Step 4 of 5 — Optimize Social Security
Calculate the optimal age to claim Social Security benefits and break-even analysis.
Check ssa.gov for your PIA
Based on life expectancy 85
Maximum monthly benefit
Earliest claiming option
| Monthly Benefit at 62 | $1,750 |
| Monthly Benefit at FRA (67) | $2,500 |
| Monthly Benefit at 70 | $3,100 |
| Lifetime Total at 62 | $483,000 |
| Lifetime Total at FRA | $540,000 |
| Lifetime Total at 70 | $558,000 |
| Best Claiming Age | 70 |
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Retirement Planning
Next Step: Account for inflation
Benefit at 62: PIA × 70%
Benefit at 70: PIA × 124%
8%/year increase for each year delayed past FRA (67) up to 70.
Depends on health, longevity, income needs, and spouse. Waiting from 62 to 70 increases benefit 76%. Break-even for waiting: typically age 80-82.
At 62: 70% of full benefit. At 67 (full retirement age): 100%. At 70: 124%. On a $2,000/month full benefit: $1,400 at 62 vs $2,480 at 70.
67 for anyone born 1960 or later. 66 for those born 1943-1954. 66 and 2-10 months for those born 1955-1959.
Difficult to beat guaranteed 8%/year increase from 62-70. Would need consistent 8%+ after-tax returns. Most financial planners recommend waiting if health allows.
Married couples should coordinate. Lower earner often claims early; higher earner waits to 70 (survivor gets higher of two benefits). Survivor benefit is crucial consideration.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.