Social Security Break-Even Calculator
Claiming early gives smaller checks for longer; waiting gives bigger checks for fewer years. The break-even age is when the total from waiting catches up. Choose U.S. Social Security or Canada Pension Plan — their rules differ — and enter the monthly amounts from your official statement (my Social Security, or My Service Canada Account).
Before you start
Method : Month-by-month totals — undiscounted and present value — for United States: Social Security retirement benefit (worker's own record).
Checked : Fill percentages match the official figures for this program; rules checked 2026-10-05.
Review : not reviewed by SSA, Service Canada, Retraite Québec or a licensed financial adviser. Educational only — not financial advice.
Your entries stay in this browser tab; nothing is sent or stored.
How to Use This Calculator
- Choose the country and program.
- Enter claiming ages and the monthly amount at each, or fill them from your full-age amount.
- Set the assumptions (all start at 0 except the comparison age) and press Calculate.
Methodology & assumptions
Each option is paid monthly from its claiming age. Running totals start at the earliest claiming age; break-even is the age after the first month in which the later option's total reaches the earlier one's. With no COLA and no discount: months = ⌈later × gap ÷ (later − earlier)⌉.
COLA raises both checks by the same % once a year. Present value divides each payment by (1 + discount rate)years since the earliest claim age. A flat tax rate lowers totals only. Totals stop at the age you choose.
Rules used (fill): U.S. — Full retirement age 66–67 by birth year. Early: −5/9% a month for the first 36 months, −5/12% a month beyond. Delayed (born 1943+): +2/3% a month to age 70. Checked 2026-10-05. Canada — Standard age 65. Before 65: −0.6% a month (−36% at 60). After 65: +0.7% a month (+42% at 70). Quebec (QPP) and Old Age Security (OAS) use different rules. Checked 2026-10-05.
Worked examples
U.S., 62 at $1,400 vs 67 at $2,000: gap 60 months; 2,000 × 60 ÷ 600 = 200 months after 62 → undiscounted break-even 78 years, 8 months. With 2.5% COLA: 76 y 9 m. With a 3% discount rate: 82 y 9 m; at 5%: 88 y 3 m.
Fill check: born 1960, $2,000 at 67 → 62: $1,400 (70%), 70: $2,480 (124%). Canada: $1,000 at 65 → 60: $640 (−36%), 70: $1,420 (+42%).
Same amount at both ages (e.g. $1,400 at 62 and 67): waiting never breaks even.
Understanding your result
If you expect to live past the break-even age, waiting pays more in total. The present-value result is the fairer comparison if you could otherwise invest or need money sooner. Neither is advice.
Sources & further reading
Frequently Asked Questions
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