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Find out which filing age will net you the highest total payments from Social Security over your lifetime. Use this calculator to compare different scenarios and get tips on how to choose the best filing age.
Nov 22, 2023 · This free calculator estimates how far your retirement savings and income might last. Get Started. If you claim at age 67 with a benefit of $24,000 a year, you’ll have $336,000 by age 80 (after...
Feb 15, 2024 · Here’s a simple calculation to give you an idea of how a Social Security break-even calculator works. Say that you have the option to begin receiving $1,200 a month in benefits at age 62. You’d receive $1,700 in benefits if you wait until full retirement age at 66.
Social Security break-even age Your break-even point is the age at which the cumulative amount you may receive if you file later equals the cumulative amount you may receive if you...
- When to Take Social Security Benefits
- How to Calculate The Social Security Breakeven Age
- The Bottom Line
You can elect to receive Social Security benefits starting at age 62 or as late as age 70, though your full retirement age (FRA)(the age at which you're eligible for full benefits) depends on the year you were born. For example, your FRA is 67 if you were born in 1960 or later. If you elect to take your benefit before then, your monthly Social Secu...
Your Social Security breakeven age is the point in your life when the total of those lower benefit payments comes to equal the total of benefits that you would have received if you waited to take your benefits at FRA, or even later. For example, if you were born in 1961, your FRA is 67. If you choose to begin receiving Social Security income at age...
Of course, the breakeven age will vary based on a person’s FRA and how much their benefits are reduced by how early they choose to take their benefits. In addition, there are other factors that affect when you take retirement over which you may have no control, such as extended unemployment, the need to care for an ill spouse, parent, or child, and...
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.
Aug 16, 2023 · At around age 78 and 8 months, you reach the break-even point, when your cumulative benefits from claiming at 67 surpass those you’d get by taking retirement at 62. You can use a similar calculation to determine the break-even age for taking your maximum benefit at age 70 — in this example, approximately $2,230 a month.
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