SSA Data Shows 23%-26% Claim Social Security at 62 as Age-70 Benefits Reach $3,000
Updated
Updated · The Motley Fool · May 12
SSA Data Shows 23%-26% Claim Social Security at 62 as Age-70 Benefits Reach $3,000
1 articles · Updated · The Motley Fool · May 12
23% to 26% of newly retired workers claim Social Security at 62, while only about 10% wait until 70, according to recent SSA data.
Monthly benefits rise sharply with delay: averages are about $1,300 at 62, roughly $2,200 near full retirement age of 66 to 67, and about $3,000 at 70.
Claiming at 62 can cut payments by as much as 30% versus full retirement age, while delaying after that adds up to 8% a year until 70.
Men receive higher average benefits than women across claiming ages, a gap the report ties to lower lifetime earnings and workforce participation rather than different benefit formulas.
The data reinforces that the best claiming age depends on health, savings, cash-flow needs and expected longevity, with delaying tending to maximize lifetime income for people living into their 80s.
With benefit cuts looming, is waiting for a bigger Social Security check a smart move or a risky gamble?
Could delaying your claim secretly sabotage your retirement portfolio during a market downturn?
Could a cap on benefits for the wealthiest be the unexpected key to saving Social Security for everyone?