According to the latest data from the Social Security Administration (SSA), the most popular age for Americans to start receiving Social Security retirement benefits is 62. This is the earliest age at which individuals can begin claiming their benefits, although doing so comes with significant financial implications.
Individuals can sign up for Social Security benefits any time after age 62, and the amount received each month increases for every month they delay claiming until reaching age 70. By waiting, beneficiaries can see an increase of approximately 6% to 8% for each year they postpone their claims. For those born in 1960 or later, the full retirement age (FRA) is 67, meaning that early claimants at age 62 will face a reduction of 30% in their monthly payments compared to waiting until their FRA.
Age Breakdown of Social Security Claimants
The SSA’s statistics for 2024 reveal the following trends regarding the ages at which people begin to claim their Social Security benefits:
– **Age 62**: Around 23.3% of women and 22% of men chose to start their benefits at this age. Claiming at 62 results in a significant reduction in monthly payments if the FRA is 67.
– **Age 63**: This age is less popular, with only 6.2% of men and 6.4% of women beginning their benefits at 63. Individuals opting for this age will see a 25% reduction in their payments.
– **Age 64**: Just 6.5% of men and 7% of women decided to claim at age 64, which results in a 20% decrease in payments for those with an FRA of 67.
– **Age 65**: This is a more common age, with 15.3% of men and women claiming benefits. Starting at 65 results in a 13.3% reduction in monthly payouts.
– **Age 66**: This age aligns with the FRA for individuals born between 1943 and 1954. In 2024, 27% of men and 25.3% of women began receiving benefits at this age, though they face a 6.7% reduction in payments if their FRA is 67.
– **Age 67**: This age allows for unreduced payments for those born in 1960 or later. In 2024, approximately 14.5% of men and 13% of women chose to claim at this age.
– **Age 68**: Delaying benefits until age 68, 12.5% of men and 12.3% of women opted for this route, resulting in an 8% increase in monthly payments.
– **Age 69**: About 14.5% of men and 13.2% of women claimed their benefits at age 69, which leads to a 16% boost in their payouts.
– **Age 70 and older**: Those who wait until age 70 receive the maximum possible benefit, which can be a 24% increase over the FRA of 67. In 2024, 8.4% of women and 9.1% of men waited until this age to claim their benefits.
For individuals considering when to start receiving Social Security, it is essential to evaluate personal circumstances, including health, income needs, and retirement plans. The SSA provides a useful Retirement Age Calculator at SSA.gov, which can help potential beneficiaries understand how their claiming age will impact their financial future.
For further inquiries, individuals can reach out to the Savvy Senior by emailing [email protected] or by writing to Savvy Senior, P.O. Box 5443, Norman, OK 73070.
