Friday June 5, 2026
Savvy Living
When Do Most Retirees Take Social Security?
At what age do most retirees begin taking their Social Security retirement benefits? I am turning 62 later this year and trying to decide when to start taking my benefits.
Deciding when to start Social Security is one of the most important decisions you will make, as it can significantly affect your lifetime income. You can sign up to begin receiving your Social Security retirement benefits any time after age 62. However, your monthly payment will increase for each month you postpone claiming them until you reach the age of 70. The approximate increase will reach 5% to 8% more for every year you delay taking benefits.
To get a better understanding of the impact your age has on your monthly benefit amount, visit the Social Security Administration’s (SSA) Retirement Age Calculator at SSA.gov/benefits/retirement/planner/ageincrease.html. This tool is based on your full retirement age (FRA), which is 67 for anyone born in 1960 or later. For those with an FRA of 67, the percentages below illustrate how starting benefits at different ages impacts your full retirement benefit amount:
Age 62: 30% reduction
Age 63: 25% reduction
Age 64: 20% reduction
Age 65: 13.3% reduction
Age 66: 6.7% reduction
Age 67: baseline amount/no reduction
Age 68: 8% increase
Age 69: 16% increase
Age 70 and older: 24% increase.
According to 2023 data provided by the SSA, the most prevalent ages to apply for benefits are 66 (34.1%), 62 (23.2%) and 65 (11.3%). The least popular ages to apply are 75 and older (0.2%), 69 (2.1%) and 68 (2.4%). The trend shows that the number of people applying for benefits at age 62 is decreasing while those applying at age 65 or later is increasing.
There is no “right” age to begin Social Security benefits. Instead, the decision to start benefits should be based on your situation and in consultation with your financial advisors to help ensure your strategy aligns with your long-term retirement goals. While you may feel you have earned your benefits and are ready to stop working, it may be worthwhile to delay payments if you expect a long retirement or have other income sources on which you can rely. You may want to consult with a reputable professional advisor for assistance based on your circumstances.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.
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