Most Americans claim Social Security benefits earlier than financial experts recommend

Most Americans who receive Social Security retirement payments started collecting before they reached full retirement age, figures from December 2022 show. Around 27 percent of new claimants chose to begin at 62, the youngest permitted age, while just 10 percent waited until 70. Starting early permanently reduces monthly payments by roughly half a percent for each month before full retirement age. Waiting until 70, however, can produce monthly payments between 54 and 88 percent higher than claiming at 62. Financial advisers generally recommend delaying until 70, especially for the highest earner in a household. Despite this guidance, the gap between expert advice and actual behaviour remains wide. The average claiming age has risen from 63 to 65 in recent years, suggesting attitudes are slowly shifting.