The Social Security program, which pays out benefits to nearly 70 million Americans each month, offers eligible recipients a key choice.
Specifically, retirees can choose to start claiming benefits as early as age 62 or as late as age 70. There are pros and cons with any decision, leaving many retirees wondering what the best age is to claim benefits. Well, publicly available data does show how many retirees are claiming benefits at age 62 versus age 70 -- and the answer may surprise you.
Understanding the pros and cons
First, retirees should understand the pros and cons of claiming Social Security benefits at various ages. The biggest one is that the earlier one claims, the less in benefits they'll receive. At the other end of the spectrum, the longer one waits, the larger their monthly payout becomes until it reaches a cap at age 70.
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To understand how this works, the Social Security Administration first calculates a baseline amount of benefits for each person, known as the primary insurance amount (PIA). A claimant only receives their PIA if they begin collecting benefits immediately after reaching full retirement age (FRA), which is 67 for those born in 1960 or later.
If one claims benefits before FRA, they'll see a percentage reduction to their PIA based on the number of months they claim prior to FRA. Those who start collecting benefits right at 62 could see as much as a 30% cut to their PIA. Meanwhile, each month they delay claiming benefits beyond FRA adds to their benefits. So, if a retiree's FRA is 67, they could boost their monthly check 24% by waiting until age 70. The program is designed this way so that someone with an average life expectancy in the U.S. ultimately receives approximately the same amount in benefits over their lifetime, regardless of when the claim.
However, many retirees will live beyond the average life expectancy, and in such cases, a delayed claim will net them more in lifetime benefits than an early one. Various studies have shown the majority of retirees are best off waiting to receive the maximum benefit they're entitled to at age 70.
The surprising answer
Based on the info above, it might seem most people would choose to wait as long as possible to claim benefits, but publicly available data surprisingly shows the exact opposite. Congressional data from 2021 on new retired-worker beneficiaries shows that the most common age for claiming benefits is age 62 with 29.3% of workers doing so. The next most common age for new retirees claiming benefits is 66 (24.7%). Less than 10% of new retirees wait until 70.
The number of retirees claiming Social Security at age 62 declined between 2019 and 2023 among men and women, according to data from the Center for Retirement Research at Boston College. For men, the percentage declined from 31% in 2019 to 26% 2023. That compares to 27% of women claiming at 62 in 2023, down from 34% in 2019.
The Center for Retirement Research suggests more people in the U.S. have been turning 62 in recent years than other age groups, potentially skewing the numbers. However, there is some data suggesting retirees may be concerned about the longevity of Social Security. A 2025 survey from the non-partisan Employee Benefit Research Institute (EBRI) showed that 7 in 10 retirees are concerned about possible changes to the country's retirement system, while 80% of retirees are worried their benefits could be reduced.
It's true that if lawmakers don't make changes to Social Security to shore up the program's finances, it will need to reduce benefits by roughly 17% by 2035. However, there is still time for lawmakers to act, and they're likely to do so given the consequences of such a significant cut to benefits.
Ultimately, there is no one-size-fits-all solution for claiming Social Security. If a 62 year old faces costly health issues and is worried about their savings, then claiming benefits early makes sense. A retiree with a comfortable nest egg and good health history is likely best off delaying. Retirees must evaluate their personal circumstances to determine their optimal age to claim.
