Fewer Americans Claim Social Security at 62 as Delaying to 70 Gains Ground

The share filing at 62 has roughly halved over two decades, falling to about 22% of men and 23% of women in 2024, according to new reporting. Claiming before full retirement age permanently cuts benefits by about 30% at 62, while delaying after FRA increases payments roughly 8% annually up to age 70. Social Security Administration figures show current caps of up to $5,108 per month at 70 versus up to $2,831 at 62, depending on earnings histories. Advisers point to tactics that support waiting longer, including drawing from 401(k) and IRA accounts first, building bond or CD ladders, using annuities, or part-time work subject to the earnings test. Solvency concerns persist with projections of a trust-fund shortfall in the early 2030s and an average retiree benefit near $2,000 a month, while September payments are scheduled for Sept. 10, 17 and 24 based on birth dates.

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