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Catherine Scrivano, CRPC,CRC,CEP,ADPA

Calculators


Got a question that involves number crunching? Use the calculators on this page to find the mathematical answer to the most commonly asked number-crunching questions, and see your inputs displayed next to the graph, chart, and/or table output in a side-by-side display.

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Social Security Break-Even Calculator
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What is the best age to start receiving Social Security retirement benefits? To help make that decision, this calculator compares the cumulative Social Security retirement benefits paid beginning at three different starting ages, and estimates how long it takes for the cumulative benefits begun at a later age to equal or "break even" with the cumulative benefits begun at an earlier age.


The total cumulative benefits you receive can be affected by a number of factors, including the age at which you begin receiving benefits and how long you live.




You can use the Retirement Estimator calculator available at the Social Security Administration's website (www.ssa.gov) to calculate your monthly benefit amounts. Full retirement age (FRA) is between 66 and 67, depending on your birth date. Refer to the table below to determine your FRA. While your actual FRA may fall in the middle of a calendar year, for this calculator, use age 66 if you were born between 1942 and 1957. If you were born in 1958 or later, use age 67.

Full Retirement Age
If you were born in:Your full retirement age is:
1943-195466
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 or later67
Social Security Break-Even Calculator Charts

This chart compares the cumulative benefits received over 30 years, beginning at age 62.
After 10 years, the cumulative benefits paid, based on your starting age, are: 62-$180,000; 66-$144,000; 70-$52,800
After 20 years: 62-$360,000; 66-$384,000; 70-$316,800
After 30 years: 62-$540,000; 66-$624,000; 70-$580,800

This chart shows the approximate age when cumulative benefits started at a later age will equal or "break even" with cumulative benefits begun at an earlier age. If you delay receiving benefits until age 70, it takes 18 years, or until age 87, to break even with benefits begun at age 62, but it takes 0 years, or until age 0, to break even with benefits begun at age 66. Benefits begun at age 66, take 12 years, or until age 77 to break even with benefits begun at age 62.



    Assumptions

  • Social Security retirement income is illustrated based on your inputs. Actual Social Security benefits may differ, depending on your earnings history and other factors, such as actual government cost-of-living adjustments.
  • These results are hypothetical, and are for illustrative purposes only.
  • All monthly benefits are presumed to be paid over a 12-month calendar year, although benefits actually paid in the first year of election are often paid over a period shorter than 12 months.
  • Taxes are not factored into the calculation of cumulative benefits.
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