Talk to anyone knowledgeable about Social Security, and they'll tell you there's no "best" age to claim benefits. It depends on your health, finances, and personal preference.
But when it comes to the most popular Social Security claiming age, there's a clear winner. For four decades, Americans have consistently signed up in droves at one age in particular.
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Americans like to claim Social Security early
From 1985 to 2024, age 62 was far and away the most popular Social Security claiming age. In 1985, 45.5% of men and 57.9% of women chose to sign up as soon as possible.
It's pretty easy to understand why. When you apply at 62, you get the largest number of benefit checks. This move might also enable you to retire earlier than you otherwise could because you'll have your monthly checks to cover a chunk of your expenses.
As of 2024, age 62 remains the most popular age for Social Security beneficiaries to sign up, but it's starting to lose its edge. Just 22% of men and 23.3% of women chose to apply then.
This trend is likely due in part to the rising full retirement age (FRA), which means that today's early claimers face steeper penalties than early claimers back in 1985. This means smaller monthly checks and possibly a smaller lifetime benefit. To avoid this, many are choosing to put off their Social Security application for a few more years.
Should you claim Social Security at 62?
It's fine to claim Social Security at 62 if you want to. But if you're wondering whether it makes financial sense for you to do so, that often comes back to your other income sources and your life expectancy. Some people can no longer work due to health or caretaking requirements. If they lack personal savings, Social Security may be their only way to make ends meet. In that case, signing up early makes sense.
It can also be a wise move for those who don't expect to live very long. Delaying could put you at risk of not getting anything. However, if you're married, you should know that claiming early will reduce the survivor benefit your spouse is eligible for after you pass away. If you think they'll be heavily dependent on those checks, you might prefer not to claim Social Security for yourself at all.
It's all right if you're not sure when you want to claim yet, either. Just make sure you think your claiming age through carefully before you apply. Once you've signed up, it's difficult to undo your Social Security claim.
