Social Security is integral for millions of older adults. Roughly 60% of current retirees say their benefits are a major source of income, according to a 2023 poll from Gallup, and around 90% of adults rely on Social Security to some degree in retirement.
The age you claim will have a major impact on your benefit amount, potentially affecting your checks by hundreds of dollars per month. You can begin claiming as early as age 62, or you can hold out up to age 70 to receive larger monthly payments.
When to start taking Social Security is a highly personal decision, and there's no single correct age to file. That said, it can still be helpful to see when most people begin claiming -- as well as the average benefit at various ages.
The most popular age to take Social Security
Before you decide on an age to file for benefits, it's important to know exactly how that choice will affect your payments. The first number you'll need to know is your full retirement age (FRA), which is the age at which you'll receive 100% of the benefit you're entitled to based on your work history.
Image source: The Motley Fool.
The earlier you file before your FRA, the less you'll receive each month. If you have an FRA of 67 years old and file as early as possible at age 62, your benefits will be permanently reduced by 30% per month. By delaying benefits until age 70, though, you'll receive a bonus of 24% or more each month, depending on your FRA.
So what's the most popular age to begin taking benefits? According to the Social Security Administration's most recent data, released in 2022, around 28% of men and 27% of women file at their FRA. Close behind that is age 62, with around 23% of men and roughly 25% of women filing at this age.
Delaying benefits as long as possible is a much less common choice, according to the data. Less than 10% of both men and women waited until age 70 or beyond to file.
| Age | 62 | 63 | 64 | 65 to FRA | FRA | FRA to 69 | 70+ |
|---|---|---|---|---|---|---|---|
| Men | 22.9% | 6.4% | 6.7% | 13.3% | 28.4% | 13.8% | 8.6% |
| Women | 24.5% | 6.6% | 7.3% | 13.4% | 26.5% | 12.2% | 9.5% |
Data source: Social Security Administration.
It can also be helpful to see how age affects the average benefit amount. While several factors will influence the size of your checks, such as the length of your career and your lifetime earnings, age will have a profound impact on the amount you receive.
According to the Social Security Administration's most recent data from December 2023, here's what the average retired worker receives by age:
| Age | Average Monthly Benefit Among Retired Workers |
|---|---|
| 62 | $1,298 |
| 63 | $1,339 |
| 64 | $1,460 |
| 65 | $1,563 |
| 66 | $1,740 |
| 67 | $1,884 |
| 68 | $1,948 |
| 69 | $1,945 |
| 70 | $2,038 |
Data source: Social Security Administration.
Keep in mind that these are averages across both men and women. Men, on average, collect around $300 to $400 per month more than women across all ages, according to the Social Security Administration data.
When is the best time to begin claiming benefits?
Again, there's not necessarily a one-size-fits-all answer as to when you should begin taking Social Security. There are advantages to both claiming early and delaying, and the right choice for you will depend on your situation.
If your primary goal is to maximize your monthly income, delaying until age 70 is often your best bet. The average retiree collects around $740 more per month at age 70 compared to 62, which can make a life-changing difference if your savings are falling short.
But finances are only one part of the equation. If early retirement is your main goal and you're willing to sacrifice some monthly income to make that happen, claiming sooner could be a smart move.
Filing early can also be a good idea if you're battling health issues or have reason to believe you may not live well into your 70s or beyond. You'll still receive smaller checks each month, but you could potentially collect more in total than if you were to delay benefits.
Choosing when to take Social Security is a personal decision that will depend on your unique circumstances, but it can still be helpful to see how your choice compares to the average retiree's. By understanding how your age affects your benefits, you can make the best decision for your retirement.
