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Social Security
When you claim Social Security is one of the most consequential retirement decisions you'll make. Waiting can permanently increase your monthly benefit by tens of thousands of dollars over your lifetime.
James's Key Social Security Ages
2022
Earliest claim (age 62) — benefits reduced up to 30%
2027
Full Retirement Age (67) — 100% benefit
2030
Maximum benefit (age 70) — 124% of FRA benefit
Every claiming age run through your whole plan: taxes, Roth conversions, RMDs, IRMAA and the survivor years, ranked by what your heirs receive.
You
Claim at 70 (2030)
$4,800/month in today's dollars
Your spouse
Claim at 70 (2034)
$2,800/month in today's dollars
Why
The higher earner waiting to 70 also sets the survivor benefit, so it pays off if either of you lives long.
The lower earner's delay is worth about a third as much; claiming earlier costs little.
What would change it
- If you live to 78: you at 70, your spouse at 63 would be better (about $105K more for your heirs).
- If your spouse lives to 78: you at 70, your spouse at 63 would be better (about $50K more for your heirs).
What your heirs receive, by claiming age
What your heirs would receive after their income tax. The smaller figure is the total Social Security you both collect over the plan, including the survivor years. All in today's dollars.
| Your spouse claims at age | |||
|---|---|---|---|
| You claim at age | 63$1,694/mo | 67 (FRA)$2,258/mo | 70$2,800/mo |
| 67 (FRA)$3,871/mo | $4.03MSS $1.85M | $4.07MSS $1.90M | $4.08MSS $1.93M |
| 68$4,181/mo | $4.08MSS $1.91M | $4.11MSS $1.96M | $4.12MSS $1.99M |
| 69$4,490/mo | $4.12MSS $1.96M | $4.15MSS $2.01M | $4.16MSS $2.04M |
| 70$4,800/mo | $4.14MSS $2.00M | $4.17MSS $2.06M | $4.18M •SS $2.08M |
Highlighted: our pick. • your current plan. Each cell uses the Roth conversion strategy that works best with those claiming ages; hover for it.
Strategy
Moderate
Lifetime Social Security
$2.08M
Lifetime tax + IRMAA
$1.13M
Converted before claiming
$969K
Survivor's SS
$58K/yr
Whole claiming years; amounts in today's dollars. Statement estimates assume you keep working until you claim. This is educational guidance based on your inputs, not professional financial advice.
Ask why, or try a what-if. Answers rerun the same comparison on your plan, so the numbers match the table above.
Ask questions like "What if I retire a year later?" or "What if one of us dies early?" and get answers from your own plan.
Sign up free to talk it throughClaim at 62: You receive benefits sooner, but they're permanently reduced by up to 30% (for those born 1960+) compared to your Full Retirement Age benefit.
Claim at FRA: You receive 100% of your earned benefit. You also become eligible for full spousal and divorce benefits.
Delay to 70: Every year past FRA increases your benefit by 8% per year — guaranteed, risk-free. At 70, your benefit can be 24–32% higher than at FRA.
Delay if: You're in good health, have longevity in your family, have other income sources, or are the higher earner in a married couple (maximizes survivor benefits).
Claim early if: You have significant health issues, need the income, have a shorter life expectancy, or are in a lower-earning spouse situation.
Break-even: Delaying from 62 to 70 typically breaks even around age 80–82. If you expect to live past that, waiting pays off substantially.
Want a personalized recommendation?
Use the SS Claiming Strategy wizard at the top of this page.
Spousal benefit: Up to 50% of your spouse's FRA benefit, even if you never worked. You must be at least 62 and your spouse must be collecting.
Survivor benefit: A widow/widower can receive up to 100% of the deceased spouse's benefit. The higher earner delaying to 70 maximizes the surviving spouse's income for life.
Divorced spouses may also qualify if the marriage lasted 10+ years.
Apply up to 4 months before you want benefits to begin — your first payment arrives about a month after your elected start date.
• Online at ssa.gov/benefits/retirement
• Call 1-800-772-1213
• Visit your local Social Security office
Create a My Social Security account at ssa.gov to see your personalized benefit estimates at 62, FRA, and 70 based on your actual earnings history.