Deciding when to claim Social Security benefits is one of the most critical financial decisions you’ll ever make—and it’s one that can dramatically impact your retirement income. But here’s where it gets controversial: while many Americans rush to claim benefits at 62, others argue that delaying is the smarter move. So, when do most people actually start taking Social Security, and what does that mean for your wallet? Let’s dive in.
Dear Savvy Senior,
I’m turning 62 this year and feeling overwhelmed about when to start my Social Security benefits. What are the most popular ages people choose, and how does timing affect my payments?
Curious in California
Dear Curious,
Great question! You can start claiming Social Security as early as 62, but here’s the catch: your monthly payments grow larger for every month you delay, up to age 70. On average, delaying increases your benefits by 6 to 8 percent each year—a significant boost over time. To see exactly how your claiming age affects your payout, check out the Social Security Administration’s Retirement Age Calculator (https://www.ssa.gov/benefits/retirement/planner/ageincrease.html). It’s an eye-opening tool that shows how early or delayed claiming impacts your benefits.
Now, let’s break down the trends. According to the latest SSA data, here’s when most Americans start receiving benefits—and the trade-offs at each age:
Age 62: The earliest you can claim, but also the most penalized. In 2024, 23.3% of women and 22% of men chose this route. However, if your full retirement age (FRA) is 67 (which it is for anyone born in 1960 or later), you’ll face a 30% reduction in benefits. Ouch.
Age 63: One of the least popular choices, with only 6.2% of men and 6.4% of women claiming here. Your payout drops by 25% if your FRA is 67.
Age 64: Another unpopular option, with just 6.5% of men and 7% of women starting here. Benefits are reduced by 20% for those with an FRA of 67.
Age 65: A more common choice, with 15.3% of both men and women claiming at this age—likely because it aligns with Medicare enrollment. Still, payments are cut by 13.3% if your FRA is 67.
Age 66: A popular pick, especially for those born between 1943 and 1954, whose FRA is 66. In 2024, 27% of men and 25.3% of women claimed here. But if your FRA is 67, you’ll see a 6.7% reduction.
Age 67: The FRA for those born in 1960 or later, meaning no benefit reductions. In 2024, 14.5% of men and 13% of women claimed at this age.
Age 68 and Beyond: Delaying past your FRA boosts your benefits. At 68, payments increase by 8%, and at 69, by 16%. By age 70, you’ll get the maximum possible payout—a 24% increase over your FRA. In 2024, 8.4% of women and 9.1% of men waited until 70.
And this is the part most people miss: While delaying increases your monthly payments, it also means fewer years of receiving benefits. So, is it worth waiting? That depends on your health, savings, and retirement goals.
Controversial Question: Is claiming early a mistake, or is it a smart move for those who need the cash now? Share your thoughts in the comments—I’d love to hear your take!
For more personalized advice, send your questions to questions@savvysenior.org or Savvy Senior, P.O. Box 5443, Norman, OK 73070. And if you spot anything we missed, submit a correction here: https://www.eastidahonews.com/submit-a-correction/.
