What the question involves
You can claim retirement benefits from 62 to 70. Claiming at 62 pays 70% of your full benefit for life; waiting to 70 pays 124% of it (full retirement age is 67). Waiting means drawing more from savings first, so the choice trades early income against a bigger, inflation-adjusted check later. Taxes come into it too, because a larger benefit can make more of it taxable.
What this tool computes
For claiming at 62, 67 and 70 (or from now, if you are past an option): how often your savings last, the lifetime benefit on the average-market path, and the median lifetime tax. A couple is assumed to claim at the same age.
Every answer is a real run of the full simulator, on 1,000 simulated market paths in your browser. Nothing you type is sent anywhere.
What it leaves out
Spousal benefits, the earnings test and how long you personally expect to live are not modeled here; the plan simply runs to a fixed age. You stop working by the earliest claiming age, so every option is a choice made in retirement.
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This page explains how the rules work. It is not financial, tax or investment advice. Disclaimer