How Many People Wait Until Full Retirement Age to Take Social Security—And Why Does It Matter?

KEY TAKEAWAYS

• More than two-thirds of new claimants in 2024 filed before age 66 — meaning they all claimed before their full retirement age and took a permanent benefit cut.

• Beneficiaries who claimed at 67 in 2024 received almost $1,200 more per month than those who claimed at 62.

Most Americans are leaving Social Security money on the table, and a proposal to raise the full retirement age past 67 would only leave more with less.

More than two-thirds of the 3.25 million Americans newly claiming Social Security benefits in 2024 filed before the age of 66. That means they filed before their full retirement age (FRA), locking in permanently reduced checks. The figure excludes workers whose disability benefits automatically convert to retirement benefits at full retirement age, since they’re not deciding about when to claim.

Americans can start claiming retirement benefits at age 62, but that reduces the size of their monthly checks. To receive their full benefits, retirees must wait until their FRA to file.

Why This Matters

If lawmakers raise the full retirement age past 67—a proposal floated to shore up Social Security’s finances—this pattern of early claiming would translate into permanently smaller checks for a larger share of retirees.

How Waiting Until Your FRA Benefits You

Under a 1983 law, the FRA has increased by two-month increments for recent birth cohorts. Those born in 1959, the cohort reaching FRA this year, must wait until 66 and 10 months.

The average monthly benefit for a 67-year-old who first claimed in 2024 was $2,521, almost $1,200 more than the average payment for a 62-year-old, according to the Social Security Administration.

Beneficiaries who wait past their FRA can boost their payments by 8% each year until they turn 70. The average monthly benefit for a first-time beneficiary aged 70 or older is $777 more than for a 67-year-old.

But waiting isn’t easy for many workers. Most Americans say they plan to retire at 65, according to a survey from the Employee Benefit Research Institute.

In practice, the typical American retires at 62, and many say they retired earlier than planned because of factors beyond their control.

Higher monthly checks matter because Social Security carries much of the load for many retirees. About 42% of Social Security beneficiaries rely on the program for half or more of their income, according to a 2024 Census Bureau report; 14% rely on it for at least 90%.

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