Social Security Timing

OwnYourPension

Claim Social Security early and your check is smaller for life; wait, and it grows — up to about 76% more at 70 than at 62. There’s no one right answer, but there is real money in the decision. See your monthly check and lifetime total at 62, full retirement age, and 70. An educational estimate, not advice.

“OwnYourPension” is an educational brand name — not a pension provider and not affiliated with the Social Security Administration. This is a general estimate, not Social Security or tax advice. Annuities are insurance products and are not insured by the PBGC, the FDIC, or any government agency.

Your numbers

Your birth year Your benefit at full retirement age — monthly (from your SSA statement; the “FRA” figure) Plan to age — for the lifetime totals

Your full retirement age: —

Claim at…

Age 62

—

Full age

100% (your FRA)

—

Age 70

—

Enter your birth year and FRA benefit to compare.

Want to wait for the bigger check — but need income now?

The math usually rewards waiting, if you can afford to. The catch is the gap years. A bridge of guaranteed income can cover the bills from retirement until 70, so you can let your Social Security grow to its maximum. Send your details and an OwnYourPension specialist will show you how the bridge could work for you. No pressure.

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Important. This calculator is for educational purposes only and is not Social Security, tax, or investment advice, nor a recommendation to buy any product. It estimates benefits from the birth year and full-retirement-age (FRA) benefit you enter, applying the Social Security Administration’s standard early-claiming reduction (5/9 of 1% per month for the first 36 months before FRA, 5/12 of 1% per month beyond) and delayed-retirement credits (2/3 of 1% per month, about 8% per year, up to age 70). Actual benefits depend on your full earnings record, annual cost-of-living adjustments (not modeled here), the exact month you claim, taxation of benefits, and any spousal, survivor, or earnings-test adjustments — confirm your figures at ssa.gov or with the Social Security Administration. Lifetime totals are simple sums to the age you choose and do not account for COLA, the time value of money, or taxes; the actual breakeven will differ. References to annuities or a “bridge” strategy are general: such strategies have their own costs, tax, and liquidity trade-offs and are not always appropriate. Guarantees on any insurance product are backed solely by the claims-paying ability of the issuing insurance company — not by OwnYourPension, by any insurance agency, or by any government agency. OwnYourPension is an educational resource and is not an insurance company; products are offered through licensed insurance agencies we work with, who are compensated by commission. OwnYourPension is affiliated with T&T Capital Management LLC, a registered investment adviser and fiduciary that charges a fee for advisory services; which entity serves you, and how it is compensated, is disclosed before you engage.