Most Americans opt to start collecting Social Security retirement benefits at various ages, each with its own impact on their monthly payments. Here's a breakdown of the most popular ages and the potential outcomes for those born in 1964 or later, with a full retirement age (FRA) of 67:
- Age 62: This is the earliest possible age to sign up, but it results in a 30% reduction in benefits if your FRA is 67. In 2024, 23.3% of women and 22% of men chose this option.
- Age 63: A rare choice, with only 6.2% of men and 6.4% of women starting benefits at this age. It leads to a 25% pay cut for those with an FRA of 67.
- Age 64: Even less popular, with only 6.5% of men and 7% of women starting benefits here. Payments are reduced by 20% for those with an FRA of 67.
- Age 65: This age coincides with Medicare enrollment, attracting 15.3% of men and women. Benefits are reduced by 13.3% if your FRA is 67.
- Age 66: A very popular choice, with 27% of men and 25.3% of women signing up. However, due to the FRA, benefits are 6.7% lower.
- Age 67: The magic age for unreduced benefits, as people born in 1960 or later can claim them without penalty. In 2024, 14.5% of men and 13% of women took this route.
- Age 68: Only 12.5% of men and 12.3% of women delayed benefits until this age, increasing their benefits by 8% over the FRA.
- Age 69: 14.5% of men and 13.2% of women claimed benefits at this age, resulting in a 16% increase.
- Age 70 and older: Delaying until age 70 offers the highest payout, with a 24% increase over the FRA. In 2024, 8.4% of women and 9.1% of men waited until this age.
These figures highlight the importance of careful planning, as the timing of Social Security claims can significantly impact one's retirement income.
