Social Security Update: This Is the Worst Age to Claim Benefits, Experts Say

Social Security benefits can start at age 62, but experts say that is the worst age to claim them. Doing so can cut monthly payments by as much as 30 percent, compared with waiting until Full Retirement Age. Waiting beyond FRA can add roughly 8 percent more for each year, with the increase capping out at age 70. FRA was 65 until the Social Security Amendments of 1983, and it has gradually increased since 2021. People born from 1943 to 1954 reach FRA at 66. Those born in 1955 reach it at 66 years and 2 months, while people born in 1960 and later reach it at 67 years. A 2019 study by United Income found that 92 percent of people would be better off waiting until at least 65 to claim Social Security, and 57 percent of retirees would have more money each month if they waited until age 70.