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The Most Popular Ages To Claim Social Security

Monday, September 9, 2013 - 4:19 PM
From US News& World Report:
The age you begin to collect Social Security benefits affects the payments you will receive for the rest of your life. Checks are reduced if you sign up as soon as possible at age 62, but are increased if you delay claiming up until age 70. Here's when most people sign up for Social Security:

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The article is by the author of "5 irrational retirement decisions", which states that claiming Social Security at age 62 is irrational. 

It's interesting to note that a smaller proportion of people have been claiming Social Security at age 62 in recent years, but it continues to be the most popular age to begin receiving payments.

Independently of what everyone else is doing, though, the best age to claim Social Security is whatever works best for the individual's personal situation. 
6
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Monday, September 9, 2013 - 5:29 PM
I personally think it's the smart folks who sign up for SS at 62 not the irrational ones.  Of course the government wants us to wait as long as possible because there are less years they have to pay us.  I did the math for us before we made our decision and what it would have cost us to take it at 62 was not significant compared to what the government would have gained by not having to pay us all these extra years they have been paying us.  It's a gamble.  We bet on living longer and they basically are betting we will have shorten lives.  The old saying "a bird in the hand" really fits in well with this decision.  People should do their own math and then decide what age is best for them.
2
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,104
2. Monday, September 9, 2013 - 6:23 PM
There are many ways to collect SS. The SS office will do the math for you. For me the break even at 78 if I started at 62. There is the suspend way but you can do it only once now. Works best if you are the same age or one works longer. Many people who do manual work do not have the health to work longer than 62.
3
AllyAlly783 posts since
Jan 16, 2010
Rep Points: 2,279
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