How it works
Your full retirement age comes from your birth year: 66 if born 1954 or earlier, rising two months a year to 67 for 1960 and later. Claiming early reduces the benefit by 5/9 of 1% a month for the first 36 months and 5/12 of 1% for each month beyond; waiting past full retirement age adds 2/3 of 1% a month (8% a year) up to 70. Benefits are rounded down to the dollar. The break-even age is the first month the later claim has paid at least as much in total as claiming at 62. These are the rules published at ssa.gov; spousal and survivor benefits and the earnings test are not included.