Overview
- Current rules allow filing between ages 62 and 70, with benefits cut by up to about 30% for early claims and raised by roughly 24% for delaying past full retirement age.
- A United Income study found 57% of retirees generate more lifetime wealth by claiming at 70 and only 6.5% do better before 64, with early suboptimal claims costing about $111,000 per household.
- National Bureau of Economic Research findings indicate 90% of workers aged 45 to 62 would build more wealth by waiting until 70, boosting typical lifetime spending by 10.4% and median household wealth by about $182,370.
- Claiming behavior is shifting as roughly one in four still file at 62, the average claiming age has moved to about 65, and more people now claim in their late 60s or at 70, according to Bankrate and Boston College researchers.
- Advisers urge customized analysis that weighs health, guaranteed-income coverage and survivor needs, note that delaying increases monthly and survivor benefits, warn that simple break-even math can mislead, and caution against unvetted AI tools given limited options to reverse a claim.