20 CFR § 404.331 and § 404.336 — Divorced spouse's and surviving divorced spouse's benefits. That a divorced spouse is entitled on the former spouse's record if the marriage lasted at least ten years, the claimant is unmarried and at least 62, and the former spouse is entitled to benefits, or is at least 62 and the divorce is at least two years old (404.331); and that a surviving divorced spouse of a ten-year marriage has the same benefit as a widow or widower (404.336). Retrieved September 6, 2026; verified September 6, 2026.
2. 2. Code of Federal Regulations (Cornell LII), 20 CFR § 404.333 — Wife's and husband's benefit amounts. That a spouse's monthly benefit is one-half of the insured person's primary insurance amount before any reduction for age. Retrieved September 6, 2026; verified September 6, 2026.
3. 3. Code of Federal Regulations (Cornell LII), 20 CFR § 404.338 — Widow's and widower's benefits amounts. That a survivor's benefit is the deceased's primary insurance amount at full retirement age, and that if the deceased had taken a reduced retirement benefit the survivor's benefit is limited to the larger of that reduced amount or 82.5 percent of the primary insurance amount (paragraph (c)). Retrieved September 6, 2026; verified September 6, 2026.
4. 4. Code of Federal Regulations (Cornell LII), 20 CFR § 404.409 — What is full retirement age?. The full-retirement-age table by year of birth for retirement benefits (66 for 1943–1954, rising two months a year through 1959, 67 for 1960 and later), paragraph (a); and for widow's and widower's benefits, two birth years behind it (66 for 1945–1956, 67 for 1962 and later), paragraph (b). Retrieved September 4, 2026; verified September 4, 2026.
5. 5. Code of Federal Regulations (Cornell LII), 20 CFR § 404.410 — How does SSA reduce my old-age benefits when my entitlement begins before full retirement age?. The early-claiming reduction: 5/9 of one percent for each of the first 36 months before full retirement age and 5/12 of one percent for each month beyond 36. Retrieved September 4, 2026; verified September 4, 2026.
6. 6. Code of Federal Regulations (Cornell LII), 20 CFR § 404.313 — What are delayed retirement credits and how do they increase my old-age benefit amount?. The delayed retirement credit of 2/3 of one percent for each month of delay past full retirement age for those born in 1943 or later, accruing until the month age 70 is reached. Retrieved September 4, 2026; verified September 4, 2026.

Revision history.

This tool reads the Social Security claiming record; its history is below.

September 6, 2026

Added the spousal benefit fraction (404.333) and its reduction (404.410(b)) for the spousal benefit tool.

September 6, 2026

Added the survivor full-retirement-age table (404.409(b)), the 28.5 percent survivor reduction from age 60 (404.410(c)), and the widow's limit (404.338(c)) for the survivor benefit timing tool.

September 4, 2026

First release: the full-retirement-age table, the early reduction fractions, and the delayed retirement credit transcribed from 20 CFR 404.409, 404.410, and 404.313, with the claiming calculator built on them.

Canonical address: https://consideratecapital.com/tools/social-security-break-even-calculator