3 Social Security Claiming Ages That Are Growing in Popularity — Which Is Best for You?
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Josephine Nesbit
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Jenna Klaverweiden
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Americans can claim Social Security retirement benefits as early as age 62. This is also the most popular age to claim, but times are changing.
Claiming early comes with immediate financial benefits, while delaying starting benefits beyond full retirement age (FRA) leads to a higher payout. The best time to claim depends on your financial situation, goals, health, life expectancy, marital status and whether you have children.
Here are three claiming windows that have gained popularity over the last few decades.
Also see why Dave Ramsey says to collect Social Security at age 62 — but only if you do this with each check.
65 to Full Retirement Age
According to The Motley Fool, more than 14% of Social Security beneficiaries claimed benefits between age 65 and their FRA. For those born in 1960 or later, their FRA is 67. The youngest FRA is 66.
Taking a benefit cut and claiming early can make sense if you’re in poor health, you need to stop working and need additional income, or you want to maximize family benefits, as previously reported by GOBankingRates.
However, your benefit amount will be reduced by five-ninths of 1% for each month before your FRA, up to 36 months, and five-twelfths of 1% for each additional month, according to the Social Security Administration.
Full Retirement Age to 69
You’re entitled to your full benefit amount only when you reach your FRA. By delaying past your FRA, you can increase your benefit amount through age 69.
This will increase your checks by two-thirds of 1% each month, or 8% per year. If your FRA is 67 and you claim at age 69, your monthly benefit will be increased by 16%, per The Motley Fool.
This claiming age is also growing, with around 12.5% of women and 14.2% of men applying within this age range in 2024, according to the Fool.
70
You’ll receive your maximum benefit amount — 124% of your full benefit — by waiting to claim Social Security retirement benefits at age 70. Claiming at age 70 is rare, The Motley Fool noted. Only 8.6% of men and 9.6% of women claimed at age 70 in 2023. However, according to the Fool, this age will likely become more common over time.
Delaying until 70 could increase your sense of security and allow you to enjoy retirement without worrying about finances, per U.S. News & World Report.
However, waiting to claim until 70 likely would required you to have other sources of income until then, per the Fool. It may not be the best choice if you have a shorter life expectancy, as delaying may result in you missing out on the full benefit you’re entitled to.
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