For as long as it’s been an option, Social Security’s earliest claiming age — 62 — has also been one of its most popular. In some years, more than half of those eligible to apply at 62 did so.
But over the last 20 years, that number has been slowly falling. Now, only about a quarter of beneficiaries apply at the earliest age.
Claiming at 62 is still the most popular trend by far, but times are definitely starting to change. The following three claiming windows have pretty steadily gained popularity over the last few decades, and that trend seems likely to continue.
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1. 65 to full retirement age (FRA)
In 2023, a little over 14% of Social Security beneficiaries applied somewhere between age 65 and their full retirement age (FRA). For those who don’t know, the government assigns you an FRA based on your birth year. For those born in 1960 or later, it’s 67. But for some older adults, it’s as young as 66.
This age range’s popularity remained pretty steady at around 10% to 11% of claimers until the last couple of years. It seems poised to grow even more in future years.
This is likely because people are struggling with the steep early claiming penalties that come with applying at 62. Signing up right away reduces your checks by 30% if your FRA is 67. Every month you delay, Social Security increases your checks by five-twelfths of 1% to five-ninths of 1% per month. That’s 5% to 6.7% per year. So by waiting longer, these workers are angling for larger monthly benefits.
However, it’s worth noting that claiming between 65 and FRA is still claiming early, so there’s still a penalty. Those with FRAs of 67 who claim at 65 will reduce their checks by 13.3%.
2. FRA to 69
Interestingly, an increasing number of those who choose not to apply for Social Security early are also choosing not to sign up at their FRA. Instead, they’re aiming for the delayed retirement credits that come with applying for benefits after your FRA.
Doing this will grow your checks by two-thirds of 1% per month, or 8% per year. If you have an FRA of 67 and you wait until 69 to apply, you’ve added 16% to your monthly checks. That increase applies for the rest of your life.
About 12.5% of women and 14.2% of men applied for Social Security between FRA and 69 in 2024. This is up from 8.4% and 10.1%, respectively, in 2018.
3. 70
You qualify for your maximum Social Security retirement benefit when you reach 70. Your checks will not grow anymore after this age. Those with FRAs of 67 are eligible for 124% of their full benefit per check at this age.
On the overall popularity scale, claiming at 70 is still relatively rare. Only 8.6% of men and 9.6% of women did so in 2023. But expect to see this continue to become more common over time. There’s good data that shows that claiming at 70 would help the majority of Americans maximize their lifetime benefits.
Of course, to wait this long, you must have other sources of income to help you cover your expenses in the meantime. It’s also not the wisest strategy if you have a short life expectancy, as you may not get to claim your larger checks for as long.
There is no such thing as a right or wrong claiming age. It’s all about what you’re comfortable with. If you’d prefer to get as many checks as possible, go ahead and apply at 62. But it doesn’t hurt to compare all your options before settling on one to ensure you’re getting the greatest benefit from your checks.
