Overview
- 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.