This is the Age Most Current Retirees Started Collecting Social Security

If you're looking to make the right moves to set yourself up for a secure retirement, picking a smart Social Security claiming strategy is a good place to start. Social Security retirement benefits are guaranteed to last for life, come with inflation protections, and are a major source of income for seniors. 

It can pay off to get your claim choice right. Unfortunately, the most popular age for claiming Social Security may not be the best age. In fact, the most popular claiming age sets you up for a 30% cut to benefits and a significantly reduced chance of maxing out lifetime income.

Let's take a look at when seniors typically claim Social Security, why so many people make this choice, and why it may end up being a big mistake.

When do most people start collecting Social Security?

You can claim Social Security retirement benefits any time between the ages of 62 and 70. So, when do most people actually start? According to SSA's Annual Statistical Supplement, 2025:

• Around 22% to 23% start at 62
• Around 13% to 15% start at their full retirement age (FRA) — between 65 and 67, depending on birth year
• Around 13% to 15% start at 69
• Fewer than 10% wait until 70

Perhaps unsurprisingly, the most popular age is the earliest age at which you can access benefits. Age 62 has long been the most popular choice, and remains the single most popular age to claim benefits even today.

Claiming at 62 is getting less popular than it used to be

While 62 remains the preferred age to claim benefits, there are signs this might be changing. In fact, the Center for Retirement Research at Boston College explains that the percentage of people starting their checks so young is falling, and the average claiming age is now two years later than it was in the 1990s.

However, since 1990, the average retirement age has gone up by three years, CRR reports. Older Americans are willing to stay in the workforce longer, but that doesn't necessarily translate to delaying Social Security longer.

The typical Social Security retiree is older than they used to be

As Americans have shifted to later claims, and many are living longer, the average age of all retirees collecting Social Security is also changing. Specifically, it hit 74.5 in 2024 (the most recent year for which data is available), up from 74 in 2014 and 68.1 in 1940.

An aging beneficiary base has some pretty big consequences for Social Security, though. In fact, one big reason that the Congressional Budget Office warns the Social Security trust fund is at risk of running out of money as early as 2032 stems from projected increases in life expectancy.

The fact that life expectancies are getting longer also has consequences for individual retirees. One of them is that the price of an early claim can end up being higher over time.

An early claim could come at a high cost

Before you claim at 62, you need to know that doing so substantially shrinks your monthly benefit. You can get your full benefit at your full retirement age. But each month you claim Social Security before your full retirement age (FRA) reduces your benefit by:

• Five-ninths of 1% per month for the first 36 months you claim early — about 6.7% per year
• Five-twelfths of 1% per month for each year before that — about 5% per year

This adds up to a 30% reduction in benefits if you claim at 62 instead of a full retirement age of 67 (the FRA for anyone born in 1960 or later).

Waiting even beyond FRA could be the best move

So, if you aren't going to claim at 62 because you don't want a benefits cut, you may think your FRA is a good time to claim. But there's one more thing to know before you plan to file at your FRA.

If you delay beyond it, you can earn two-thirds of 1% per month in delayed retirement credits. These increase your benefit by up to 24% if your FRA is 67 and you wait until 70 to claim benefits.

When you do the math, the increase in income is really impressive. Say, for example, you had a $2,000 standard benefit at 67, which is pretty close to the average:

• If you claim at 62 and face a 30% cut, you have a $1,400 monthly benefit instead
• If you claim at 70 and get a 24% increase, you have a $2,480 monthly benefit

If you wait until 70, you increase your payments by $1,080 per month. Now, you do have to give up eight years of $1,400 monthly payments you'd have had if you claimed at 62, which is $134,400.

Still, at a rate of $1,080 in extra money per month, the additional income from the delay lets you break even in about 10.4 years.

How much lifetime income do you leave on the table if you claim early?

Obviously, your monthly income is bigger if you delay. But does that really matter? After all, Social Security was designed to give early and late claimers around the same benefits, with early filers collecting more checks but smaller ones and late filers getting fewer checks but larger ones.

The issue, though, comes back to that tidbit of life expectancy mentioned above. Since people now live longer than they did when early filing penalties and late filing credits were put in place, most people end up with more lifetime income if they claim late, which is a lot more.

The National Bureau of Economic Research says over 90% of all workers between 45 and 62 should wait until 70 to claim benefits, and not doing so results in a median loss of lifetime discretionary spending totaling $182,370 in today's dollars.

Bottom line

The least popular age to claim Social Security is the age when most people should probably claim. If you want a stress-free retirement, think about waiting. Odds are you won't regret it.

Of course, not everyone is in the same situation. For some, continuing to work is no longer an option due to health issues. For others, some other passive income sources may be enough to supplement income and avoid claiming retirement benefits as early as possible. Regardless, it's always a good idea to consult with an expert in retirement planning before making a decision.

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