If you’re approaching retirement, one of the biggest decisions you’ll face is when to start collecting Social Security benefits. Claim too early, and your monthly check takes a hit. Wait too long, and you could miss out on years of payments — but your eventual payout grows substantially.
That said, plenty of people choose to start at 62 for very good reasons: health concerns, travel dreams, or simply enjoying their golden years sooner rather than later. And many look back years later with zero regrets, savoring the freedom those early checks brought. The math might favor waiting in a perfect world, but real life isn’t a spreadsheet — it’s about what fits your health, happiness, and family situation.
The Age Americans Take Social Security
Recent data from the Social Security Administration (SSA) shows Americans are increasingly delaying their claims, which could mean more money in your pocket over time if that’s the path for you.
According to the SSA’s Annual Statistical Supplement to the Social Security Bulletin, 2024 (released December 2024)*, the average age for new retired-worker benefit entitlements in 2023 was about 65.1 years overall (65.1 for men and 65.0 for women).
That’s up slightly from 64.6 and 64.5 in 2022, signaling a smart shift: More folks are holding off past age 62 to capture higher monthly benefits. Still, roughly 63% of claimants start before their full retirement age (FRA), accepting reduced payments for immediate cash flow.
Why does this matter? Claiming age isn’t just about averages — it’s personal. Factors like health, longevity, spousal benefits, and even part-time work all play a part. Let’s break it down with real numbers, including a handy table and breakeven analysis to help you crunch your own scenario.
*The 2025 supplement, covering 2024 data, is rolling out now on a section-by-section basis, with full release expected by February 2026. Until then, 2023’s numbers remain the most current benchmark.
How Claiming Age Affects Your Monthly Benefit
Your Social Security benefit is based on your Primary Insurance Amount (PIA), the full amount you’d get at your FRA. For those born in 1960 or later, FRA is 67. If you claim early (as young as 62), benefits drop by about 0.556% per month for the first 36 months before FRA, and 0.417% thereafter — capping at a 30% haircut at 62. Delay past FRA up to 70, and you earn an 8% annual credit (about 0.667% per month), boosting your check by 24% if you wait the full three years.
To make this concrete, assume your PIA is $2,000 per month at age 67 (a solid middle-ground estimate for many workers). Here’s what you’d pocket monthly at key claiming ages:
| Claiming Age | Monthly Benefit | % of PIA at FRA |
|---|---|---|
| 62 | $1,400 | 70% |
| 63 | $1,500 | 75% |
| 64 | $1,600 | 80% |
| 65 | $1,733 | 86.7% |
| 66 | $1,867 | 93.3% |
| 67 | $2,000 | 100% |
| 68 | $2,160 | 108% |
| 69 | $2,320 | 116% |
| 70 | $2,480 | 124% |
Source: Calculations based on SSA reduction/delay formulas. Actual amounts vary by earnings history. Use the SSA’s Quick Calculator at ssa.gov for your personalized estimate.
At 62, you’re looking at $1,400 a month — $7,200 less annually than waiting for FRA. But starting sooner means 60 extra months of checks. By 70, that $2,480 monthly is a game-changer if you live into your 80s or beyond, but you’ve forgone five years of income.
Breakeven Analysis: When Does Delaying Pay Off?
The “breakeven point” is the age at which the total lifetime benefits from claiming early equal those from waiting. It’s a simple cumulative tally: Early claiming racks up more dollars initially, but plateaus as higher delayed payments catch up. These calculations ignore inflation, taxes, or investment returns for simplicity — real life is more nuanced, so consult a financial advisor.
We ran the numbers for our $2,000 PIA scenario, comparing pairs of claiming ages (62 vs. 65, 62 vs. 67, etc.). The breakeven is the age you’d need to live to for the higher monthly benefit to “win” in total dollars received:
| Early Claim Age | Delayed Claim Age | Breakeven Age | What It Means |
|---|---|---|---|
| 62 ($1,400/mo) | 65 ($1,733/mo) | 77.6 | If you live past 78, waiting to 65 edges out. |
| 62 ($1,400/mo) | 67 ($2,000/mo) | 78.7 | Delaying to FRA overtakes around 79. |
| 62 ($1,400/mo) | 70 ($2,480/mo) | 80.4 | Max delay shines if you hit 81+. |
| 65 ($1,733/mo) | 67 ($2,000/mo) | 80.0 | FRA pulls ahead at 80. |
| 65 ($1,733/mo) | 70 ($2,480/mo) | 81.6 | Waiting to 70 wins post-82. |
| 67 ($2,000/mo) | 70 ($2,480/mo) | 82.5 | Even a short delay pays if you live to 83. |
How we calculated: Total benefits = monthly amount × 12 × (age – claiming age). Solve for the crossover age where early total = delayed total. E.g., for 62 vs. 70: $1,400 × 12 × (t – 62) = $2,480 × 12 × (t – 70), simplifying to t = 80.4 years.
The average American lifespan (78.8 years for men, 81.2 for women in 2023, per SSA) puts most breakevens within reach—especially if you’re healthy. But remember: Only about 5% claim at or after 70, per SSA data. Life expectancy is key; if family history or your health suggests shorter, lean early.
The Bigger Picture: Trends and Tips
That 65.1-year average claim age? It’s climbing thanks to FRA hikes (now 67 for most nearing retirement) and education on delayed credits. Women still claim a tad earlier (66% before FRA vs. 60% for men), often due to caregiving gaps in earnings. But the trend bodes well: Delayers get 76% higher benefits on average than age-62 starters.
Money expert Clark Howard’s take? Don’t knee-jerk to 62 just because you can. Run your numbers, factor in Medicare premiums (which rise with income), and consider working longer if possible — up to 70% of benefits can be tax-free if coordinated right. If you’re married, spousal/survivor rules add layers; the higher earner might delay for max survivor protection.
Bottom line: With Americans living longer, the math favors patience. Use that average of 65.1 as a starting point, but make it yours. Questions? Contact the SSA hotline at 1-800-772-1213 or a fee-only planner.
