3 Social Security Claiming Ages Are Surging in Popularity: Social Security is one of the most important sources of retirement income for millions of Americans. But when you choose to claim it can make a big difference in your total lifetime benefits. Recently, data shows that three claiming ages—62, 67, and 70—are becoming increasingly popular.
So why are more retirees picking these ages? What do they know that others don’t?
Let’s dive deep into the pros, cons, and strategies behind each of these popular ages, and help you determine the right timing for your own situation.
3 Social Security Claiming Ages Are Surging in Popularity
| Topic | Details |
|---|---|
| Trending Claim Ages | 62, 67, 70 |
| Age 62 | Early access; 25-30% benefit reduction |
| Age 67 | Full Retirement Age (FRA); full benefits |
| Age 70 | Maximum monthly benefit; up to 32% increase |
| COLA | Annual inflation-based increases apply to all ages |
| Taxes | Up to 85% of Social Security income may be taxable |
| Breakeven Point | Age ~78-80 for those delaying to 70 |
| Official Website | ssa.gov/retire |
Deciding when to claim Social Security is one of the most important retirement decisions you’ll make. Whether you’re leaning toward early claiming at 62, choosing the balanced route at 67, or maximizing benefits at 70, it’s crucial to align your strategy with your personal needs.
Take time to explore SSA tools, consider tax impacts, discuss with a financial advisor, and think long-term. The right decision can unlock thousands of dollars more in retirement income—and greater peace of mind.
Why Social Security Timing Is More Important Than Ever
Your claiming age not only determines your monthly benefit—it also impacts your lifetime payout, tax burden, and even spousal benefits. This decision is especially important because Social Security includes annual cost-of-living adjustments (COLA) and is one of the few income sources that can last as long as you live.
Recent SSA data shows:
- ~30% claim at age 62
- ~50% claim at or near their FRA (66–67)
- ~10% delay until age 70 (and growing)
Let’s explore why these ages are trending and what strategies back them up.
Age 62: The Early Access Path
Why It’s Trending
More than one-quarter of Americans claim benefits the moment they become eligible—age 62. Why? Because they want immediate income, often due to:
- Retirement by choice or necessity
- Health concerns
- Uncertainty about Social Security’s long-term future
Pros
- Income begins right away
- Reduces dependence on personal savings
- Can be smart for shorter life expectancy
Cons
- ~30% lower benefit compared to waiting until 67
- Lower COLA compounding over time
- Reduced survivor/spousal benefits
Example
If your full retirement benefit is $2,000/month at 67, you’d get around $1,400/month at 62.
Age 67: The Balanced Choice
Why It’s Smart
Age 67 is the Full Retirement Age (FRA) for anyone born in 1960 or later. It’s a natural choice for those retiring around traditional age who want to avoid reductions and don’t want to delay any further.
Pros
- Full, unreduced benefits
- Eligible for full spousal and survivor benefits
- No earnings limit after FRA (if still working)
Cons
- May need to wait or work longer
- Misses out on delayed retirement credits
Example
You’d receive $2,000/month at 67 if that’s your FRA benefit.
Age 70: The Maximizer’s Move
Why It’s Growing
Only 10% of retirees wait until 70, but this number is rising steadily, especially among higher earners and healthy individuals. You gain 8% in delayed retirement credits per year after FRA, up to age 70—resulting in up to 32% more.
Pros
- Highest possible monthly benefit
- Better long-term inflation protection
- Maximized survivor benefit
Cons
- Requires income source from 62–70
- May not live long enough to reap full benefit
Example
If FRA benefit is $2,000/month, claiming at 70 could yield ~$2,640/month.
Bonus Insight: COLA Adds a Compound Edge
Cost-of-Living Adjustments (COLA) apply to Social Security benefits no matter when you claim. However, higher starting benefits get higher COLA increases in dollar terms. For example, a 3% increase on $2,000 is $60, but on $2,640 it’s $79.20.
Breakeven Analysis: When Does Delaying Pay Off?
Here’s a simplified look at the breakeven age:
| Claiming Age | Monthly Benefit | Breakeven Age |
|---|---|---|
| 62 | $1,400 | ~78 |
| 67 | $2,000 | – |
| 70 | $2,640 | ~80 |
If you live beyond your breakeven age, delaying often pays off in total dollars.
Married Couples: Coordinated Strategy
Social Security benefits aren’t just individual—they affect your spouse and survivors too.
- Spousal benefits can be up to 50% of your FRA amount.
- Survivor benefits depend on your highest benefit—another reason to consider delaying.
- Strategies include claiming spousal benefits early while letting your own benefit grow.
Example: One spouse claims at 62; the other delays to 70. This can maximize household income and reduce taxes.
Tax Impact: Know Before You Claim
Social Security can be taxable based on your income:
- If you earn more than $25,000 (individual) or $32,000 (joint), up to 85% of your benefits may be taxable.
- Delaying may help reduce tax on benefits if you’re drawing from non-taxable sources like Roth IRAs early on.
Busting Social Security Myths
Myth #1: Social Security will disappear.
Fact: Even without reform, SSA can still pay ~77% of scheduled benefits after 2034.
Myth #2: You must claim at 62 or 65.
Fact: You can claim anytime between 62 and 70, and the later you claim, the more you get monthly.
Myth #3: Benefits aren’t taxed.
Fact: Up to 85% of your benefits can be taxed, depending on your income.
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What Experts Recommend
“Social Security is more than just a monthly check—it’s an insurance policy for your retirement,” says Alicia Munnell, Director at the Center for Retirement Research at Boston College. “For many, waiting until age 70, if possible, is the smartest financial move.”
Tools to Help You Decide
- SSA Retirement Estimator: Personalized benefit estimates
- SSA Life Expectancy Calculator: Helps predict how long you might live
- Retirement Planner: Complete claiming strategy tools
FAQs
Q1: Can I work and receive Social Security?
Yes, but if you claim before FRA and earn over the yearly limit ($22,320 in 2024), some benefits may be withheld.
Q2: Can I undo my claiming decision?
Yes, you have one opportunity to withdraw your claim within 12 months, but you must repay all benefits received.
Q3: Will delaying always lead to more lifetime income?
Not always. It depends on how long you live. Use breakeven analysis to guide your decision.
Q4: What’s the best age to claim Social Security?
It depends on health, finances, family longevity, and risk tolerance. There’s no “one size fits all.”
