How Long Will My Savings Last?

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When should I start Social Security?

If you live past about 79, waiting until 67 pays more in total than starting at 62. If you live past about 83, waiting until 70 pays the most.

You can start Social Security any time from 62 to 70. The earlier you start, the smaller each check is, for the rest of your life. For anyone born in 1960 or later, the full amount comes at 67.

Your break-even age

Enter the monthly amount from your Social Security statement at age 67.

$
62 vs 67: about age 79. 67 vs 70: about age 83.

What each start age pays

Start ageMonthly check (if $2,000 at 67)Pays more in total than 62 if you live past
62$1,400—
64$1,600about age 78
66$1,867about age 78
67$2,000about age 79
68$2,160about age 79
70$2,480about age 80

Monthly amounts in today's dollars for someone whose full amount at 67 is $2,000. Reductions and increases from the Social Security Administration. Break-even ages compare total checks received and ignore cost-of-living raises, which affect every start age alike.

Reasons to start early

  • Your health or family history suggests a shorter life.
  • You need the money now and would otherwise take on debt.
  • You have little in savings to live on while you wait.

Reasons to wait

  • You expect to live into your late 80s or longer.
  • You're married and earned more. Your check becomes your spouse's if you die first.
  • You have savings to cover the gap. A bigger check for life also makes your savings last longer.
See how your start age changes your whole plan. Our calculator shows how long your savings last with Social Security starting at any age from 62 to 70.

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