Social Security: The Best Age to Claim Benefits, According to Data—With One Important Caveat
The age at which you claim Social Security benefits significantly impacts your retirement income.
Filing at full retirement age (typically 66 or 67) ensures you receive 100% of your entitled benefits, while claiming early at 62 reduces payments by up to 30%. Conversely, delaying until age 70 increases benefits by at least 24%.
Research suggests that most retirees claim benefits early, with only a small percentage waiting until 70, despite evidence indicating that delaying can significantly boost lifetime income.
Studies show that retirees collectively miss out on trillions of dollars by filing at suboptimal ages, and the majority could maximize their wealth by waiting until 70.
However, financial considerations aren’t the only factor in choosing when to claim benefits.
Health, life expectancy, and personal retirement goals play crucial roles in the decision.
If a retiree doesn’t expect to live well into their 70s or 80s, claiming earlier may result in higher total benefits.
The Social Security break-even point—the age at which delayed benefits outweigh early claims—falls in the late 70s or early 80s for many.
Additionally, some prioritize early retirement over financial maximization, valuing time and freedom while they are still healthy.
While waiting until 70 often yields the highest financial return, the best decision depends on individual circumstances and priorities.
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