Aging Population and Social Security: The Shifting Landscape of Retirement
Majority of Americans generally start claiming Social Security at what age?
In the ever-evolving landscape of retirement, the age at which Americans are filing for Social Security benefits is on the rise. According to recent data, the weighted average age at which Americans claimed Social Security benefits in 2023 was approximately 65.2 years[1]. This marks a significant increase from 1998, when the average filing age was 63.8 years for men and 64.0 years for women[1].
The full retirement age for Social Security benefits varies depending on the individual's birth year, between 1955 and 1959. For instance, those born in 1955 have a full retirement age of 66 years, while those born in 1959 share the same full retirement age of 66 years and 10 months[2][4]. For those born in 1960 or later, the full retirement age is 67 years[2][4].
The trend towards later retirement is reflected in the statistics from 2023, where the number of American retired workers who newly claimed Social Security at age 62 was 839,635 (23.2% of the total), at age 63 was 232,852 (6.4% of the total), at age 64 was 250,431 (6.9% of the total), at age 65 was 408,652 (11.3% of the total), at age 66 was 1,233,642 (34.1% of the total), at age 67 was 150,868 (4.2% of the total), at age 68 was 86,852 (2.4% of the total), at age 69 was 75,020 (2.1% of the total), for ages 70-74 was 328,879 (9.1% of the total), and at age 75 was 7,662 (0.2% of the total)[1].
The decision to claim Social Security benefits early or delay them can have a substantial impact on a retiree's lifetime benefits. Claiming benefits at age 62 results in a reduced benefit, while delaying until age 70 maximizes monthly payments[5]. However, many Americans are still unclear about these dynamics, leading to confusion about optimal claiming strategies[5].
A longer lifespan could result in receiving more from Social Security by waiting as long as possible to file for benefits. The average monthly benefit received by Americans who newly claimed Social Security was $1,292.60 at age 62, $1,498.23 at age 63, $1,657.09 at age 64, $1,916.33 at age 65, $2,106.15 at age 66, $2,487.84 at age 67, $2,750.48 at age 68, $2,923.64 at age 69, $3,162.09 for ages 70-74, and $1,282.00 at age 75[1].
Running a break-even analysis can help determine the best age for an individual to claim Social Security. Filing for benefits at age 62 versus age 70 would have a breakeven age of about 78[1]. Typically, it requires 10 years' worth of work (40 credits) to file for Social Security benefits[6].
It's crucial to remember that the average age for retired workers to take Social Security is 65, but it's not necessarily the best option for everyone. Filing for Social Security benefits early can result in a reduced total lifetime benefit[3]. If you can afford to wait, filing for benefits at age 70 can increase your monthly benefit by up to 8% for every year past full retirement age[3].
Working with a financial advisor can help make smart choices regarding Social Security benefits. The maximum age at which a retired worker can no longer increase their monthly benefit by waiting is age 70[3]. As of June 2025, the average Social Security benefit for retired workers was approximately $2,005 per month[7].
In conclusion, the age at which Americans are claiming Social Security benefits is gradually increasing, reflecting the trend towards later retirement. However, it's essential to understand the implications of early or delayed claiming and make informed decisions based on personal circumstances and financial advice.
Managing personal-finance in retirement involves careful consideration of Social Security benefits, as benefits claimed early can result in a reduced lifetime benefit. On the other hand, delaying benefits until age 70 can increase monthly payments significantly. Thus, understanding the dynamics of Social Security claiming strategies is crucial for optimizing personal-finance in retirement.
