Please ensure Javascript is enabled for purposes of website accessibility
Free Article Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research

What's Your Social Security Breakeven Date?

By Dan Caplinger - Oct 18, 2013 at 7:10PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Deciding when to take Social Security depends on when you'll break even from waiting longer in exchange for getting bigger payments.

Deciding when to take your Social Security benefits is a key decision that will affect your finances for the rest of your life. But many Americans don't know how to make a smart choice about starting to receive their monthly Social Security checks. One important consideration is whether you'll get more benefits over the course of your lifetime by claiming earlier or later.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, goes through the process of figuring out your Social Security breakeven date. Dan notes that claiming early means getting more years of benefits but at a reduced rate, while waiting gives you a bigger payout but forces you to play catch-up to those who claimed earlier. For singles, breakeven dates tend to be in the late 70s or early 80s. But as Dan reminds viewers, things get more complex when there are family members to consider, as your decision affects not only your own benefits, but also spousal and survivors' benefits as well.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 12/06/2021.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Our Most Popular Articles

Premium Investing Services

Invest better with the Motley Fool. Get stock recommendations, portfolio guidance, and more from the Motley Fool's premium services.