When do most Americans take Social Security?

Dear Savvy Senior,

What are the most popular ages people start taking their Social Security retirement benefits? I’m turning 62 later this year and trying to decide when to start taking my benefits.

Born in '64

Dear '64,

You can sign up to begin your Social Security retirement benefits any time after age 62. However, your monthly payments will be larger for each month you delay claiming them up until age 70. This adds up to around 6-8% higher payments every year you delay.

To get a breakdown on exactly how much your claiming age affects your benefits, visit Social Security’s Retirement Age Calculator at www.SSA.gov/benefits/retirement/planner/ageincrease.html. This tool provides your full retirement age, which is 67 for anyone born in 1960 or later, and shows how much your benefits will be reduced by taking early payments or increased by delaying them.

In the meantime, here’s a rundown of when people start receiving retirement benefits — according to the most recent SSA statistical data — and how signing up at each age impacts your payout:

—Age 62: This is the earliest possible age you can sign up for Social Security. According to the SSA, in 2024, 23.3% of women and 22% of men signed up for Social Security at 62. But if you sign up at this age, you’ll get a 30% smaller Social Security payment if your FRA is 67.

—Age 63: Age 63 is one of the least popular options for choosing to start Social Security benefits as 6.2% of men and 6.4% of women began claiming their benefits at this age in 2024. A worker with an FRA of 67 will get a 25% pay cut by signing up at this age.

—Age 64: This is another relatively unpopular age to begin collecting Social Security benefits. Just 6.5% of men and 7% of women started collecting at age 64. Social Security payments are reduced by 20% for those with an FRA of 67.

—Age 65: In 2024, 15.3% of men and women decided to collect Social Security at age 65, which also is the enrollment age for Medicare. By starting at this age, you’ll see your monthly payments reduced by 13.3% if your FRA is 67.

—Age 66: This is the FRA for people born between 1943 and 1954, which has made this a very popular age to begin collecting. In 2024, 27% of men and 25.3% of women signed up for benefits at 66. But since your FRA is 67, you’ll get a 6.7% pay cut if you sign up here.

—Age 67: People born in 1960 or later will be able to claim unreduced Social Security payments starting at this age. In 2024, 14.5% of men and 13% of women did this.

—Age 68: In 2024, 12.5% of men and 12.3% of women delayed their Social Security benefits until age 68. Waiting one extra year beyond your FRA of 67 will increase your benefit by 8%.

—Age 69: In 2024, 14.5% of men and 13.2% of women claimed their retirement benefits at 69, which increased their benefits by 16%.

—Age 70 and older: Waiting to age 70 offers the biggest possible payout, a 24% increase over your FRA of 67. In 2024, 8.4% of women and 9.1% of men held out until this age.

Send your questions or comments to questions@savvysenior.org or to Savvy Senior, P.O. Box 5443, Norman, OK 73070.