How much do I lose by claiming Social Security at 62?

Claiming at 62 with a full retirement age (FRA) of 67 reduces your benefit to approximately 70% of your full PIA. For a $2,200 monthly PIA, that's $1,540 at 62 vs $2,200 at 67 — a permanent $660 monthly reduction.

How much do I gain by waiting until 70?

Each year you delay past FRA (67) increases your benefit by 8%, up to age 70. That's a 24% increase at 70 vs 67. For a $2,200 PIA, waiting until 70 gives you $2,728/month.

What are the 2026 Social Security bend points?

The 2026 PIA bend points are $1,174 and $7,078. The formula applies 90% to AIME up to $1,174, 32% between $1,174 and $7,078, and 15% above $7,078.

When is the Social Security break-even age?

Comparing claiming at 62 vs 67, the break-even age is typically around 77-80. Comparing 67 vs 70, it's typically around 80-83. If you expect to live past the break-even age, delaying yields more total benefits.

Social Security Benefits Calculator 2026 — Compare Claiming Ages 62, 67, 70

How Social Security Benefits Are Calculated

Your Social Security benefit is based on your Primary Insurance Amount (PIA), calculated from your average indexed monthly earnings (AIME) using bend points. The 2026 PIA formula applies:

90% of AIME up to $1,174
32% of AIME between $1,174 and $7,078
15% of AIME above $7,078

This progressive formula replaces a higher percentage of income for lower earners.

Claiming Age Impact on Benefits

Claim Age	% of PIA	Monthly ($2,200 PIA)
62 (earliest)	~70%	$1,540
63	~75%	$1,650
64	~80%	$1,760
65	~86.7%	$1,907
66	~93.3%	$2,053
67 (FRA)	100%	$2,200
68	108%	$2,376
69	116%	$2,552
70 (maximum)	124%	$2,728

Break-Even Analysis: When Does Delaying Pay Off?

Comparing cumulative benefits over time:

Age 62 vs 67: Break-even at approximately age 78-79. If you live past 79, claiming at 67 yields more total benefits.
Age 67 vs 70: Break-even at approximately age 80-82. If you live past 82, claiming at 70 yields more total benefits.
Age 62 vs 70: Break-even at approximately age 79-81. The higher monthly payment at 70 gradually overtakes the 8 extra years of payments starting at 62.

Frequently Asked Questions

Can I work and collect Social Security at 62?

Yes, but if you're below full retirement age, your benefits are reduced by $1 for every $2 earned above the annual exempt amount ($23,400 in 2026). In the year you reach FRA, benefits are reduced by $1 for every $3 above $62,160. After FRA, there's no earnings test.

Is Social Security taxed?

Up to 85% of your Social Security benefits may be taxable at the federal level if your combined income exceeds $25,000 (single) or $32,000 (married filing jointly). Most states do not tax Social Security, but about 12 states do.

What is the maximum Social Security benefit in 2026?

The maximum benefit at full retirement age (67) in 2026 is approximately $4,018/month for someone who paid the maximum FICA tax for 35+ years. At age 70, the maximum is about $4,982/month.

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