More Retirees Rethink Claiming Social Security at 62 as Penalties Grow

Age 62 remains the most common filing point, yet its share has fallen sharply over two decades, dropping to roughly 22%–23% in 2024 from more than half in 2005. Claiming at 62 now permanently cuts monthly checks by about 30% of the primary insurance amount, up from a 25% reduction before the full retirement age increased. Full retirement age is now 67 for most workers, and delaying beyond that raises benefits by about 8% per year until age 70. Experts stress that the ideal claiming age varies based on health, finances and marital status, and retirement benefits generally cannot be claimed before 62. Recent guidance highlights ways to delay filing when possible, including drawing from savings, building CD or bond ladders, considering income annuities and using part-time work while watching the earnings test before full retirement age.

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