This is the Most Common Age to Start Collecting Social Security
For anyone born in or after 1960, full retirement age (FRA) is 67. That’s when you can receive 100 percent of your earned Social Security benefits. But almost half of working Americans expect to file sooner than that.
According to an article by CNBC, the median age to start claiming Social Security is between 64 and 65 for both men and women. However, the most common age is 66; that’s when about one-third of beneficiaries begin receiving retirement benefits.
The article also points out that approximately one quarter (22 percent) of retirees file their first claim at 62; that’s the earliest you can receive benefits. Only about 8.5 percent of seniors wait until age 70 to start claiming. That’s the maximum age; if you wait that long, you will receive about 124 percent of full benefits.
The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
