When should I claim Social Security?
Each year you delay past 62 increases your benefit 5–8% annually, maxing at 70. The break-even age (where total lifetime benefits equalize) is typically 78–82. If you're healthy and don't need the income, delaying to 70 maximizes lifetime benefits. If you have health concerns or need income immediately, claiming at 62 can be optimal.
Formula
Break-even age ≈ 78–82 (comparing early claim at 62 vs delayed claim at 70)
Example
Full benefit at 67: $2,500/month. At 62: $1,750/month. At 70: $3,100/month. If you live to 85, claiming at 70 nets $57,600 more in lifetime benefits than claiming at 62.
How it works in detail
At 62 you get 70% of your full benefit. At Full Retirement Age (67 for those born after 1960) you get 100%. At 70 you get 124%. The 'right' answer depends on: life expectancy, need for current income, spousal coordination, and tax planning. For married couples, the higher earner should almost always delay to 70 (maximizes survivor benefit). The lower earner can claim earlier. If you have a large Traditional IRA, claiming later while doing Roth conversions in the gap years is often optimal. The break-even calculation: claiming at 70 vs 62 breaks even around age 80.
Find your optimal Social Security claim age with our break-even calculator
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How much do I need to retire?
Multiply your annual spending by 25. If you spend $60,000/year, you need $1,500,000. This is the 4% rule from the Trinity Study (1998) — withdraw 4% annually with a 95%+ historical success rate over 30 years.
When should I do a Roth conversion?
Convert Traditional IRA/401(k) to Roth during years when your income is unusually low — early retirement before Social Security, sabbaticals, or gap years. Fill up the 10% and 12% brackets ($0–$47,150 single in 2024) with conversions, paying minimal tax on money that then grows tax-free forever.
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