Social Security Parameters

Year you were born (1943-2000)
Expected age to live to (70-100)
Your monthly benefit at full retirement age
Expected annual return on investments
Annual cost-of-living adjustment rate

Note: This calculator is for U.S. Social Security purposes only. Consult SSA for official estimates.

Results

67
Optimal Claiming Age
67
Full Retirement Age
$432,000
Maximum Lifetime Benefits
$2,000
Monthly Benefit at Optimal Age
78.5
Break-Even Age (62 vs 67)

Analysis

🎯 Claim at Age 67 Recommended

Based on your life expectancy and investment assumptions, claiming at full retirement age maximizes your total benefits.

Claiming Age Comparison
Age
Monthly Benefit
Lifetime Total
Age 62
$1,500
$414,000
Age 67
$2,000
$432,000
Age 70
$2,480
$446,400

Key Considerations

  • Delayed retirement credits increase benefits 8% per year
  • Early claiming reduces benefits permanently
  • COLA adjustments protect against inflation
  • Consider health and family longevity

Understanding Social Security

What is Social Security?

Social Security is a federal program that provides retirement, disability, and survivor benefits to eligible Americans. Your benefits are based on your lifetime earnings and the age when you start claiming.

Full Retirement Age

Your full retirement age depends on your birth year. For those born in 1960 or later, it's 67. This is when you can claim 100% of your calculated benefit.

Claiming Strategies

Early Claiming (62-66): Reduced benefits but immediate income

Full Retirement Age: 100% of your calculated benefit

Delayed Claiming (67-70): Increased benefits through delayed retirement credits

Key Decision Factors

  • Life Expectancy: Longer life expectancy generally favors delayed claiming
  • Investment Opportunities: Higher investment returns may favor early claiming
  • Other Income: Consider tax implications and immediate income needs
  • Health Status: Health concerns may favor earlier claiming

Planning Benefits

  • Optimal Timing: Calculate the best age to maximize lifetime benefits
  • Break-Even Analysis: Understand when delayed claiming pays off
  • COLA Protection: Annual cost-of-living adjustments protect against inflation
  • Tax Planning: Consider the tax implications of different claiming strategies