As individuals reach the age of 62, they are faced with a significant decision regarding their Social Security benefits. They must decide whether to take early benefits, wait until full retirement age, or delay until they turn 70 for higher benefits.
There is no one-size-fits-all strategy for Social Security, as each person’s situation is unique. Many opt to take early benefits due to financial need, such as inadequate savings or unexpected early retirement.
Social Security Statistics
According to Bank Rate, 27% of Americans start taking Social Security at age 62, with an average monthly benefit of $1,287.61. About 25% wait until full retirement age (66 last year) for an average benefit of $2,039.86, based on Social Security annual data.
Social Security Breakdown
| Age | Number (Percentage of Total) | Average Benefit |
| 62 | 807,587 (27.3%) | $1,287.61 |
(Note: Individuals need 10 years of work to qualify for Social Security benefits.)
Delaying Social Security Benefits
While one can start taking Social Security at 62, benefits are significantly reduced. For every year delayed after 66, monthly benefits increase by 8%. Waiting past 70 does not provide additional monetary advantage.
