Social Security Trends: These 3 Claiming Ages Are Becoming More Popular Every Year!

For a long time, 62 was the most popular age to start Social Security. Many people took their benefits as soon as they were eligible.

But times are changing. Fewer retirees are claiming benefits early, and more are waiting for bigger checks. Here are the three claiming ages that are growing in popularity.

1. Claiming Between 65 and Full Retirement Age (FRA)

In 2023, about 14% of Social Security applicants claimed benefits between 65 and their full retirement age (FRA).

Your FRA depends on your birth year—it’s 67 for those born in 1960 or later, while some older retirees have an FRA of 66.

This age range was steady at 10-11% for years but has recently increased. The reason? People are realizing that claiming at 62 reduces their benefits by up to 30%.

Every month they delay, their checks grow by about 5% to 6.7% per year. So, waiting until 65 or later helps retirees get larger monthly payments.

Still, claiming before FRA comes with some penalties. For example, if your FRA is 67 and you claim at 65, your checks will be 13.3% lower than if you had waited.

2. Claiming Between FRA and 69

More retirees are not only avoiding early claiming but are also delaying beyond their FRA. Why? Because waiting after FRA earns delayed retirement credits, increasing benefits by 8% per year.

For example, if your FRA is 67 and you wait until 69, your Social Security checks will be 16% higher. That increase lasts for life, making this option attractive for those who want bigger benefits in retirement.

In 2024, about 12.5% of women and 14.2% of men applied for Social Security between FRA and 69.

This is a rise from 8.4% and 10.1% in 2018. The trend suggests more people understand the long-term advantages of waiting.

Read More:

• New Social Security Law Promises Higher Benefits, But Challenges Remain
• How to Secure the Highest Monthly Social Security Payment in Retirement

3. Claiming at 70

Waiting until 70 gives you the maximum possible Social Security benefit. Your monthly checks won’t grow beyond this age, but if your FRA is 67, you’ll receive 124% of your full benefit.

Though still uncommon, claiming at 70 is slowly gaining traction. In 2023, 8.6% of men and 9.6% of women claimed at this age.

Many financial experts say this strategy can maximize lifetime benefits, especially for those who expect to live longer.

However, delaying until 70 requires financial support from savings, investments, or other income sources. If you don’t have enough savings or have health concerns, claiming earlier might still be the better choice.

Choosing the Right Age for You

There’s no single “best” Social Security claiming age—it depends on your financial needs, health, and lifestyle. If you need money sooner, 62 might be your best bet.

But if you can afford to wait, claiming later can provide bigger lifelong benefits.

Before making a decision, compare your options and consider how they’ll impact your long-term financial security. The right choice is the one that works best for you.

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