Estimate your benefit at 62, 67, and 70. See the break-even age, lifetime totals, and whether waiting pays off for your situation — free, no signup.
Your Social Security benefit is determined by three things: your earnings history (specifically your 35 highest-earning years), the year you were born (which sets your Full Retirement Age), and the age at which you claim. Understanding how these interact is the key to making the right claiming decision.
The 2026 Social Security bend points are $1,286 and $7,749. The PIA formula credits 90% of AIME up to the first bend point, 32% of AIME between the two bend points, and 15% of AIME above the second bend point. Claiming at 62 permanently cuts your benefit by up to 30%. Waiting until 70 increases it to 124% of your full benefit.
| Claiming Age | % of PIA | Example: $2,000 PIA | Example: $3,000 PIA | Reduction/Increase |
|---|---|---|---|---|
| Age 62 | 70% | $1,400/mo | $2,100/mo | −30% permanently |
| Age 63 | 75% | $1,500/mo | $2,250/mo | −25% |
| Age 64 | 80% | $1,600/mo | $2,400/mo | −20% |
| Age 65 | 86.7% | $1,734/mo | $2,601/mo | −13.3% |
| Age 66 | 93.3% | $1,866/mo | $2,799/mo | −6.7% |
| Age 67 (FRA) | 100% | $2,000/mo | $3,000/mo | Base amount |
| Age 68 | 108% | $2,160/mo | $3,240/mo | +8% |
| Age 69 | 116% | $2,320/mo | $3,480/mo | +16% |
| Age 70 | 124% | $2,480/mo | $3,720/mo | +24% max |
Source: SSA.gov official benefit calculation rules. FRA = 67 applies to those born 1960 or later. 2026 maximum benefit at FRA: $4,152/month; at age 70: $5,181/month.
The break-even age is the point at which the higher monthly benefit from waiting surpasses the cumulative total you would have collected by claiming early. For claiming at 62 versus 70, the break-even age is roughly 80 to 81, depending on your FRA and benefit amount. If you expect to live past 80–81, waiting typically produces more lifetime income.
Health concerns or shorter life expectancy. Immediate financial need. No other retirement income sources. Still working part-time (watch the earnings test). Every year of collecting at 62 that you wouldn't collect if you waited has value.
Good health and family longevity history. Adequate other income to bridge the gap. Married — the higher earner's benefit becomes the survivor benefit for the lower earner. The 8%/year delayed credit from FRA to 70 is a guaranteed return no investment matches.
The lower-earning spouse can claim at 62 while the higher earner waits until 70. This maximizes the survivor benefit — when one spouse dies, the survivor keeps the higher of the two benefits. In most cases, the higher earner waiting to 70 is the optimal household strategy.
The survivor benefit rule: When one spouse dies, the surviving spouse receives the higher of the two monthly benefits — not both. This makes the higher earner's claiming age decision a survivor benefit decision for the whole household. A spouse can receive up to 50% of the worker's Primary Insurance Amount as a spousal benefit, but the survivor keeps the full higher benefit indefinitely.
| Item | 2026 Amount | Change from 2025 |
|---|---|---|
| COLA | 2.8% | Up from 2.5% in 2025 |
| Average retirement benefit | ~$1,976/mo | +$56/mo from COLA |
| Maximum benefit at FRA | $4,152/mo | Up from ~$3,822 in 2025 |
| Maximum benefit at 70 | $5,181/mo | Delayed credit applied |
| Maximum benefit at 62 | $2,831/mo | 70% of max PIA |
| Taxable wage base | $184,500 | Earnings above exempt |
| Bend point 1 | $1,286 AIME | 90% credit rate |
| Bend point 2 | $7,749 AIME | 32% → 15% credit rate |
| Earnings test limit (under FRA) | $22,320/yr | $1 withheld per $2 over |
| Full Retirement Age (born 1960+) | 67 | Final FRA under current law |
Break-even analysis, health considerations, spousal strategies, and the case for waiting — with worked examples at multiple income levels.
Read guide →Exact dollar difference, lifetime totals, break-even age, and when each claiming age makes mathematical sense.
Read guide →How the 2026 COLA was calculated, what it means for your monthly check, and how COLA affects your benefit if you haven't claimed yet.
Read guide →