Understanding When to Start Receiving Social Security Benefits

Dear wise senior,

I’m turning 62 later this year and would like to know the typical age people start collecting Social Security retirement benefits.

Dear 64,

You can begin receiving Social Security retirement benefits anytime after you turn 62. However, if you decide to wait until you’re 70, your monthly payments will be higher—by about 6-8% for each year you delay. This can make a significant difference in the long run.

If you’re curious about how your age impacts your benefits, you might want to check out the Social Security Administration’s website. There’s a retirement age calculator that determines your Full Retirement Age (FRA) (67 for those born after 1960) and shows how early claiming or delaying can affect your monthly benefits.

Now, to give you some perspective, here’s a brief overview of the typical ages people claim their retirement benefits, according to recent data from the SSA.

• 62 years old: This is the earliest age for enrollment. In 2024, about 23.3% of women and 22% of men opted for benefits at this age. However, if your FRA is 67, your payments could be about 30% less.
• 63 years old: This tends to be less popular—only 6.2% of men and 6.4% of women choose it. Claiming at this age results in a 25% reduction in benefits for those with an FRA of 67.
• 64 years old: Also not a common choice, with 6.5% of men and 7% of women starting benefits here. Expect a 20% decrease in payments if your FRA is 67.
• 65 years old: In 2024, 15.3% of both men and women decide to collect here. Keep in mind, this age coincides with Medicare enrollment, and benefits will be 13.3% lower for those with an FRA of 67.
• 66 years old: This age is the FRA for those born between 1943 and 1954, making it quite popular—27% of men and 25.3% of women will enroll at this age in 2024. But, since your FRA is 67, benefits will drop by 6.7% if you choose to enroll now.
• 67 years old: For those born after 1960, benefits start at this age without penalty. In 2024, 14.5% of men and 13% of women opt for this.
• 68 years old: Around 12.5% of men and 12.3% of women wait until age 68 to claim Social Security. Waiting an extra year past 67 increases benefits by 8%.
• 69 years old: In 2024, 14.5% of men and 13.2% of women will claim at this age, which results in a 16% increase in benefits.
• Over 70 years old: If you wait until 70, you’ll receive the maximum increase of 24% for those whose FRA is 67. By 2024, 8.4% of women and 9.1% of men will have reached this age.

If you have more questions or comments, feel free to reach out to questions@savvysenior.org or mail us at Savvy Senior, PO Box 5443, Norman, OK 73070.